Plan Market Research
Introduction
In this assignment I will discuss *** company. The business was established in 20** and is located in *** Street, *** Suburb, VIC. The company offers products of *** *** ***.
• research on competition:
o comparing consumer attitudes to an organisation's
Consumer attitude *** company 1 *** company 2 *** company 3
average order value
preferred frequency of contact (select a score from 1 – 10) (select a score from 1 – 10) (select a score from 1 – 10)
preferred medium of contact (select a score from 1 – 10) (select a score from 1 – 10) (select a score from 1 – 10)
preferred medium of response (select a score from 1 – 10) (select a score from 1 – 10) (select a score from 1 – 10)
preferred order size (select a score from 1 – 10) (select a score from 1 – 10) (select a score from 1 – 10)
preferred price point for typical purchase (select a score from 1 – 10) (select a score from 1 – 10) (select a score from 1 – 10)
preferred range of options within a single offer (select a score from 1 – 10) (select a score from 1 – 10) (select a score from 1 – 10)
Total scores *** *** ***
o services and those of competitors
Products and services offered by *** company 1 Products and services offered by *** company 2 Products and services offered by *** company 3
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o identifying frequency of use of competitors' products and services
Frequency to use the products and services of *** company 1 Frequency to use the products and services of *** company 2 Frequency to use the products and services of *** company 3
How often to use company 1’s products? How often to use company 2’s products? How often to use company 3’s products?
o identifying key competitors and their strengths
Strengths of *** company 2 Strengths of *** company 3
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o measuring awareness
Customer awareness of *** company 1 Customer awareness of *** company 2 Customer awareness of *** company 3
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• research on consumers:
o developing detailed consumer profiles
(Student needs to answer and expand the following points)
? age:
? education:
? first language:
? gender:
? household income:
? indigenous Australian:
? languages spoken at home:
? marital status:
? nationality:
? number and age of children:
? occupation:
? activities:
? attitudes:
? interests:
? lifestyle:
? opinions:
? political views:
? values:
o identifying changes in attitudes and behaviour patterns
(Student needs to answer and expand all the following questions)
? Attitude towards takeaway:
? Attitude towards multicultural restaurants:
? How often customers choose to dine in the restaurant:
? How much will they normally pay for the dining in:
o identifying existing, potential or lapsed consumers
Existing consumers of *** company *** ****
Potential consumers of *** company *** ****
Lapsed consumers of *** company *** ****
• research on place:
o identifying attitudes towards location
Attitudes towards *** company location:
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o identifying cooperative opportunities for distribution of information or services
From where can customers purchase *** company’s products?
From where can customers find out *** company’s products information?
o identifying demand for products or services at other locations
Other locations means:
? South suburbs
? South eastern suburbs
? West suburbs
? North suburbs
? Regional areas
? Within 10kms
? Within 20kms
? More than 20kms
• research on pricing:
o identifying attitudes towards prices
Student needs to explain what they think of *** company’s product price, such as too expensive, not worthwhile, cheap but with good quality, or cheap but below average prices.
o identifying costs
? fixed costs: (provide examples)
? variable costs: (provide examples)
? office expenses: (provide examples)
? government taxes and charges: (provide examples)
o testing alternative pricing strategies
Pricing strategies include:
? Premium pricing strategy
? Economic pricing strategy
? Skimming pricing strategy
? Penetration pricing strategy
Student needs to select one of the above as the past pricing strategy and then one of the above as the new pricing strategy, and explain the reasons to choose the new pricing strategy.
• research on products and services:
o evaluating competitors' products
*** company 2’s products: Advantages:
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Disadvantages:
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*** company 3’s products: Advantages:
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Disadvantages:
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o evaluating consumer attitudes towards presentation and packaging
Positive consumer attitudes towards *** company’s products presentation and packaging Negative consumer attitudes towards *** company’s products presentation and packaging
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o identifying potential new products or services or ones which may be at the end of their life cycle
Potential new products or services offered by *** company:
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Products or services at the end of life cycle by *** company:
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o measuring attitudes towards existing products or services
• research on promotion:
o measuring advertising and promotion effectiveness
*** company advertising 1 effectiveness: Positive:
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Negative:
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*** company advertising 2 effectiveness: Positive:
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Negative:
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o testing alternative messages
*** company’s previous advertising message is “***********************************************”.
*** company’s new advertising message is “***********************************************”.
Reasons to choose the new advertising message is:
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o testing and comparing different media options
*** company media option 1: *** **** Advantages:
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Disadvantages:
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*** company media option 2: *** **** Advantages:
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Disadvantages:
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• Include a statement of market research needs
Why do you need to conduct market research? The benefits of market research needs?
• Include research objectives
To achieve:
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• Include project scope:
? Research locations: ********
? Research methodologies: **********
? Time required for this market research: *********
? By whom: ************
• Identify the specific data required, including how it will be gathered, quantified and processed
(Student needs to answer and expand all the following points)
? formal or informal comments and other from
client, customers, staff and others
? government statistics
? industry planning information
? qualitative data
? quantitative data
? sales figures
• Include estimates of time lines and costings
Starting time: DD/MM/YY
End time: DD/MM/YY
Costs: $*******
• Include all required forms and recording instruments for each research method chosen
(Student to provide a blank form of customer satisfaction survey form)