Reference no: EM133630894

Plan and interpret market research

Assessment 1-Short Questions

Question 1
Complete the table below by describing how the following are relevant to forecasting market trends:
a. Internal sources of information
b. External sources of information

Internal Sources of Information
i. Business objectives
ii. Strategic objectives
iii. Financial reports

External Sources of Information
i. Comparative market information
ii. Industry trends
iii. Social trends
iv. Cultural trends
i. Economic trends
ii. Political activity
iii. Legislative changes
iv. Changes in technology

Question 2
Complete the table below:
a. Identify any five elements of a market research plan.
b. Briefly describe how each identified element helps market research.

Question 3
Briefly outline, in your own words, the process for developing all the elements of a market research plan listed in the table below:
Elements of a Market Research Plan
i. Industry overview
ii. Competitor analysis
iii. Management decision problem and Research objectives
iv. Consumer trends and demands
v. Target audience
i. Sampling plan and sample size
ii. Data collection methods
iii. Proposed analysis
iv. Budgets
v. Timelines
vi. Expected deliverables

Question 4
Identify four types of software applications that are commonly used in data analysis. Briefly explain how each software application is useful for:
a. Quantitative data analysis
b. Qualitative data analysis

Question 5
Answer the questions below about the codes relevant to marketing:
a. Codes of practice
b. Codes of conduct

a. Codes of practice relevant to marketing
Identify at least two examples of codes of practice relevant to marketing.
b. Codes of conduct relevant to marketing
Identify at least two examples of codes of conduct relevant to marketing.

Question 6
Answering the questions below about:
a. Project design according to timelines and budget requirements
b. Development and use of hypothesis
c. Role of research in enterprise development

a. Project design according to timelines and budget requirements
i. Identify at least one principle that helps design a project to meet timelines and budget requirements.
ii. Identify at least one method where the principles of project design according to timelines and budget requirements are being put into practice.

b. Development and use of hypothesis
i. List down the steps in formulating a hypothesis.
ii. Outline at least one principle to consider when developing a hypothesis.

c. Role of research in enterprise development
What is the role of research in enterprise development?

Question 7
Complete the table below by briefly explaining, in your own words, how each of the following items can contribute to market research:
a. Statistical concepts
b. Methods
c. Techniques
d. Reporting formulas

Statistical Concepts
i. Measures of central tendency
ii. Measures of statistical dispersion
iii. Analysing correlations

Methods
i. Random sampling
ii. Cluster sampling

Techniques
i. Normal distribution probability curve
ii. Recency or frequency grids

Reporting Formulas
i. Conversion rate of leads to sales
i. Customer lifetime value
ii. Net present value of customers
iii. Net response rate

Assessment 2

Task 1: Develop Market Research Plan

ASSESSMENT INSTRUCTIONS

This task will require you to develop a market research plan. You will use the market research plan to get an approval for your market research in Workplace Project Task 2.

To complete this task, you must:

♦ Access and review the following requirements relevant to market research:
o At least two legislations
Legislations may include Competition and Consumer Act 2010, Privacy Act 1988 and Spam Act 2003.
o At least two regulations
Regulations may include theAustralian Competition and Consumer Commission (ACCC) regulations.
o At least two standards
Standards may include industry standards relevant for marketing.
o At least two codes.
Codes may include organisational and industry codes of practice and codes of conduct.

♦ Obtain and review sources of information required to develop the market research plan, such as:
o Business and strategic objectives of your organisation
o Organisational documents such as financial reports, sales reports, etc.
o Government websites for obtaining relevant market information
o Industry research reports and trade publications
o Online sources, including competitor websites, with relevant market information
o Information relevant to data collection methods commonly used by your organisation
o Information on sampling methods typically used in your organisation
o Guidelines for collating and documenting research at your organisation
o Information on techniques relevant to the following:
• Statistical data analysis
• Qualitative data analysis
• Forecasting

♦ Identify the following based on the information and documents accessed previously:
o At least one product or service for which market research is to be conducted
o At least two market research objectives
o At least two data points that need to be collected to meet market research objectives
o At least two data collection methods that apply to the planned market research
o At least two statistical techniques to analyse market research data for the following:
Statistical techniques for data analysis process numbers to give key insights.
• Existing market needs
• Emerging market needs
• Threats for future marketing activity
• Opportunities for future marketing activity
o At least two qualitative techniques to analyse market research data for the following:
Qualitative techniques for data analysis use rich, subjective data to come up with broad themes and ideas that are already present in the data.
• Existing market needs
• Emerging market needs
• Threats for future marketing activity
• Opportunities for future marketing activity
o At least two techniques to forecast the following market needs:
• Existing market needs
• Emerging market needs
o At least two market research requirements such as personnel and budgets
o At least two sampling methods
Sampling is defined as the selection of a small set of individuals from within the target audience to approximate the key features of the entire target audience
o At least two methods for presenting the market research findings
o At least two digital technologies and systems for the following:
Digital technologies and systems used for data collation may include spreadsheets, optical character recognition systems, magnetic ink character recognition systems.
• Data collection
• Data analysis
• Data presentation

♦ Select the following from those previously identified according to the objectives of the planned market research:
o At least one data collection method
o At least one statistical technique to analyse market research data for the following:
• Existing market needs
• Emerging market needs
• Threats for future marketing activity
• Opportunities for future marketing activity
o At least one qualitative technique to analyse market research data for the following:
• Existing market needs
• Emerging market needs
• Threats for future marketing activity
• Opportunities for future marketing activity
o At least one forecasting technique to forecast the following market needs:
• Existing market needs
• Emerging market needs
o At least one sampling method
o At least one method for presenting the market research findings
o At least one digital technology and system for the following:
• Data collection
• Data analysis
• Data presentation

♦ Identify the sample size.

♦ Develop the following elements of your market research plan:
o Industry overview
o Competitor analysis
o Consumer trends and demands
o Target audience
o Sampling plan and sample size
o Expected deliverables
o Budgets
o Timelines

♦ Prepare a draft Market Research Plan based on all the information outlined above.
Outline and include annexures for the written sources of information that were accessed and reviewed to develop the elements of this market research plan.

Task 2: Obtain Approval for Market Research Plan

ASSESSMENT INSTRUCTIONS

This task will require you to obtain approval for the market research plan developed in Workplace Project Task 1 from at least one relevant personnel. You will use the approved market research plan to conduct and document research in Workplace Project Task 3.

Relevant personnel refer to an individual or people who have the authority to approve the market research plan such as marketing managers, supervisors and enterprise owners.

To complete this task, you must:

♦ Communicate the market research plan developed in Workplace Project Task 1 to at least one relevant personnel.

♦ Obtain approval from relevant personnel for the market research plan.
Approvals can be obtained by having the relevant personnel affix their signature to the market research plan so that it can be implemented.

Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.

You must submit the approved market research plan which has the signature of the relevant personnel affixed to it as evidence of approval of market research plan to your assessor.

You must also submit evidence of communication with at least one relevant personnel who can approve the market research plan. This evidence must be at least one of the following:
♦ Email correspondence
♦ Meeting minutes
♦ Video recording of the meeting conducted with the relevant personnel
When using this as evidence, ensure to inform the concerned personnel of the purpose of the recording before doing so.

Task 3: Conduct and Document Research

ASSESSMENT INSTRUCTIONS

This task will require you to do the following based on the market research plan approved in Workplace Project Task 2:

♦ Conduct market research as per the methods listed in the approved market research plan

♦ Document the market research

♦ Develop a partially completed Market Research Report based on the data collected during market research. You will complete the remaining sections of this report in Workplace Project Task 4.
Use your workplace/organisation's template to complete this task.

To complete this task, you must:
♦ Access and review the following to understand how market research is to be conducted:
o Market research plan approved in Workplace Project Task 2
o Sources of information about data collection instruments used at your organisation
o Guidelines for collating and documenting research data at your organisation
♦ Prepare at least one data collection instrument for market research in accordance with the approved market research plan.
Data collection instruments may include questionnaires, surveys, focus group prompts, etc.
♦ Select your sample of respondents based on the sampling plan and sample size specified in the approved market research plan.
♦ Hand-out the data collection instrument to the selected respondents to collect the information specified in the data points listed in the market research plan.
♦ Collate the data obtained from the market research, using digital technologies and systems identified in the approved market research plan. This will involve the following steps:
o Data validation to check the correctness of the data
o Data entry to record the data in a digital format
o Data tabulation to present data in an easy-to-understand format
♦ Document the data obtained from the market research
♦ Develop the following elements of your market research report:
o Introduction
Share the topic of your market research and why it is important.
o Background information
Give a recap of all existing research in your chosen research area.
o Methodology
This section details the different techniques and models that you may have used to derive your conclusions.
o Appendices
Include details of the data that you have collected, or the data collection tools that you used, or details of your data analysis, etc.
♦ Prepare a partially completed draft market research report based on the information outlined above.
♦ Outline the written sources of information accessed to develop the market research report and include annexures for the following:
o Copies of the data collection instruments used
o Documents like spreadsheets containing collated data
o Documentation of the data obtained through market research

Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task.
You must submit the raw data that was shared by the market research respondents as evidence of conducting market research.
You must also submit the partially completed market research report to your assessor. The report will be completed after data analysis in Workplace Project Task 4. Include any supplementary documents/sources used to create it, such as:
♦ Copies of the data collection instruments used
♦ Documents like spreadsheets containing collated data
♦ Documentation of the data obtained through market research

Task 4: Analyse Market Research Data
ASSESSMENT INSTRUCTIONS

This task will require you to analyse the data collected in Workplace Project Task 3 and update the draft market research report. You will use the results of this data analysis to prepare the market research presentation in Workplace Project Task 5.

To complete this task, you must:
♦ Access and review the market research plan approved in Workplace Project Task 2 for information about the following:
o Statistical techniques and qualitative techniques to be used for data analysis
o Forecasting techniques to be used for forecasting market needs
♦ Analyse the market research data using the corresponding analysis techniques from Workplace Project Task 1. This must include identifying:
o At least two existing market needs
o At least two emerging market needs
o At least two threats for future marketing activity
o At least two opportunities for future marketing activity
This must also include using digital technologies and systems.to apply the corresponding analysis techniques.
The digital technologies and systems that you use here must correspond to those identified in the approved market research plan.
♦ Forecast the following market needs by applying the corresponding forecasting techniques to data obtained through market research:
o At least two existing market needs
o At least two emerging market needs
♦ Interpret the market research data analysed in the previous steps.
Data interpretation refers to the process of assigning meaning to the data that has been analysed. To interpret data, you will first need to identify the key findings from your data analysis. Next, you will apply your business context to these findings to draw meaningful conclusions. You will then need to estimate the potential impact on business. Once your data interpretation is complete, you will be able to give recommendations.
♦ Develop the following remaining elements of your market research report based on the data analysis and data interpretation done in this task:
o Executive summary
List out your key conclusions and recommendations as well as technical details.
o Visual presentation of data
This section will include all your graphs and charts.
o Findings
o Conclusions
o Recommendations
o Appendices
♦ Update the partially completed market research report developed in Workplace Project Task 3 with all the information outlined above.
♦ Outline the written sources of information containing details of data analysis techniques that were accessed to complete the market research report.
Include annexures for documents like spreadsheets which have been used to analyse data, forecast market needs or identify threats and opportunities.

Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task.
Submit the completed market research report to your assessor. Include any supplementary documents/sources used to create the market research report, such as spreadsheets which have been used to analyse data, forecast market needs or identify threats and opportunities.

Task 5: Prepare Market Research Presentation
ASSESSMENT INSTRUCTIONS
This task will require you to prepare a market research presentation based on the market research report completed in Workplace Project Task 4.

You will present this market research presentation in Workplace Project Task 6.
Use your workplace/organisation's template to complete this task.

To complete this task, you must:

♦ Access and review the following documents:
o Approved market research plan for information on:
• Market research objectives
• Sampling plan and sample size
• Selected method for presenting market research findings
• Digital technologies and systems selected to help with data presentation
o Market research report submitted in Workplace Project Task 4 for the data that needs to be presented
o Workplace guidelines to develop a market research presentation

♦ Prepare the data for presentation as per the method selected in the approved market research plan.
Preparing data includes presenting the key findings, conclusions and recommendations in an easy-to-understand manner. For example, if you will be doing an in-person presentation, you should prepare simple graphs to help your audience understand the market research data.

♦ Develop your market research presentation with the following elements:
o Executive summary
o Introduction
o Background information
o Methodology
o Visual presentation of data
o Findings
o Conclusions
o Recommendations
o Appendices

♦ Review the market research presentation.
This will involve checking different aspects of your presentation such as the language, data accuracy, formatting, scheduling, etc.

♦ Rectify any errors that you find during your review of the market research presentation.
Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.S ubmit the completed market research presentation to your assessor. Include any supplementary documents/sources used to create the market research presentation.

Task 6: Present Market Research Findings
ASSESSMENT INSTRUCTIONS
Your assessor will observe you as you present the market research presentation prepared in Workplace Project Task 5 to at least two relevant stakeholders.

You will be assessed on your practical skills to present the findings of your market research using digital technologies and systems.
To complete this task, you must:
♦ Access and review the approved market research plan for information on the digital technology and system selected to help with data presentation.
♦ Access the market research presentation prepared in Workplace Project Task 5.
♦ Conduct a meeting with the relevant stakeholders.
♦ Present the market research presentation to relevant stakeholders during the meeting using the digital technology and system specified in the approved market research plan.

Submit any of the following written presentation materials that you used to present the market research findings, as supplementary evidence for this task:
♦ PowerPoint presentation
♦ Printed handouts
It is recommended to have your assessor review the presentation material that you will use before presenting it to key stakeholders. This is to ensure that all information is covered.