Plan market research
Assessment Task 2: Project – planning market research
Part 1: Identify and present market research needs
The first part of this project requires you to prepare and present a power point presentation to your assessor and class colleagues. Your presentation should last approximately 10 minutes. Your power point presentation should clearly explain and provide sufficient detail on:
1. General information on the function and importance of market research.
2. The company’s position in the market place (and including market trends) and why you believe market research would be of benefit to the company.
3. A statement of what you believe the company’s market research needs are (and as discussed with your assessor in meeting prior to commencing Part 1) and based on the documentation that you have reviewed. You will also need to state what the documentation is and explain how it assisted you to come to your decision about what area of market research would be most useful.
4. Draft objectives for the market research to be conducted.
5. A scoping of the proposed market research that describes timelines for conducting the research, human, financial and physical resources required, whether the market research can be conducted by internal staff or if external assistance is also required, possible methodologies, sample size, etc.
At the end of your presentation you should seek feedback on your presentation and the planned market research, including research
To be able to do this project you should select a company of your choice and identify the various market research techniques the company has used to gather information of the market.
Market research is a vital process in starting up a business or organizations. The key word in that phrase is “Research”. Gathering information, analyzing each information, adjusting to negative feedback and implementing everything that was gathered will lead companies in to a positive path of success. Investopdia has defined Market Research as “The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups”. Introducing focus groups and product testing to the up and coming product can provide a real time person interaction with their personal feelings about the product. Investopedia also explains that “Market research allows a company to discover who their target market
Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.
Market research consists of information collection regarding the prevalent market situation, and its analysis. “We define marketing research as the systematic design, collection, analysis, and
What is Market Research? When you collect and identify data (qualitative data and quantiative) about customers, the market and competitors.
1 One of the most critical steps in the defining process of market research is
Marketing research is what informs business’s make decisions by helping it to understand the changing dynamics of its market. This involves finding out more about customers, competitors and the overall marketing environment.
Market research can provide companies with vital information which allows them to make choices based on what the customer wants. It can allow businesses to predict what might happen in the future of a
Evaluate the findings from the market research you have undertaken. You will need to explain the strengths and weaknesses of the methods you have chosen and how they could be improved. Comparisons with the evaluation made for D1 should be included.
Conduct research on trends in the industry within which the company operates and provide a brief analysis of these trends and the relevance to the company’s activities.
What is the company’s approach to market research? Which methodologies do you find most effective and which do you find least
Nevertheless, the company must assess their strengths, weakness, opportunities, and threats with relevant market research.
The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.
[What statistical research have you completed to help you analyse your market? Did you use a survey/questionnaire?]
A comprehensive market research allows you to systematically manage business opportunities. Our team will develop these researches in different countries for you based on a quantitative analysis of trade history, potential costs, competitors, customer profiles and local government policies. This analysis will allow you fully understand the prospects of target markets and ensure your sales force uses its limited resources for the most profitable effect.