BSBMKG607 Manage market research Assignment Help-Develop a market research plan
Your Market Research Plan must
- Include a statement of market research needs
- Include research objectives
- Include project scope
- Identify the specific data required, including how it will be gathered, quantified and processed
- Include estimates of time lines and costings
- Include all required forms and recording instruments for each research method chosen
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The assessment is the market research plan for “GAMIN”, which is Sydney based firm that is involved in creating games for social networking sites and smart phones. The need to create this market research plan is being undertaken to analyse, the potential in the markets Japan and Brazil. The objective of the firm is to diversify its risk in the current market and to access opportunities in other markets. The company wants to expand its area of operation into the international market and this is the reason for the market research plan. The research philosophy that will be considered here is positivism as large samples are used and both qualitative and quantitative data are considered and both inductive and deductive research approaches have to be considered in this case (Easterby-Smith, Thorpe & Jackson, 2012).
2.0 Research on competition
It is important to understand the competition before foraying into expansion. This has the ability to develop a SWOT analysis. The competitive analysis helps to ensure that the strategic decisions can be taken most progressively.
2.1 Comparing consumer attitudes to an organisation
It is essential that GAMIN is able to assess attitude of consumers and this can be accomplished by streaming online advertisement campaigns on social media and analysing the response generated. This also will ensure that the attitude of the consumer can be understood from the pattern. There are chances of Brazilian consumers having more positive attitude because Japanese markets are already overloaded with such services.
2.2 Services and those of competitors
The market research plan should focus on understanding what services provided by competitor is the deciding factor is the purchase by the consumer. In Australian market the services rendered are limited to demonstration after sale. However it is important to understand what service differentiation is possible in the target markets ( Sarstedt & Mooi, 2014).
2.3 Identifying frequency of use of competitors' products and services
The software gaming business is extremely fast moving, this is the reason that it is important to gather data regarding the shelf life of the products. The research wing of the company has to find the suitable replacements to attract consumers in the target market. Understanding how long one product or service is cherished to calculate the delivery and launch of newer attractions.
2.4 Identifying key competitors and their strengths
To identify market opportunity it is important that the competitor’s strengths are analysed, because that gives insight into the unique selling proposition of the competition , that needs to be surpassed or emulated to capture the market (Galvagno & Dalli,2014). Japan’s market can be expected to be more mature, hence market research needs to be done considering and the qualitative research involving experts should be considered in this regard.
2.5 Measuring awareness
Brand awareness is key to customer preference hence; through the market research plan the most suitable process of creating brand awareness needs to be explored. This should include separate field research in the form of surveys in the two target markets. The online survey will be most suitable.
3.0 Research on consumers
It is extremely important to properly identify the target audience who are the potential consumers. The ultimate objective of consumer oriented research is to understand the voice of the consumer. In this category both quantitative and qualitative research techniques should be applied.
3.1 Developing detailed consumer profiles
Consumer profiling is associated with putting customers in categories, so that it easier to target groups for marketing purposes. The objective of the business is to expand in Japan and in Brazil and the demographic patterns in both is very diverse. The huge sample size of random non probabilistic sampling conducted in each market will help to analyse the consumer profiles on the basis of demographic factors like age, gender and also on the basis of paying capacity.
3.2 Identifying changes in attitudes and behaviour patterns
As this gaming business is linked to social media, it is extremely easy to understand the changes in attitude and consumer behaviour patterns by studying the patterns of use of consumers for both target markets and their responses in social media platform.
3.3 Identifying existing, potential or lapsed consumers
The patterns of activities in the existing market of GAMIN, which is Australia, it can observe patterns of which profile of customers are no longer availing services. This can also be done by analysing the pattern of sales in two consecutive periods. Potentiality can only be analysed through interest exhibited over online survey or even on the basis of number of clicks and likes ratio in social media platforms.
4.0 Research on place
This aspect involves considering aspects of environmental analysis of the two target markets.
4.1 Identifying attitudes towards location
The attitude towards the location needs to be identified on the basis of factors like government stability, taxation laws and fluctuation on currency. There is also need analyse laws pertaining to intellectual property laws, finally the paying power of consumers. This is based on the environmental analysis that is required to be done. This can be done best by using secondary research procedures
4.2 Identifying cooperative opportunities for distribution of information or services
It is important to analyse the local partnership opportunities in the target market. Distribution has the capability to affect bottom line. There is a need to involve local agencies to identify how distribution works for competitor’s in the market and try to gather information by asking experts about the opportunities in the distribution chain and pricing by qualitative interview process (Crowther & Lancaster,2012).
4.3 Identifying demand for products or services at other locations
The objective of this market research is to analyse the market opportunity of GAMIN in Brazil and Japan. As this is software based gaming business majorly applicable in the social media, hence it is important to ensure that the trends of users worldwide be analysed to gain perspective on other locations. This observational research tactic has led the Sydney based firm to target the two markets. On observation of ongoing behaviour this demand can be determined.
5.0 Research on pricing
Adopting correct pricing strategy is pivotal for the economic success of the product or service.
5.1 Identifying attitudes towards prices
Market research on this area needs to be accomplished through quantitative analysis of primary data. Collection through survey method of unbiased data needs to be done to help understand the trends of consumer behaviour which will help to shape the pricing policy and questionnaires have to be developed accordingly (Brace, 2018).
Through observation method and through secondary data, it will be possible to gather knowledge of costs in the new market (Belk, Fischer& Kozinets, 2012). The costs can also be understood by interviewing managers in the field, because it is essential that costs areas be identified.
5.3testing alternative pricing strategies
In order to enter a market like Japan, where there is high level of competition, penetration pricing is mandatory. However in Brazil there can be experimentation on pricing and this decision can be made only on analysing the market price sensitivity after survey is conducted in the market.
6.0 Research on products and services
Research on products and services in the target market is a major aspect that needs to be considered.
6.1Evaluating competitors' products
Evaluating competitors’ products can be done through online survey and collection of market intelligence through the trends of gaming on social media. Consumer feedback report from managers of rival firms can also be gathered in qualitative analysis (Sarstedt & Mooi,2014).
6.2Evaluating consumer attitudes towards presentation and packaging
The online survey can include questions associated to packing and this is also age demographic specific. Products associated with children are said to have need for more attractive packaging as per secondary research data.
6.3Identifying potential new products or services or ones which may be at the end of their life cycle
Gathering industry product sales report in the target market can help in finding this information. It is a form of gathering of secondary information as inference shall be henceforth derived from deductive methods from the industry specific data.
6.4Measuring attitudes towards existing products or services
his is best done with the help of gathering responses from the survey respondents, because online surveys will help to give the trends associated. The statistics gathered can be used to analyse the various aspects of consumer behaviour towards the product of the competitor in the target market. In the existing market Australia, however, the sales figures will be able to give the indications required.
7.0 Research on promotion
In this area there is tremendous need to ensure that the product is promoted with vigour, because in these fast moving digital gaming industry innovation is rampant and products have small shelf life.
7.1 Measuring advertising and promotion effectiveness
This can be done through observation technique and complimenting that with the sales figures post promotion. Thus a comprehensive data can be gathered. This is essential to draw the correct picture from the market where promotional activities are targeted.
7.2 Testing alternative messages
Other than promotion there can be use of word of mouth and personal selling or pay per click techniques used to promote the products and this can be done and observation method can be applied to analyse the results that come in order to test which will be the most suitable process of communication
7.3 Testing and comparing different media options
Comparison can be done with the help of both primary and secondary data analysis and the market is associated with ensuring that the different media responses be gathered through market intelligence and effort. Trend analysis from data collected will be analysed to gain information.
The above market research plan is based on finding the best methods that can be used to conduct a market research with this objective in mind that GAMIN wants to expand its market in two potential markets. It is a need to search for business opportunity. There are multiple techniques being used to analyse the potential markets and it involves using qualitative and quantitative techniques in primary data analysis and also there are areas where secondary research involved to gain knowledge. Both inductive and deductive research approaches have to be considered in this case.
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