BSBMKG506 Plan Market Research

LEARNING OBJECTIVES
1.
Identify market research needs
2.
Define market research objectives
3.
Define data gathering approaches
4.
Develop market research plan
1.
1.Identify Identify market research needsmarket research needs
Making effective marketing decisions means managers need useful information
Making effective marketing decisions means managers need useful information about, what they need to know, who they need to involve and other information about, what they need to know, who they need to involve and other information on areas that impact on the business: on areas that impact on the business:
Once
Once you have identified your information and why you need to know this you have identified your information and why you need to know this information, how it can help you. It is important to information, how it can help you. It is important to communicate communicate the role of the role of market research to the organisation. market research to the organisation.
Communicate
Communicate role of market research in enterprise role of market research in enterprise operations to relevant personnel operations to relevant personnel
Information about
Information about
Stakeholders
Stakeholders
Information on
Information on
•
•CustomersCustomers
•
•CompetitorsCompetitors
•
•Regulatory bodiesRegulatory bodies
•
•External and internal External and internal environmental factorsenvironmental factors
•
•Technological developmentsTechnological developments
•
•Economic, social, political and Economic, social, political and regulatory environmentsregulatory environments
•
•ClientsClients
•
•CustomersCustomers
•
•Enterprise/business ownersEnterprise/business owners
•
•Managers and supervisorsManagers and supervisors
•
•SuppliersSuppliers
•
•Industry best practiceIndustry best practice
•
•CompetitorsCompetitors
•
•Future predictions and strategic Future predictions and strategic directionsdirections
To demonstrate the benefit of market research to your organisation it
To demonstrate the benefit of market research to your organisation it is important to identify the role it can play and how it can help you is important to identify the role it can play and how it can help you achieve your goals and the direction for the whole business.achieve your goals and the direction for the whole business.
T
The he role of market research is vital and the contribution needs to be role of market research is vital and the contribution needs to be identified in relation to the specific businessidentified in relation to the specific business..
Identify
Identify contribution of market research to enterprise activitycontribution of market research to enterprise activity
Areas to consider for your organisation:
Areas to consider for your organisation:
•
•The The industry landscape industry landscape ––what does your business do what does your business do and how do you fit into the industry? and how do you fit into the industry?
•
•Competitor Competitor profiles profiles ––What do you need to know about What do you need to know about your competitors? your competitors?
•
•Other Other information to help you make your predictions and information to help you make your predictions and test your theories. test your theories.
Planning
Planning and performance documentation refers and performance documentation refers to: to:
Use this information when determining your research needs.
Use this information when determining your research needs.
Analyse
Analyse enterprise planning and performance enterprise planning and performance documentation to determine research needsdocumentation to determine research needs
Market Research Methodologies:
Market Research Methodologies:
The
The type of information you type of information you gather will gather will influence the research influence the research methods methods you use.you use.
There
There are two types of data are two types of data sources:sources:
Primary
Primaryand and SecondarySecondaryand two different types of information (data) that can and two different types of information (data) that can be gathered; be gathered; QuantitativeQuantitativeor or QualitativeQualitative..
Analyse
Analyse enterprise planning and performance enterprise planning and performance documentation to determine research needsdocumentation to determine research needs
Primary data
Primary data
Secondary data
Secondary data
Specific purpose:

Specific purpose:

-surveys, Observations, Experimentationsurveys, Observations, Experimentation
Previously

Previouslygathered:gathered:

-ABS, Textbooks, bio’s, records, etc.ABS, Textbooks, bio’s, records, etc.
Quantitative data
Quantitative data
Qualitative data

Qualitative data

-statistical, structured data, objective statistical, structured data, objective

-closed questions, closed questions, yes/no, scaleyes/no, scale
Descriptive,

Descriptive,interviews, unstructuredinterviews, unstructured

-open questions, tell me whyopen questions, tell me why
4 P’s:
4 P’s:
The marketing mix is referred to as the four Ps.
The marketing mix is referred to as the four Ps.
Analyse
Analyse enterprise planning and performance enterprise planning and performance documentation to determine research needsdocumentation to determine research needs
Legal Aspects:
Legal Aspects:
Anti
Anti–Discrimination Discrimination LegislationLegislation
L
Law aw to protect people from discrimination and harassment. to protect people from discrimination and harassment.
•
•Age Age Discrimination Act 2004 Discrimination Act 2004
•
•Australian Human Rights Commission Act 1986 Australian Human Rights Commission Act 1986
•
•Disability Discrimination Act 1992 Disability Discrimination Act 1992
•
•Racial Discrimination Act 1975 Racial Discrimination Act 1975
•
•Sex Discrimination Act 1984Sex Discrimination Act 1984
Commonwealth
Commonwealth and and the state/territory laws generally cover the state/territory laws generally cover the same grounds and areas of discrimination. However, the same grounds and areas of discrimination. However, there are some there are some ‘gaps‘.’gaps‘.
Privacy
Privacy legislation Privacy Act 1988 legislation Privacy Act 1988
•
•The Privacy Act regulates ‘information The Privacy Act regulates ‘information privacy‘ privacy‘ ––It It generally covers generally covers the the collection, use and disclosure, and collection, use and disclosure, and secure management of personal information. secure management of personal information.
Analyse
Analyse enterprise planning and performance enterprise planning and performance documentation to determine research needsdocumentation to determine research needs
Conduct and
Conduct and Ethics:Ethics:
ACMA Australian
ACMA Australian eMarketingeMarketingCode of Practice Code of Practice
Was
Was developed to set standards of conduct for developed to set standards of conduct for marketers.marketers.
Research
Research ethical ethical considerations: considerations:
•
•Harm Harm ––will proposed research harm will proposed research harm physicallyphysically, mentally, socially , mentally, socially
•
•Free choice Free choice ––do participants have free choice to participate do participants have free choice to participate
•
•Informed Informed consent consent ––have participants been fully have participants been fully informedinformed
•
•Plagiarism Plagiarism ––have the researchers properly acknowledged their sources? have the researchers properly acknowledged their sources?
•
•Privacy Privacy ––have the researchers properly protected have the researchers properly protected participants privacy? participants privacy?
•
•Honesty Honesty ––have the researchers been honest with participants have the researchers been honest with participants
In
In market research, ethical danger points include: market research, ethical danger points include:
•
•Invasion of privacy Invasion of privacy
•
•StereotypingStereotyping
Analyse
Analyse enterprise planning and performance enterprise planning and performance documentation to determine research needsdocumentation to determine research needs
Once we have analysed our data and information to determine our research
Once we have analysed our data and information to determine our research needs we need to involve those personnel whoneeds we need to involve those personnel who::
•
•Have Have an interest in the research and its outcomesan interest in the research and its outcomes
•
•Who Who will be impacted by the research and outcomeswill be impacted by the research and outcomes
•
•Who Who have a responsibility to manage the businesshave a responsibility to manage the business
•
•Who Who are involved in the process of running the business, setting goals and are involved in the process of running the business, setting goals and achieving the overall direction the business wants to achieveachieving the overall direction the business wants to achieve
Consult
Consult relevant personnel to determine research needsrelevant personnel to determine research needs
Develop statement of market research needs
Develop statement of market research needs

2. Define
3. Define market research objectivesmarket research objectives
4. DEFINING
5. DEFINING THE PROBLEM AND RESEARCH OBJECTIVESTHE PROBLEM AND RESEARCH OBJECTIVES
   Careful problem definition and identifying the issues at hand is essential for
   Careful problem definition and identifying the issues at hand is essential for ensuring the right research is carried out. Once these issues have been ensuring the right research is carried out. Once these issues have been identified, research objectives may then be identified, research objectives may then be setset
   You must clearly understand the purpose of the research before you can start
   You must clearly understand the purpose of the research before you can start a research a research projectproject
   You must define your research needs
   You must define your research needs before: before:
   •
   •What are you trying to achieve?What are you trying to achieve?
   •
   •What What type of research should you conduct?type of research should you conduct?
   •
   •What What are the ‘terms of reference’ for your research?are the ‘terms of reference’ for your research?
   There
   There are three types of research typically used in a business environment:are three types of research typically used in a business environment:
   •
   •Descriptive Descriptive research research
   •
   •Explanatory Explanatory researchresearch
   •
   •Evaluative Evaluative researchresearch
   DEFINING
   DEFINING THE PROBLEM AND THE RESEARCH THE PROBLEM AND THE RESEARCH OBJECTIVESOBJECTIVES
   Descriptive
   Descriptive researchresearch
   •
   •Seeks Seeks to describe the current to describe the current situationsituation
   •
   •Usually conducted in conjunction with other Usually conducted in conjunction with other researchresearch
   •
   •Census research is descriptive researchCensus research is descriptive research
   Explanatory
   Explanatory researchresearch
   •
   •Seeks Seeks to explain patterns, relationships and trends that have been to explain patterns, relationships and trends that have been observedobserved
   Evaluative
   Evaluative researchresearch
   •
   •Seeks Seeks to determine the success or effectiveness of policies, practices, to determine the success or effectiveness of policies, practices, strategies, products etcstrategies, products etc..
   •
   •Often includes exploratory researchOften includes exploratory research
   RESEARCH
   RESEARCH OBJECTIVESOBJECTIVES
   Researchers need a clear idea of what the objective is.
   Researchers need a clear idea of what the objective is.
   Objectives
   Objectives of the research project may include:of the research project may include:
   •
   •Situational Situational analysisanalysis
   •
   •Comparative Comparative analysisanalysis
   •
   •Hypothesis Hypothesis testingtesting
   •
   •Identification of Identification of trendstrends
   •
   •Process mappingProcess mapping
   SITUATIONAL ANALYSIS
   SITUATIONAL ANALYSIS
   •
   •A situational analysis involves obtaining information about the organisation A situational analysis involves obtaining information about the organisation and its business and its business environmentenvironment
   •
   •It allows you to study an event or situation in detail to place it in its wider It allows you to study an event or situation in detail to place it in its wider context and determine how to change or improve context and determine how to change or improve itit
   Situational
   Situational analysis research information can be gained byanalysis research information can be gained by::
   •
   •Interviewing Interviewing internal staffinternal staff
   •
   •Analysing Analysing the company, market, competition and the industry in the company, market, competition and the industry in generalgeneral
   Situation
   Situation analyses or diagnoses can be represented byanalyses or diagnoses can be represented by::
   •
   •Matrix Matrix formsforms
   •
   •Venn Venn diagramsdiagrams
   •
   •Relational mind mapsRelational mind maps
   WAYS TO REPRESENT INFORMATION
   WAYS TO REPRESENT INFORMATION
   Matrix
   Matrix
   Venn diagram
   Venn diagram
   Mind maps
   Mind maps
   COMPARITIVE ANALYSIS
   COMPARITIVE ANALYSIS
   Comparative analysis is the process of analysing separate items, situations or
   Comparative analysis is the process of analysing separate items, situations or events and then comparing them with each events and then comparing them with each other.other.
   COMPARITIVE ANALYSIS
   COMPARITIVE ANALYSIS
   •
   •A hypothesis can be defined as an assumption or proposition that a A hypothesis can be defined as an assumption or proposition that a researcher makes about some characteristic of the population being researcher makes about some characteristic of the population being investigated. investigated.
   •
   •The The researcher needs to determine whether research results are significant researcher needs to determine whether research results are significant enough to conclude something about the population under investigationenough to conclude something about the population under investigation..
   IDENTIFICATION OF TRENDS
   IDENTIFICATION OF TRENDS
   •
   •Trends can be defined as patterns or general directions, courses or Trends can be defined as patterns or general directions, courses or tendencies.tendencies.
   For example:
   For example:
   “
   “The population of koalas in a newly established National Park The population of koalas in a newly established National Park
   has been monitored and found to be steadily increasing since
   has been monitored and found to be steadily increasing since
   the
   the park’s creation.”park’s creation.”
   •
   •Sometimes, based on past trends, it may be possible to attempt to predict Sometimes, based on past trends, it may be possible to attempt to predict (forecast) future trends(forecast) future trends
   •
   •Redirecting or forecasting trends in the marketplace requires the collection Redirecting or forecasting trends in the marketplace requires the collection of solid research dataof solid research data
   IDENTIFICATION OF TRENDS
   IDENTIFICATION OF TRENDS
   PROCESS MAPPING
   PROCESS MAPPING
   •
   •To To map a process you need to identify and record all the separate parts of map a process you need to identify and record all the separate parts of the particular process, creating a map (or outline) that shows you how the the particular process, creating a map (or outline) that shows you how the process happens. process happens.
   •
   •Process Process mapping is useful when you need to understand how or why mapping is useful when you need to understand how or why something happens so that you can change or improve the something happens so that you can change or improve the processprocess
   MARKET RESEARCH OBJECTIVES
   MARKET RESEARCH OBJECTIVES
   When
   When you define your research objectives, make sure thatyou define your research objectives, make sure that::
   •
   •You You clearly understand what you are trying to achieve clearly understand what you are trying to achieve
   •
   •They They are realistic and achievable are realistic and achievable
   •
   •You You have discussed them with your manager or other colleagues, if required have discussed them with your manager or other colleagues, if required
   •
   •Your Your manager or other colleagues agrees with them manager or other colleagues agrees with them
   •
   •They They are consistent with your organisation’s requirements for conducting are consistent with your organisation’s requirements for conducting researchresearch
   •
   •They They are linked to expected improvements to the businessare linked to expected improvements to the business
   Undertake
   Undertake Preliminary Project ScopingPreliminary Project Scoping
   Undertake Preliminary Project Scoping
   Undertake Preliminary Project Scoping
   Key project management principles to
   Key project management principles to include include in market research in market research planning planning areare: :
   •
   •Consultation Consultation and stakeholder involvement and stakeholder involvement –important at every stage of important at every stage of your research project, plan your consultation and engagement strategy your research project, plan your consultation and engagement strategy early, stakeholders can make significant contributions when formulating early, stakeholders can make significant contributions when formulating research objectives, project scope and identifying good sources of valid research objectives, project scope and identifying good sources of valid and reliable data relevant to your project and reliable data relevant to your project
   •
   •Resources Resources and development of time lines, budgets and other and development of time lines, budgets and other implementation plans implementation plans
   •
   •Gaining Gaining of approvals of approvals
   •
   •Needs Needs analyses analyses
   •
   •Scoping Scoping practices practices
   Undertake
   Undertake Preliminary Project ScopingPreliminary Project Scoping
   MARKET RESEARCH AS A PROJECT
   MARKET RESEARCH AS A PROJECT
   To
   To effectively deliver the outcomes of the research on time and to budget, it’s effectively deliver the outcomes of the research on time and to budget, it’s possible to treat possible to treat market market research as a projectresearch as a project..
   The
   The key project management principles to be included in market research key project management principles to be included in market research planning are:planning are:
   •
   •Consultation and stakeholder involvement Consultation and stakeholder involvement –important at every stage of important at every stage of research project, plan research project, plan consultation consultation and engagement strategy early, and engagement strategy early, stakeholders can make significant contributions when formulating research stakeholders can make significant contributions when formulating research objectives, project scope and identifying good sources of valid and reliable objectives, project scope and identifying good sources of valid and reliable data relevant to data relevant to projectproject
   •
   •Resources and Resources and development of time lines, budgets and other implementation development of time lines, budgets and other implementation plansplans
   •
   •Gaining of Gaining of approvalsapprovals
   •
   •Needs Needs analysesanalyses
   •
   •Scoping practicesScoping practices
   MARKET RESEARCH AS A PROJECT
   MARKET RESEARCH AS A PROJECT
   PROJECT SCOPE
   PROJECT SCOPE
   When
   When we refer to ‘scope’ we refer to the extent or range of view, application, or we refer to ‘scope’ we refer to the extent or range of view, application, or operation. operation.
   The
   The scope for the market research project refers to the operation of our scope for the market research project refers to the operation of our organisation and the organisation and the context context of our research objectivesof our research objectives..
   RESOURCES NEEDED FOR THE PROJECT
   RESOURCES NEEDED FOR THE PROJECT
   Resources
   Resources required for the effective delivery of your research project will required for the effective delivery of your research project will generally fall into one of four categories:generally fall into one of four categories:
   Review and finalise draft objectives in light of scoping
   Review and finalise draft objectives in light of scoping parametersparameters
   Y
   Your our primary responsibility is to improve the business (or to meet the primary responsibility is to improve the business (or to meet the objectives as defined by the organisation) therefore your research objectives objectives as defined by the organisation) therefore your research objectives must have a clear link to this responsibility.must have a clear link to this responsibility.
6. Define
7. Define data gathering approachesdata gathering approaches
   Review and finalise draft objectives in light of scoping
   Review and finalise draft objectives in light of scoping parametersparameters
   Y
   Your our primary responsibility is to improve the business (or to meet the primary responsibility is to improve the business (or to meet the objectives as defined by the organisation) therefore your research objectives objectives as defined by the organisation) therefore your research objectives must have a clear link to this responsibility.must have a clear link to this responsibility.

The post BSBMKG506 Plan Market Research appeared first on My Assignment Online.