BSBMKG607 Project Plan Assessment Task 1
BSBMKG607 Manage Market Research
1. Introduction
Houzit is a homeware stores specializing in bedroom and bathroom fitting, mirrors and other decorative items. The company is located in Brisbane based in 15 stores. The refreshment of the company wants to broaden the assortment of products to increase profits and improve sales.
To reach this objective the strategy plan is to include lighting fixtures in the variety mix. But to this change the board would like to carry out a market research to understand the possibility to add the new product in their existing assortment mix.
The company’ policy required to outsource the market research to a competent and credible organization, which could give to the company great results with knowledge in different types of research, then they believe that an external consultant would add content of impartiality in the decisions to introduce the new product in the sales line.
2. Purpose
- To extend the store offer by including lighting fixtures in the assortment mix
3. Scope
- Understanding the target market to create a new product in the assortment of products.
4. Objectives
The research project has the following objectives:
- To broaden the store offer by creating lighting fixtures in the assortment mix undertaken by a specialist market research company in the greater Brisbane area.
- To increase and to improve the sales in the company by showing that the new product has a profitable target market
- To focus on the information during the research by respecting the timeline.
5. Target Market
In this part of the plan the team will identify the target audience. The group will be identified as a research in the existing buyers of homewares including lighting fixtures. In that research the descriptions of people, their behaviour, geographic, demographic and psychographics factors.
|
People | ||
|
Primary audiences |
Secondary audiences |
Others potentially audiences |
|
Demographics | ||
|
Age |
How much are their income |
Socio- demographic factors |
|
Are they single, married, divorced |
Have they got children? | |
|
Geographic | ||
|
Where they live? | ||
|
Behaviour | ||
|
What they do? |
Why are they our buyers? |
6. Sample Plan
After identify the target audience is important breakdown each group to understand better who is being target. To create the contents of the sample plan is important choose which kind of research is better go through: qualitative, quantitative and multi-method.
|
Target group 1 | |||
|
Estimated population size: |
Value |
Sample size: |
Value |
7. Timelines/ Milestone
|
Step |
1 |
2 |
3 |
4 |
5 |
|
Preparation of research plan | |||||
|
Step 1- Preparation of the plan |
1 week | ||||
|
Step 2- Choice of external consultants |
2 weeks | ||||
|
Step 3- Resources identification |
1 week | ||||
|
Step 4- Work on plan summary |
1 week | ||||
|
Step 5- Conclusion of the project |
8 weeks |
8. Research Method
Primary and secondary research are the two technics which are used to describe data collection. (Manage Market Research, 2010). Although the secondary research has good data collection, the primary research consists more in interviews and surveys which is the recommended research for this plan for the following reasons:
- Has a large of examples to make the research significant
- Results might be measured objectively
- The question must be more specific and can be tested thought the surveys and interviews
9. Budget
The budget fixed for the project is $15,000 that includes fees for external consultants and
external resources. Since Lombard Consulting is assigned the task there is no need to spend on
external resources, as the firm has its own market research team. Moreover, since primary
research method is to be adopted, there is no need to access secondary external resources.
10. External Consultants
To conduct the task of market, research the company’ policy would like to contract a specialist external market research, because with the external consultant the results would be more objectivity in decision making. According to Reddy, 2016, that happen because external consultants can see convergent and divergently to solutions to the problem and come up with different results. In choosing the external consultant it is important have a look of timeline and budget have been taken into consideration.
|
External consultant |
Costs |
Ability |
Limitations |
Research method |
Time required |
|
Acworth Accounting 27 Pitt Street, Hawthorne QLD |
$11,500 |
Prepared business plan for the company, don` have specialist market |
Does not have specialist market research staff |
Does not have in the description |
10 weeks |
|
Lombard Consulting, 78 Queen Street, Brisbane QLD |
$12,000 |
Specialist market research plan for homeware (have done some works before) and have specialist market research team for homeware |
No limitations |
All research methods |
8 weeks |
|
Holt and Burrows, 58 Lonsdale Street Melbourne Vic |
$14,500 |
Branding and marketing for all industries, specializes in fashions, cosmetics, and consumables |
The research staff come from Melbourne |
All research methods |
8 weeks |
According to the analysis of competence, ability and budget of the 3 external consultants, it is clear that the Lombard Consulting is the best option to fit within the timeline, budget and competence when compared with the other two external consultants. Therefore, it is decided to consign the market research project to Lombard Consulting.
11. Monitoring and Reporting
The team will be monitoring the process and the steps to make sure that everything is working and the objective is being reach to identify the target market. The external consultant will have a contract to be assign and then the company is ready to start the research job according to the timelines and objectives.
References
Manage market research. 2010. Innovation and Business Industry Skills Council Ltd. 1st edition.
Reddy, C. 2016. Internal vs External Consultants. Retrieved from https://content.wisestep.com/internal-vs-external-consultants-advantages-disadvantages/ on 22 August 2018.
BSBMKG607 Project Plan Assessment Task 1
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BSBMKG607 Manage Market Research Assessment Task 1
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