Market Research Plan Oz Assignment Help

Market Research Plan Oz Assignment Help

Market Research Plan Oz Assignment Help

Target market alternatives for the Commodore

The target market for a company is the market where they want to sell their product and services. The target market comprises of a set of customers towards whom the marketing techniques are aimed. The most important step of a marketing plan is to identify the target market. The target market is chosen through various segments such as demographic, psychographic, geographic and purchasing power (Burns, Bush & Sinha, 2014). The target market should be chosen properly by the company since the wrong identification of the target market could lead the company to fail in their marketing procedure and therefore their sales. A lot of time and capital is spent by companies to identify the right target market. Holden Commodore offers new initiatives which make it possible for people to purchase cars online. They can purchase Holden cars from the comfort of their homes and through any device. They have made continuous changes in their technology, marketing and other aspects and their latest technology and marketing technique have led them to initiate online purchasing for their cars. Their focus has always been customer-centric and they have brought innovations which would make their customers attracted towards their product. The target market for Holden Commodore would be people who are highly proficient with online shopping and have a busy life. This is because people like them would not have the time to go to a store to buy their car. The online shopping technique would then successfully work for them. The target market could be determined for people who are between the ages of 35-50 and are mostly businessmen.

This is because, at this stage, the people who are mostly businessmen would be busy with their work and would prefer to buy cars online so that they do not have to waste their time by going into a store and choosing the right car. They will be able to choose their cars in their free time from their home or office. Moreover, the car would be delivered right at their doorstep which would be an added advantage for the targeted population since they do not have to go anywhere to bring their car. Therefore, the target market that has been determined by the company would help them to increase their growth as well as their sales and thereby establish a strong foothold in the market.

Alternative ways of defining the ‘population’ for a research study on the Commodore target market

Population in a research study is defined as the set of people who has the same characteristics which are defined with the help of sampling criteria which is decided by the researcher. The research population is the main focus of the whole research (Dawson, 2014). This because the research is conducted for the benefit of the population and therefore, the information of the population is important for the researcher. The researcher possesses a query to the population, and based on the answers conducts the complete research. The answers to the survey that is taken from the population are analysed to get the findings of the research. The findings of the research complete the purpose of the research. The research study on the Commodore target market defines the population based on demographic and psychographic factors. The age, gender, buying capability, taste and preferences and other factors. The research study would determine the number of people who are using the online services of Holden and purchasing their cars from the online website. The population for this research study can be selected in two different ways. They are the target population and the accessible population. The target population is a selected group of people who are selected specifically for the purpose of the research and meet the criteria that are needed by the researcher to complete their research successfully. On the other hand, the accessible population are the set of people who are easily accessible to the researcher.

They can be a subset of the target population. They might come with certain restrictions such as being limited to a certain region or state. Even though they complete the purpose of the research, they might not meet all the criteria of the researcher. The population in case of Commodore research study in Business would preferably be a targeted population which will hold all the criteria that are needed by the researcher so that successful research is developed. The population, in this case, would be the online users and people who prefer online shopping as compared to traditional shopping. The targeted population would also have to meet the demographic components needed for the research. This will help to get a better understanding of the purpose of the research.

Alternative ways of defining the ‘sampling frame’ for the research on the Commodore

The sampling frame is a set of information which is used to identify a population in a research for the use of statistics. It is a database from which a sample is used in the market. It is the set of people who can be called to take active participation in the research. This frame can be used for both qualitative and quantitative research. The sampling frame is derived from various sources such as email addresses, government registers, purchased telephone numbers and customer lists (Ritchie, Lewis & Elam, 2013). Identifying the number and the name of the person is the most important part of a sampling frame so that these people can be contacted to take part in the research, however, other aspects such as their location or habits can also be required as additional information which would be used during the research procedure. These data are used during the analysis of the information which is derived from the sample frame.

Sampling frame needs to be checked properly since there could be several mistakes and errors during the collection process of such a huge quantity of database. A good sampling frame would help to understand the reaction of the population towards the product that has been specified in the research. Holden Commodore has a sampling frame which consists of their existing customers, the people who have visited their website earlier or their showrooms to gather information about their cars. Moreover, the sampling frame is derived from telephone directories as well. The researcher would be able to contact his desired sample for the research study and get the needed result as the sampling frame would support the rest of the research. Since Holden has aimed to start their new initiative with a pilot in Melbourne, the sample frame will mostly hold the people of Melbourne to understand their readiness for the initiative that would be taken by Commodore. The importance of online purchase of cars for the people of Melbourne will help the researcher to understand whether the initiative will be a success in the metro city. Therefore, the sample frame is the major part of the research that would be conducted on Commodore.

Alternative ways of defining the sampling approach for the research on the Commodore

Sampling approach is also known as the sampling method and is the procedure through which the sample is defined and analysed to derive the results of the research. There are different types of sampling approaches such as random sampling, systematic sampling, stratified sampling, judgement sampling, convenience sampling and quota sampling. Random sampling is the most common and the purest form of sampling. In this approach, the samples are selected randomly from the population. Systematic sampling selects the nth number of the individual from the population. The nth number is selected randomly. Stratified sampling is a kind of probability method which helps to reduce the error of sampling (Acharya et al., 2013). A single characteristic is used to select the sample from the population and this characteristic would align with the purpose of the research. Judgement sampling is a kind of non-probability method where the sample is selected based on the judgement of the researcher. This is also a part of convenience sampling as the researcher would mostly choose the convenient sample. Convenience sampling is choosing the most convenient or easily accessible sample from the population.

Quota sampling is a non-probability method similar to stratified sampling. In this approach, a single characteristic is determined like stratified sampling, and then a convenient sample is selected based on that characteristic. The sampling approach that could be used for Holden Commodore research study could be stratified sampling which means that the researcher would determine one characteristic to select the sample. The characteristic, in this case, could be using of online services which would help the company and the researcher to understand the number of people who are proficient in using technology and can easily trust and purchase online products. The sampling approach will help to get an understanding of the probability of people who will be using the new initiative that have been started by people. This probability will help to determine a result for the research so that the company understand the success rate of their research in the market.

References:

1. Acharya, A. S., Prakash, A., Saxena, P., & Nigam, A. (2013). Sampling: Why and how of it. Indian Journal of Medical Specialities4(2), 330-333.
2. Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.
3. Dawson, J. F. (2014). Moderation in management research: What, why, when, and how. Journal of Business Economics and Psychology29(1), 1-19.
4.Ritchie, J., Lewis, J., & Elam, R. G. (2013). Selecting samples. Qualitative research practice: A guide for social science students and researchers11