BSBMKG506 Plan Market Research: Comprehensive Assignment Solution

This document provides a comprehensive solution for the BSBMKG506 Plan Market Research assignment. It includes detailed answers to questions from three assessments, covering topics such as marketing regulations, ethical considerations, the steps of conducting market research, data processing methods, and the differences between qualitative and quantitative research. The assignment also explores sampling techniques, hypothesis development, survey design principles, and the importance of pre-testing questionnaires. Furthermore, it delves into the role of market research in business, the triple constraints model, and the responsibilities of a project sponsor. It identifies various stakeholders, including external customers, government bodies, suppliers, and managers, and discusses their significance in a business context. The solution offers valuable insights into planning and executing effective market research strategies, making it a useful resource for students studying marketing and business development.

BSBMKG506 Plan market research

Table of Contents
INTRODUCTION...........................................................................................................................1
Assessment 1....................................................................................................................................1
Q1...........................................................................................................................................1
Q2...........................................................................................................................................1
Q3...........................................................................................................................................1
Q4...........................................................................................................................................2
Q5...........................................................................................................................................2
Q6...........................................................................................................................................2
Q7...........................................................................................................................................3
Q8...........................................................................................................................................3
Q9...........................................................................................................................................3
Q10.........................................................................................................................................3
Q11.........................................................................................................................................4
Q12.........................................................................................................................................4
Q13.........................................................................................................................................4
Q14.........................................................................................................................................5
Q15.........................................................................................................................................5
Q16.........................................................................................................................................5
Q17.........................................................................................................................................5
Q18.........................................................................................................................................6
Q 19........................................................................................................................................6
Q20.........................................................................................................................................6
Q21.........................................................................................................................................6
Q22.........................................................................................................................................7
Q23.........................................................................................................................................7
Assessment 2....................................................................................................................................7
Assessment 3....................................................................................................................................8
Develop a market research plan.............................................................................................8
Presenting the Main points of the market research plan ........................................................9

CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Planning a market research means that promoting different method in which the business
sustain the brand image at international level. In the same way current report is based upon the
three assessment and describe the importance of marketing in business field.
Assessment 1
Q1
Five items of regulations and law for marketing in Australia:
 Australian Competition and Consumer Commission (ACCC): which offer “the
Atriple C” that deals with the competition matter. It also promote competition and fair
trade in marketplace to benefit customers.
 Privacy Act, 1988: this act is basically introduce In order to promote and protect the
individuals not to send their personal information to another. Such that when the
advertisement is done then make sure that no personal data is shared to another party.
 Australian Communication and Media Authority (ACMA): all the radio and
television advertisement is regulated by this and also solve complaint about the
compliance with broadcast industry (Brace, 2018).
 Span Act, 2003: this is introduced in order to regulate the digital marketing in Australia.
 Commercial Advice is another regulation which classified all the advertisement before it
may broadcast.
Q2
The market researcher observe that professionalism is the standard of a personal conduct
by the professional in the business dealings, but the entire guidelines are vary from an industry to
industry. Moreover, each and every rules should be clear and easy to understood. Moreover,
honesty and transparency should be maintained and everyone should understand the
responsibility to client and also adhere to all legal and ethical standards. As per the Australia, the
privacy should be maintained such that the personal data should not be transferred to others.
Q3
 Applied when the market researcher handles the research information, research
organization should take step to implement the practice, procedures to make sure that
firm is complies with Australian Privacy Principles.
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 Through Privacy policy, a research organization should be clearly expressed and up-to-
date research information related to management so that they collect information.
Q4
The market researcher may comply with the Australia's anti- discrimination law which
includes all the laws such that age discrimination act, disability discrimination act, Racial
discrimination act and sex discrimination act. By adhering with this law, the market researcher
may easily avoid the claim (Alzahrani and et.al., 2017).
Q5
Steps of conducting market research:
 Define the objectives or problem: In this, researcher has to set the objectives which helps
to address problem.
 Develop market research plan: In this, researcher describe the research design which is
suited to address the problem.
 Collect the appropriate data and information: By suing primary and secondary data
collection methods, gather information to support the ways to address problem.
 Data processing and analyzing: Once the data is collected, analyze it and also edit the
same to make the meaningful conclusion.
 Put the research into action: Developing the marketing strategies in order to find the
answers of the problems.
Q6
There is a need to processed the data because it provide a way to face the challenge and
competition within a business. Through data processing, business increases the productivity and
profit and further, it also take better decisions for the welfare of the company. This is consider
cost reduction method which is used to better analysis and presentation. The four methods of
data processing is as mention:
 Conversion: in which researcher convert the data to another format.
 Validation: Make sure that the supplied information is clean and useful.
 Sorting: In which researcher arrange the data in some sequence with different sets.
 Summarization: it helps to reduce the detail information to its main points.
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Q7
Quantitative research is the systematic research in which researcher gather quantifiable
data and then perform the same by using statistical, mathematical and computational techniques.
Further, this research collect an information from the existing customers with the help of
sampling methods and then it send out online survey, online polls, questionnaire so that results
are gain in the form of numerical (Hoang, 2016).
Q8
Qualitative research is the that market research which mainly focus on obtaining the
information through an open- ended or conversational communication. This research method
refers to the meaning, concepts, definition which is mainly designed to reveal the behavior and
perception of target audience for the particular topic. There are several sources of qualitative data
such that interview, focus group, archival records, artifacts and participant observations.
Q9
Three statistical method for qualitative research:
 Content analysis: It is a research tool which is used to determine the presence of
different words, themes and concepts by using qualitative data. Through this method,
researcher may quantify as well as analyze the presence and the relationship of such
words, themes as well as concepts.
 Narrative analysis: it is the term which is the group of approach that is particularly
relies on the written and spoken words. Therefore, this helps the researcher to produce
generalization of thinking, action, meaning and attitude related to that topic. It is mainly
focus on the how the researcher interpret their everyday live experience (Ekanem, 2017).
 Framework analysis: this method is best suited for interview data in which the
researcher is desirable to generate themes to make comparison between each case. In this,
researcher perform coding, charting, mapping and interpretation in order to get better
results.
Q10
Three statistical method for quantitative research:
 Excel spreadsheet: it is that method which is coast effective and free of charge and it is
used to save time and generate best results that helps to reach the defined aim.
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 Microsoft access: It is easy to use and mostly used to find out the data which provides
flexible information retrieval. This method is consider one of the cheapest among all the
premium programs.
 SPSS: One of the highly used statistical method that is covered with different formulas
and the collected information can be easily imported through other data as well.
Q11
In research, researcher uses both quantitative and qualitative data because it helps to
improve the evaluation and also make sure that the limitation of one type of data will help to
balance by the strength of another (Silva and Sun, 2018). While, quantitative research is more
reliable and objective and almost uses statistics to generalize a findings, on the other side,
qualitative research methods helps to interpret the things in more meaningful way. So that
researcher may easily reach to defined aim and objectives.
Q12
There are two principle of sampling such that Principle of statistical regularity in which
when a large number of item is selected at randomly such that every item has equal and likely
chance of being selected. Another is, Principle of inertia of large numbers, which is base upon
the notion such that large number of population is more stable than small numbers as per their
characteristics.
Q13
Probability sampling: It is the sample technique in which a sample from the larger
population is chosen and it is done be using a method which is based on the theory of probability
(Peng, 2017). Two methods are:
 Simple random sampling: in this, sample is chosen from each member of population.
 Stratified Random sampling: In this population is divided into two as per the common
attributes and the chooses randomly.
Non-Probability sampling: In this, not all members have a chance to participate in the
study, such that there is a non-zero chance of being selected. Two methods are:
 Judgment sampling: In this researcher, selects units which is based upon researcher's
own knowledge and their professional judgment
 Quota sampling: Under this, sample group have certain characteristics of the population
which is chosen by researcher.
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Q14
Hypothesis main purpose is to make it easier for the researcher to write the test in better
way and present the term in specific manner as well. In order to develop a strong hypothesis,
there are some principle which should be followed such that: assumption in which the researcher
assumes different variables, another is condition which state the relationship between two
variables and its importance with another one (Hepworth, Duvigneau and Cattane, 2016) Third is
prediction in which the researcher will predict on the basis of assumptions.
Q15
Five principles for designing a survey are as mention below:
 Strong vision: it is critical and also have a clear understanding of the objectives such that
the with the helps of quantitative research, it may be hard to understand the term. That is
why it is necessary to develop strong vision.
 Envision the questionnaire as a funnel: Make sure that there should be proper
designing of the flow and also make it easier for them to think the answer of questions.
 Avoid bias: Make sure that the researcher should not create any bias so that it will not
affect the overall project.
 Use clear language and right tone: Make sure that the researcher use proper language
and it will not affect others dignity.
 Keep length in mind: Questionnaire should not be so lengthy.
Q16
It is necessary to test the pre test questionnaire before imposing it upon
participants so that the question which are raised must be ethical and not pinpoint any of the
interest. It also carries the pre test so that question must be prepared correctly and not affecting
any person rights.
Q17
 Market research helps businesses in getting the different information about the customer
need and expectation in the market, on the basis of the same organization used to develop
the product to satisfy the same (Han,and et.al.,2019.).
 Market research help the organization in understanding the different opportunity which is
prevailing in the open market.
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 Market research also help the organization in understanding and measuring the
availability of the resources in the organization in context of full filling the future need of
the customer in the market.
 Market research also play a crucial hand at the time of mapping up of different plan and
policy in the organization. As all the policy and plan are develop on the basis of the
information gather with the help of the market research.
Q18
The triple constraints is the model which is help to manager and others to know about the
trade off are going to work and what impact on the aspects of project. This provides the proper
space to project are easy to track in respective manner. This mostly used in project management
by using three main areas such as scope, schedule and cost. These help to make and divide work
in proper manner without missing deadline of work (Morales, 2019). In that, project scope as the
product of time and resources of project. This provides proper satisfaction to expectations for all
the three aspects.
Q 19
Project sponsor is the person which is liable to carry the overall planning which is
undertaken in accomplishing the project. They involved in project from the initial stage. They are
responsible for
 Managing the resources
 Provides accurate information to set the scope of the company.
Q20
 In the workplace of the business the external customer are the buyers of the business
which purchase the products from the company fort their personal uses.
 All the working of the business are under the rules and regulations of the government.
Government plays an important role in the business which makes the business effective
by their rules.
 The project is depend on the suppliers because they provide the goods.
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 To run the activities of the business effectively there is need of the managers in the
business.
Q21
There is a need to conduct the need assessment because it helps the organization to
determine the gap between preventing it from the reaching end goals and helsp to take the best
decision for the company.
Q22
It describes the major milestones and deliverables of the project and includes:
 The key project objectives
 Key deliverables
 Key milestones
 High level requirements
 Assumptions and Exclusions
 Any known issues or risk
 Stakeholder review and approval
The project manager and ream is mainly involved.
Q23
The project management process is defined as the administering of the whole process
through which the whole project is managed and executed. The project management process
includes the five different phases which are initiating, planning, executing, controlling and
closing of the project. The project management process starts with phase of initiation and then
planning and then the plan is executed with different strategies. Afterwards the executed work is
controlled and if there are any rectification then they are addressed. In the end the project is
closed or ended. The timelines, budgets and the implementation plan are prepared in the planning
phase.
Assessment 2
Enclosed in PPT
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Assessment 3
Develop a market research plan
Summary-
From above report, it has been summarized that qualitative and quantitative are the two
different types of data methods that researcher can use to planned market researcher.
Quantitative data is measure of counts and values as numbers on the other hand qualitative is
measures of types and represented by number code etc. In this report researcher use qualitative
methods which is quite beneficial for this report. It helps to provide detail as well as in-depth
information and encourage researcher to expand on its responses can open new subject area.
It has been summarized that range of methodologies for gathering data provide benefits
to researcher as they can use appropriately in order to get desire outcomes. Some of the most
basic data gathering methods include open-ended surveys, interviews, observation, focus group
etc. In regard to this study, researcher used data which has been provided throughout conducting
survey. It helps to provide high degree of capabilities in representing wider population,
convenient data and low costs. Surveys administered to researcher through different of ways,
questionnaire simply beneficial in this method. It is good because of high representative brought
about survey approach, it is easier to find statistically essential outcomes than other data
collecting techniques. By using this method, multiple variables effectively analysed which is
quite beneficial for researcher.
In context of this research, different types of approaches used for collecting essential data
that give positive outcomes and help to complete work on time. Primary and secondary are the
two types of data collection methods accessible for researcher which they can choose to accord
work process. In this report, they use secondary data gathering methods as well as primary is
uses in this research, as it helps to comprehension in depth info about chosen subject. Researcher
interpretate data with the help of available information, they use manual data processing methods
that help to get success. The totally cost of data collection is $25,000, researcher had to work
under fixed amount of budget and give possible suggestion as well to improve further things as
well.
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Presenting the Main points of the market research plan
Informal meeting is not highly structured and does not have particular scope, length or
other rigid elements such as minutes. During informal meeting I have to discuss some essential
and main points of my plan that are business goals. With the help of this discussion, I can be able
to share information to my team members effectively. When the business goals or objectives is
clear in front of group they can contribute and word hard in order to achieve it as soon as
possible.
The another point which I will discuss in informal meeting is SMART objectives, it helps
to define objective very clearly, specify desirable time and other important things. The most
essential point is background of organization, its target market, strategies which they can use to
achieve success and reach at target consumers effectively. It refers to group of people to whom
firm wants to sell their services or specific products and to whom they direct its marketing
efforts.
Marketing strategies is also considered as main point which is discussed during informal
meeting. It defines the approaches taken by marketing team to reach at potential as well as target
customers easily. Marketing strategies help to increase business visibility and develop long-
lasting relationship with consumers. During informal meeting I am able to discuss some possible
issues and address problems that occur while achieving business objectives. Sales forecast and
marketing budget is the last and most essential point which I had to discuss in meeting because it
help to assure that every one complete their given task under budget.
CONCLUSION
By summing up above report it has been concluded that by using effective marketing
styles the company will easily attain the defined goals in better way. The written part of the
project will also help to determine the importance of using qualitative and quantitative data
analysis. Further, it also describe the marketing plan that includes budget and secondary data.
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