Develop market research plan
In this assessment you are required to establish guidelines for researching and gathering information and work with your staff (your assessor) to gather and evaluate the data.
You need to review existing policy and procedure documents (in the appendices of your Student Workbook) and develop guidelines for managing the process of gathering research information. You also need to identify and plan to acquire all resources necessary for supporting the project.
From the case study provided you are required to complete the following steps:
When the staff member (your assessor) returns the plans to you, you will need to review the plans to identify the following and providing a written Work Plan Summary (document) – the steps below should be the main sections of your summary:
You must provide:
A written Organisational Guidelines for Conducting Research (Step 1)
A brief written summary of your meeting with the staff member you commissioned for research (Step 2)
A written Work Plan Summary (Steps 3-5) with completed acquisition forms.
Your assessor will be looking for:
You are the marketing manager for a 15 store chain of homeware stores in Brisbane called Houzit. The stores specialised in bathroom fittings, bedroom fittings, mirrors and decorative items. As part of the strategic plans of the business, the board want to broaden the store offer by including lighting fixtures in the assortment mix. The board identified the need to carry out market research to determine the market feasibility of adding the lighting fixtures category to Houzit’s assortment. The board have requested that this work be undertaken by a specialist market research firm with extensive knowledge of the target market and who can undertake a wide variety of research methods and complete the process in a timely manner.
The CEO has asked you to manage the entire market research process for the board. You are asked to liaise with the general manager of store operations and the group buying manager. Initially you are required to develop the guidelines for conducting the market research which must adhere with Houzit’s policy and procedures. The scope of research to be undertaken encompasses the greater Brisbane area.
The CEO explained that the market research report together with your summary must be ready to be presented to the board in 8 weeks time. You have been allocated a budget for the project of $15,000 to cover external consultants and associated external material costs. You are required to stay within this budget. Houzit’s policy and procedures requires that you submit a Resource Usage application for all resources required in the project both internal and external.
Your marketing team consists of Tony (search engine optimisation and website maintenance), Marie (advertising and public relations) and Joanne an administration officer. You have asked Tony to take responsibility for the operational aspects of the project and estimate that it will take up 50% of his time over the next 11 weeks. Joanne will also be involved for about 20% of her time in attending to administration matters. You estimate that you will need to allocate 30% of your time to manage the overall project.
According to Houzit’s policy and procedures the following detailed Work Plan Summary needs to be undertaken:
The CEO meets with you and you and Tony to discuss the plans. The CEO explained that it is Houzit’s policy to always engage external consultants when deciding on major category changes because it provided some objectivity to the decision making process.
The three preferred consultants are:
The CEO explained that there was extensive information available in the company archives concerning customer feedback and surveys that has been collected by the stores over the past few years. This could prove useful in the research. The CEO also explained that you would need to have a member from head office do the information extraction work and could take up to 20 hours to complete.
The CEO would like to see a report that covered five main areas:
Tony prepared a list of preferred suppliers together with the products and services that they supplied to help determine the materials needed in accordance with the CEO’s directive that it be a credible source, within the budget and easily accessible. These materials could be included in the project if required and it is within budget:
Homeware Trade association has an Australian wide industry report for $1,000
Australian Bureau of Statistics has Census data for the target area the is mostly free but will costs about $250 in search fees
IBIS market report covers each major market in Australia including the greater Brisbane area - $1,200
Australian Chamber of Commerce has Australia wide surveys on industries $1,450
Homeware Magazines and Publications is an international magazine covering innovations in home wares $250 per quarter
Newspaper subscriptions covering local issues $100 per quarter.
Resource usage application
|Resource description||Resource quantity||Internal or external||External resource costs|
You and Tony meet with each of the consultants identified by the CEO and explain to the need to meet the time frame set by the board. You know that the Definition/Scope Phase together with the Consultant/Supplier Selection Phase will take 2 weeks. You also realise that you will need a week at the end to prepare your reports.
Tony explains that there is an expectation that they will be able to complete the following tasks in the time frame allowed:
A week and a half into the project you receive the following responses from the preferred consultants.
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