Manage Market Research Report

Running Head: Manage Market Research
MANAGE MARKET RESEARCH

Manage Market Research
Table of Contents
Assessment Task 1 2
Assessment Task 2 8
Assessment Task 3 10
Assessment Task 4 11
References 12
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Manage Market Research
Assessment Task 1
1. Outline two ways of processing market research data.
Ans: Two ways of processing market research data which will be helpful in having a clear
evaluation of mass data and giving shape to research work are tabulation of data and coding
data (Wedel & Pieters, 2017)
2. Outline the term standard deviation and its use in the analysis of market research data.
Ans: Standard deviation is a format of measurement to understand the variation in the
distribution or set of data. Standard deviation is utilised in market research to understand the
statistical depression and the closest values during data evaluation.
3. Outline the use of correlation analysis in market research. Give an example to
illustrate your answer.
Ans: Correlation analysis in market research is used to understand the systematic change in
one variable which could either be positive or negative. For example, if a positive correlation
exists it will suggest that the variable increases simultaneously which is vice versa in case of
negative correlation (Tulung & Ramdani, 2018).
4. Explain two issues that should be considered in the design of a market research
project to ensure that budget constraints and limited resources are met.
Ans: The first issue is to calculate the perfect estimation of the total amount of the project so
that there are very small amounts of rectification needed at the time of execution. The second
is to use proper techniques for making the most out of a particular material which are needed
to be made available for the project.
5. Outline three differences between qualitative and quantitative research with regard to
market research objectives, sample size and data collection and analysis methods.
Quantitative data isn't countable. It's lumps of content, photographs, recordings, etc.
Quantitative information can be considered numerical.
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Quantitative information is typically unstructured, which implies it's not requested or
assembled consistently in comparison to other techniques (Bryman, 2017).
More often than not subjective information will be gathered from a little example size than
quantitative information, on the grounds that for the most of the part one is not searching for
measurable centrality with subjective research.
6. Explain the importance of sample size in market research.
In the context of research process sample size is necessary to provide accurate values to the
accumulated information. With the help of sample size appropriate determination of the
information can be acquired (Hanington & Martin, 2019).
7. Discuss two common approaches to determining sample size and the merits or otherwise of
the approach.
There are various approaches to determine the sample size such as ,
● Census for small population
● Application of formulation for calculating the sample size
Systematic sampling is considered as another effective approach to determine the merits.
8. Explain probability and non-probability sampling.
Probability sampling method is an effective technique that is used to choose a sample from
the larger population.
On the other hand, Non-probability sampling method is used in order to demonstrate that a
particular trait does exist in the large population.
9. Outline how hypotheses are developed and used in market research.
Well-structured hypotheses are developed in order to identify if the insights are going to be
proved or disproved. The hypothesis is used in a statement manner. It must have logical
consistency and must be stated in a clear manner (Jiang, Scott & Ding, 2019).
10. Explain why market research is beneficial for growing a business and give two examples
to illustrate your answer.
Market research is beneficial for growing business as it helps to comprehend the demands of
the consumers and it helps the company managers to identify various business opportunities
(Lindgren, 2019).
For example, by conducting market research organizational competition can be identified.
For instance, it helps to minimize losses
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11. Explain the following types of market research and the circumstances in which a business
may use them:
a. Exploratory research
Exploratory Research is often used in order to investigate a problem for further
formulation. This market research is used when a problem is unclear to the
company managers and it needs further precise investigation.
b. Ethnography
Ethnographic research is often undertaken by the researcher in order to make
interaction with the participants for better understanding of their real life
environment. This market research is often used when it is necessary to identify
the social interactions and practices within a local community (Miranda et al.
2019).
c. Causal research
Causal Research is considered as one of the most familiar research methods that is used to
investigate cause and effect of variables. It is essential to identify variations in different
variables that may lead to changes in other variables. This market research is used when it is
required to recognize various changes in different variables. Causal Research approach is
used within a business environment in order to measure possible changes that may occur due
to present operations.
12. Discuss three advantages and disadvantages of in-depth interviews in market research.
Advantages
● Appropriate quality based information can be gathered
● Better attention from the interviewers can be derived
● The entire process can be undermined.
Disadvantages
● Costly process
● It may leads to biased answers
● Less Anonymity
13.Explain the use of a questionnaire as a survey instrument in market research and the
importance of testing a questionnaire prior to using it.
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With the help of a questionnaire the entire process of market research can be conducted.
While conducting surveys among the participants it is necessary to use a set of
questionnaires. It is important to use a questionnaire that is often being developed in close
association with the fundamental topic of the research (Raworth & Merkins, 2019).
14. Explain the importance of valid and reliable market research data.
Valid and market research data helps to identify the comprehended business opportunities
and customers interests.
15. Discuss three advantages and disadvantages of focus groups in market research.
Advantages
● Easy to measure individual reaction of the customers
● Time saving
● Identifies respondent’s attitudes
Disadvantages
● Costly
● Biased
● It never includes in-depth analysis
16. Outline the key steps in a policy and procedure development process.
The key steps in a procedure and policy development process are as follows,
● Identify the needs
● Responsibility distribution
● Gathering information
● Draft of the policy
● Implementation
17. Identify two methods of consulting with stakeholders within a project. Compare and
contrast each of the methods you identify.
Two methods are,
● Focus Group
● Individual in-depth Analysis
Compare and Contrast
Focus groups involve many individuals for making interaction in order to gain information in
a collaborative approach.
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Interview helps to interact with the participant on an individual level (Yoga, Korry &
Yulianti, 2019).
18. Outline PERT and CPM project management techniques and explain the different
circumstances in which they are best used.
PERT technique is to evaluate various techniques
CPM is used to evaluate various activities
Both of these techniques are best suited in the final completion of any project event.
19. Compare and contrast two methods that can be used to measure project outcomes and
progress and provide an example to illustrate your answer.
The two methods for measuring project outcomes are ,
● Schedule Manager
● Quality Measures
Schedule Management helps to identify if the project outcomes are timeline oriented or not.
Quality measures help to recognise the quality of the project at its end.
20. Explain two different methods that an organisation can use to engage consultants for
market research.
Surveys and Personal Interviews can be used.
21. Identify and outline five examples of legislation and regulations that can apply to market
operations.
● Antitrust laws
● Tax Code
● Employment Law
● Privacy Acts
● Consumer Protection Law
22. Outline the purpose and scope of the Market & Social Research Privacy Code?
This Privacy code helps to protect the identified information that has been provided by the
participants.
23. Outline three important behaviours that a market researcher should observe to ensure the
Market & Social Research Privacy Code is upheld.
● It reflects the Australian legislation
● Recognises evolving nature of research practices
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● Rules are easily understandable
24. Discuss the impact of economic trends on market research.
Economic trends help to improve profitability of the business.
25. Identify a social trend that may impact market research and discuss its impact.
Ans: There is a growth word of mouth advertising that certainly is a social train which helps a
business to prosper with their existing brand by satisfying one customer at a time.
26. Outline marketing industry trends and how this impacts on choosing media options for
marketing communication.
Ans: In the marketing industry there is a chance that ad blocking will be intensively growing
as the 2014 and 2015 in the UK and USA there is a 41% increase of ad-block. Emotional
marketing is another trend that is growing which shows that brand storytelling is very
effective in market communication (Blakeman, 2018).
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Assessment Task 2
1. The market research methods that can be used are both primary and secondary research
which will allow clear evaluation of the minds of people and also research will evaluate work
done by other researchers in the past. Also external consultants will be used who will
understand and identify changes that need to be incorporated to conduct research work. The
research approval will be taken through companies CEO signatures and authorisation the
chief operating officer. The research of the market will be done at peak time through both
online surveys as well as research journals from the past. There will be no initiatives provided
to the customer’s certificate in hurting marketing research as they will be provided general
guidelines of having their own consent whether to participate in marketing research or not.
Privacy will be strictly maintained by appointing an officer for securing the personal data
provided by the participants of the market research.
2.
Introduction
The research will be conducted to understand reviews of the people regarding products sold
by the organisation selected and review opinion on whether the products met their needs.
Market research objectives
To understand whether the product satisfies the needs of the customer
To understand the changes required to be made to make the product more effective
Market research methods
Both primary and secondary research will be conducted for the satisfactory outcome of
research work.
Timing
Sharing the research reason will take around one week
Gathering data will take around 2 weeks
Evaluation of data and calculating to understand the basic values will take around 3 weeks
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Manage Market Research
Evaluating the research work will take around 2 weeks
Expected Budget
Sharing the research reason will take around $300 to $500
Gathering data will take around $450 to $600
Evaluation of data and calculating to understand the basic values will take around $150 to
$200
Evaluating the research work will take around $200 to $350
Actions
Action Responsibility When
Resources gathering
Researcher Prior to research
Participants gathering
Researcher Prior to research
Data gathering Researcher During research
Evaluation of data Researcher After collection of
research data
Conclusive evidence proof Researcher At final phase of
research
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Manage Market Research
Assessment Task 3
1. Brief Project Overview
● Company overview
NatureCare is a company based in Brisbane, Australia which deals with products that are
eco-friendly in nature. The products are generally skin creams for all skin types.
The research will be conducted to understand whether the products sold by the company
named NatureCare 30 met requirement of the customers. Both primary and secondary
research will be conducted to evaluate whether there are any changes to be incorporated by
the company to have a more satisfied or larger base of customers.
● Outline of the market research
The research has been conducted to understand the views of customers regarding the
satisfaction they have experienced from the products of NatureCare. To acknowledge the
required changes to be incorporated in business and their products have also been one of the
objectives of the project.
● Timelines
Sharing research reason will take around one week
Gathering data will take around 2 weeks
Evaluation of data and calculating to understand the basic values will take around 3 weeks
Evaluating the research work will take around 2 weeks
● Budget
Sharing the research reason will take around $300
Gathering data will take around $450
Evaluation of data and calculating to understand the basic values will take around $150
Evaluating the research work will take around $200
Contact details for submission of quote and date for submission:
[e-mail], 1st March, 2020
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2. Selection Criteria
In order to ensure that the Outsourcing of external consultants are well experienced, certain
standards need to be set such as consultant should identify budget and financial limitation and
should know resources available and can deliver within these. Insuring evaluation measures
are established as per contract standards. Copyright, intellectual property rights made clear
and agreed by consultant.
The external consultants must have experience of more than 3yrs in conducting research with
collaboration to government agencies.
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Manage Market Research
Assessment Task 4
Introduction
The aim of this evaluation report is to present views on validity and credibility of findings
and data presented and to suggest improvements for future action plan for implementation.
Discussion
Research work conducted is well supported with primary research work as well as the
validity of the secondary research papers. The sample size chosen was well suited to research
goals. Demographics and location factors were well justified leading the research to a
successful end. The consideration of the quantitative research method through the primary
and secondary format of research data collection has been well documented for better and
transparent understanding of views. Research conducted successfully revealed customer
expectation of value for money from product offerings and future possibilities to meet
demand. In response to the performance of the project there was a delay because of the
unforeseeable challenge faced during compilation of data. Budgets seemed to be crisp as the
lower value of the budget expectation fulfilled the demand of research requirement.
Conclusion/Recommendation
Recommendations related to the betterment of the research work could be proper time
management strategies as well as better fundraising option and opportunities for the
researcher in future work. Actions for implementation include planning properly and
executing with fidelity.
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References
Ballesteros-Perez, P. (2017). M-PERT: Manual project-duration estimation technique for
teaching scheduling basics. Journal of construction engineering and management,
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%20paper.pdf
Blakeman, R. (2018). Integrated marketing communication: creative strategy from idea to
implementation. Rowman & Littlefield.
Bryman, A. (2017). Quantitative and qualitative research: further reflections on their
integration. In Mixing methods: Qualitative and quantitative research (pp. 57-78).
Routledge. Retrieved from: 10.4324/9781315248813-3
Hanington, B., & Martin, B. (2019). Universal Methods of Design Expanded and Revised:
125 Ways to Research Complex Problems, Develop Innovative Ideas, and Design
Effective Solutions. Rockport Publishers.
Jiang, S., Scott, N., & Ding, P. (2019). Motivations of experienced leisure travellers: A
means-end chain study on the Chinese outbound market. Journal of Vacation
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Lindgren, P. (2019). Students help HealthFOX Ltd target France after positive market
research findings. University of Applied Science. Retrieved from
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Miranda-de la Lama, G. C., Estévez-Moreno, L. X., Villarroel, M., Rayas-Amor, A. A.,
María, G. A., & Sepúlveda, W. S. (2019). Consumer attitudes toward animal welfare-
friendly products and willingness to pay: Exploration of Mexican market segments.
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https://doi.org/10.1080/10888705.2018.1456925
Raworth, D. A., & Merkins, M. (2019). Sampling the two-spotted spider mite, Tetranychus
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http://agris.fao.org/agris-search/search.do?recordID=US201302689439
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emerging market research. Corporate Ownership & Control, 15(2). Retrieved from
https://ssrn.com/abstract=3133857
Van Dun, D. H., Hicks, J. N., & Wilderom, C. P. (2017). Values and behaviours of effective
lean managers: Mixed-methods exploratory research. European management journal,
35(2), 174-186. Retrieved from https://doi.org/10.1016/j.emj.2016.05.001
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Yoga, I. M. S., Korry, N. P. D. P., & Yulianti, N. M. D. R. (2019). Information technology
adoption on digital marketing communication channel. International journal of social
sciences and humanities, 3(2), 95-104. Retrieved from
https://doi.org/10.29332/ijssh.v3n2.297
Wedel, M., & Pieters, R. (2017). A review of eye-tracking research in marketing. In Review
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