BSBMKG506: Market Research Plan for New Sedan Launch

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BSBMKG506 PLAN MARKET RESEARCH

Contents
BSBMKG506 PLAN MARKET RESEARCH........................................................................1
TASK 1.......................................................................................................................................3
TASK 3.....................................................................................................................................10
Research and Analysis Report................................................................................................10
Market Plan..............................................................................................................................11
References:...................................................................................................................................12

TASK 1
1. Identify and outline the five examples of legislation and regulations that apply to the
marketing industry in Australia?
A). The Australian Competition and Consumer Commission is a government body dealing with
trade and competition matters promoting fair trade and healthy competition within the marketing
industry in the country.
B). This act deals with almost all the facets of the marketplace involving relationship within the
buyers and sellers, taking care of all the major steps involved in the supply chain.
C). The provision of Spam Act (2003): This act regards spamming as an unwise practice and also
prohibits its practice. ACMA maintains the enforcement of this law.
D).In Australia we have the do not call register service which takes care of unnecessary calls
from telemarketers to the household and business numbers. Australian Communication and
Media Authority (ACMA) regulates this act.
2. In your own words describe three behaviours that a market researcher should observe
under the Australian Social and Market Research Society Code of Professional
Researchers?
2. Australian Social and Market Research Society code of professional behaviour also goes by
the name AMSRS code of behaviour is an organisation responsible for ethical maintenance in the
marketing industry. The three important behaviours are
1).Privacy: It keeps an eye on any possible breach in the privacy of individual based on the
Australian Privacy Principles on the purpose of any social market research.
2).Transparency: It induces honesty as an important quality that should be practised during the
market research process.
3). Legal and Ethical Adherence: It aims to keep the participants safe and protects their trust
from being abused.

3. In your word explain the two aims of the Market and Social Research Privacy Code?
A). Market and Social Research Privacy code ensure the collection of identified information by
lawful and fair means. It states that individuals should be aware of the collection of information.
B). The code states that if the research organisation collects data for other than research purpose
and for a third party, then it should ensure that the collected information does not pose a life
threat to the individual.
4. Discuss at least two ways in which Market and Social Research Privacy Code 2014
incorporates privacy issues?
The Market and Social research privacy code enforce strict regulations about the collection and
use of research data from the individuals. It ensures that the individual should be made aware of
the data collection.
It also ensures that the data should, in any case, not pose a life-threatening situation for the
individual.
5. Explain one action that a Market Social Researcher should take to avoid discrimination
claims?
As for the practical measures the researcher should avoid posing research questions which
inflame discrimination issues among the individual participants.
A market researcher should avoid common cognitive biases like social desirability bias, framing,
knowledge bias and confirmation bias.
Avoiding biases will help reduce the chances of individual discrimination and will also help in
smooth going on of the research.
6. Briefly describe the steps of undertaking market research?
The major steps for market research are as follows:
a).Define the research goal: this is the first step which involves defining the research problem or
opportunity. The more the definition, the more clear will be the research objectives.

b). Developing the research plan: This involves the development of an elaborate research plan
and the choice of the best-suited research methodology which can make the research process
easy and feasible.
c).Data Collection: This involves the collection of research data based on the research
methodology chosen.
d). Analysis and Report: This step is for analysing the collected data and forming a report
containing the results for the research performed.
e). Action: This step involves taking action according to the results retrieved from the research.
7.Outline four types of information that a business could gain conducting market research?
A business can gain qualitative and quantitative information by conducting research where
quantitative information includes the numbers about usability of product, the demographics and
the percentage shares of the competitors in the target market segment.
Qualitative information can include the preferences and individual choices of the consumers and
their likes and dislikes. It can also include the feedbacks about the marketing campaigns. This
type of information is useful in improving consumer targeting.
8.Outline five methods for conducting market research?
Surveys: This includes questionnaire posing direct questions about the quality of the products
and individual consumer choices. This is a precise research methodology which targets
individual consumers.
Focus Groups: This involves scripting a set of questions and targeting a group of people to
discuss the questions.
Personal interviews: It involves asking questions to individuals for research purpose.
Observations: This involves observing consumer behaviours in particular environments.
Field Trails: This involves placing the new product in selected stores for trial by the consumers.
9.Outline four ways of processing market research data?

Survey Designing; This involves designing suitable survey for the research.
Data Entry and Data Capture: This involves entering the research data into the software for
further analysis and processing.
Data Quality Assurance and Analysis: This involves performing quality check upon the data
collected.
Reporting and Data Tabulation: This involves report formation and presentation of research data
in tabular form for easy understanding.
10. Explain the purpose of quantitative research and identify at least three ways of
sourcing quantitative research data?
The major purpose of quantitative research is to collect numeric data about the target market.
Numbers can give a collective and graphical insight into the market. The quantitative research is
important to measure the demographics of a market. The age, sex, occupation of a particular
population help to formulate a marketing plan and advertising necessities for the current product.
The major ways of quantitative sourcing data include Surveys, Observations and secondary data.
11. Explain the purpose of qualitative research?
Qualitative research is necessary for gathering information which helps in developing research
hypothesis underlying opinions, reasons and motivations. This type of research can be performed
best with the help of individual interviews, the questionnaires which involve making qualitative
choices and focus groups.
12. Explain the importance of both qualitative and quantitative research data.
Qualitative research helps in generating new ideas and getting information about the individual
choices of consumers whereas quantitative research measures the demographics of the market.
13. Explain two statistical methods for analysing quantitative data.
Deductive Approach: In this approach, the data is analysed using the structure predetermined by
the researcher.

Inductive Approach: This approach, on the other hand, is based on the process of induction
(Westwood, 2013).
14. Explain two statistical methods for analysing qualitative research.
Descriptive analysis: This is a mathematical approach involves performing operations like mean
median mode and percentage calculation.
Inferential Approach: This involves drawing inferences based on the relationship between the
variables. Example correlation and Regression.
15. Discuss the rationale for sampling research data and outline three considerations that
should be taken into account in sample design.
Sampling narrows down the huge research into a small set of samples thus making the research
process easy.
Random sampling involves picking up the units in a sample randomly (Robson, et. al., 2016).
Systematic Sampling involves describing a sampling criterion and following it throughout the
sampling process.
16. Why is it important to test a questionnaire before using it in the research?
The questionnaire test will help in accessing the relevance of the questions given in the
questionnaire and will also eliminate any mistakes left in the questionnaire.
17. Explain why it is important for market research to include hypothesis? Identify two
important components of a strong hypothesis?
A hypothesis is a strong part of any research because it provides a base for what we are trying to
find out through our research. A strong hypothesis is the one which can be written in a clear and
simple language.
18. Explain why it is important to set a project vision.
Project vision is important to make clear the objective of the research and to inspire motivation
among the researchers.

19. Explain six areas that should be included in a project scoping document in order to
scope the project as well as gain approval for a project.
The areas that should be included in the scoping document include
Project Scope
Deliverable
Project Acceptance Criteria
Role of the project
Risks
Constraints
Assumptions
20. Outline three ways to inclusive stakeholder in a project?
Identifying the roles
Collective information
And applying in market
21. Outline three benefits of consulting with stakeholder when planning market research?
Mutual trust
Build a relationship
Improve operation
22. Discuss in around a paragraph, the benefits of using a Gantt chart for managing
project?
It maintains the time and management for managing the proper project
23. Outline the six main steps of the PERT methods for project management?
Planning properly
Identifying the activities

Construct diagram
Estimating
Determine
Update

TASK 3
Research and Analysis Report
The market research needs quantitative research for proper measuring of demographics of the
target market. The research type includes both primary and secondary as the research is
conducted using the survey and group focus methods. Data was also used from earlier researches
to get an insight into the target market. The data types used in this research includes
observational data and experimental data. The amount of data that will be needed ranges from
two to three thousand observations which will be sufficient to produce authentic results. The
sources of data include people from different backgrounds and different demographics.
Annotations are the data processing software which will be used for data entry and data analysis
purposes because of the computational simplicity and easy user interface. Data collection costs
will not be that high as college students will be approached to act as subjects for the research,
and the only major cost will be off buying the software licence.

Market Research Plan
Background of Market Research
The research was conducted for the development of a market plan about the launching of a new
sedan in the market.
Market Research Objective
The objective of the research was to get insights about what a consumer demands from a car
ranked somewhere in the middle of the price scale.
Methodology of Market research
The target market was thoroughly studied, and research was conducted which involved surveys
and personal interviews and also group focus. The research was about the design and comfort in
the particular automobile segment. Many subjects preferred comfort over design and many
preferred a perfect blend of comfort design and luxury. Also, the available automobiles in the
similar class were studied (Cresswell, et al., 2017). Their features were also taken into
consideration. Different research methodologies were used the inferential for drawing inferences
based on the inputs which were given by the subjects.
Market Research Data analysis
The data collected was then analysed and tabularized for presentations to higher authorities to
gain approval for the execution of the marketing strategy.
Timeline of the Research

(Figure: Timeline of Market Research Plan)
(Source: By Author, 2019)
Cost of the Research
The research was conducted on college students due to the preferences of the product and the
target market, so the cost of the research did not exceed the budget. The calculations and data
analysis was performed in the data analysing software named annotations which were bought for
the research purpose.
Objective
Development
April 1-April 2,
2019
2 Days
Methodology of
Market
Research
April 3-April 7,
2019
5 Days
Data Analysis
April 8-April 10,
2019
3 Days