BSBMKG607B - Manage market research
Added on 2020-04-21
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Running head: MANAGE MARKET RESEARCHManage Market ResearchName of the Student:Name of the University:Author’s Note:
2MANAGE MARKET RESEARCHExecutive SummaryThe entire report includes an in-depth analysis of the market research project in the context ofHauzit. This is a home-ware store of Brisbane and going to produce a new service. The lightingfixture is their innovation and to establish this service they want to prepare a market researchplan. Lombard consulting group is hired by Hauzit to carry out their market research plan.However, it has been received that during the preparation of the market research plan thisconsulting group has failed to finish many stages of the market analysis. However, they did notcommunicate with the store managers during the collection of data. It is important for this groupto use effective communication with the stakeholders to improve the market research process.
3MANAGE MARKET RESEARCHTable of ContentsIntroduction......................................................................................................................................4Development of the market research plan.......................................................................................4Guideline reflecting the organizational policy................................................................................4Market Research..............................................................................................................................6Revise the contract made with the external contractor....................................................................6Progress of the market research report............................................................................................7Work activities on the research plan................................................................................................7Contractor performance...................................................................................................................7Research project evaluation.............................................................................................................8Findings...........................................................................................................................................8Validity of the data present in the project........................................................................................9Relevance of the findings against the research objectives...............................................................9Assessment of the project performance against the research plan................................................10Review of the stakeholder’s feedbacks and recommendations.....................................................10Conclusion.....................................................................................................................................11Referencing....................................................................................................................................12
4MANAGE MARKET RESEARCHIntroduction Marketing research plan is crucial to develop the approaches to enhance the performanceof the business. Market research enables an organization to understand the current need of themarket and to identify the target audience (Andaleeb and Hasan 2016). In order to develop amarket research, a research plan is required to carry out the market research. This will give abetter understanding of the organization regarding their current market place. This study dealswith the market research plan of Houzit the homeware sores situated in Brisbane. Moreover, arevised market research plan will be given in this study in the context of Houzit. Assessment Task 1Development of the market research planGuideline reflecting the organizational policyOHS or occupational health and safety is an important policy of an organization thatneeds to follow while developing a market research plan (Palmatier 2017). However, it isimportant for Houzit to keep privacy of their data while developing the market research plan asthe marketing team of Lombard consulting includes search engine optimization and websitedevelopment. During this approaches data may be theft or damage. Thus, it is crucial for suchorganization to maintain the privacy of the data. Staff involvement is necessary for the marketresearch plan as the staffs of such organization need to comply with the organizational policieswhile preparing the market plan. KPIs or Key performance indicators measure the performancelevel of the staffs in a market research plan. Apart from this, the quality of data that is collected
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