BSBMKG624 Manage Market Research Project Portfolio

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BSBMKG624 Manage Market Research

Project Portfolio

Student First Name

Muhammad Taiyib

Student Last Name

Khairani

Student Number Date Submitted

Business this assessment is based on

NatureCare Australia

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BSBMKG624 Manage Market Research

Project Portfolio

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BSBMKG624 Manage Market Research Project Portfolio

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BSBMKG624 Manage Market Research Project Portfolio

Content

Section 1: Develop a Market Research Plan 4

Section 2: Obtain resources and engage an external contractor or service provider 11

Section 3: Monitor and evaluate market research 15

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Section 1: Develop a Market Research Plan

Complete the table to summarise market research requirements for your business.

Legislation and regulations

Summarise the requirements of at least two relevant legislation and regulations related to market research.

Legislation:

The Privacy Act sets out the legal requirements for the collection, use, and disclosure of personal information in Australia. Market researchers must comply with the Australian Privacy Principles (APPs) when handling personal data collected during research activities. This includes obtaining informed consent and protecting individuals' privacy rights.

Australian Market and Social Research Society (AMSRS):

The AMSRS is the professional body for market and social researchers in Australia. While not a legal regulation, it provides industry standards and a Code of Professional Behaviour that outlines ethical guidelines for research practices.

Regulations

Telecommunications (Consumer Protection and Service Standards) Act 1999 (Cth):

This act, along with the Telecommunications Consumer Protections (TCP) Code, regulates telecommunications service providers and their interactions with consumers. Researchers conducting telephone surveys must adhere to these regulations.

Industry-Specific Regulations:

Some industries may have specific regulations that affect market research. For instance, the financial services industry has regulations related to the collection of customer data and the provision of financial advice.

Codes of Practice

Outline the purpose, aims and three behaviours of at least one Code of Practice related to market research

Code:

"Australian Market and Social Research Society (AMSRS) Code of Professional Behaviour.

Purpose:

The AMSRS Code of Professional Behaviour is designed to promote ethical conduct and best practices in the field of market and social research. Its purpose is to ensure that researchers and organizations adhere to high standards of integrity and professionalism when conducting research activities. By doing so, it aims to maintain public trust in the research industry and protect the rights and interests of research participant

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Aims:

Ethical Conduct: To promote ethical behavior and ensure that research is conducted with honesty, integrity, and transparency.

Protection of Participants: To safeguard the rights, privacy, and well-being of research participants, ensuring that they are treated with respect and fairness.

Quality Research: To uphold the quality and reliability of research outcomes by setting standards for research design, data collection, analysis, and reporting.

Three expected behaviours:

Informed Consent: Researchers must obtain informed and voluntary consent from individuals participating in research studies. This includes providing clear and accurate information about the research purpose, procedures, and how data will be used.

Participants should be given the opportunity to ask questions and make an informed decision about their participation.

Confidentiality: Researchers are obligated to maintain the confidentiality of research participants' information. Data should be securely stored, and any publicly shared findings should be anonymize to protect the identity of participants. Researchers must also ensure that data is not used for any purposes other than those explicitly agreed upon.

Honesty and Transparency: Researchers should conduct research honestly and transparently. This includes accurately representing research findings without distortion or manipulation. Any conflicts of interest or potential biases that could affect the research should be disclosed. Additionally, researchers should clearly identify themselves and their affiliations when collecting data or conducting surveys.

National standard

Identify at least one national standard that applies to the market research.

For research involving human participants, ethics approvals from HRECs may be necessary. While not legislation, obtaining ethical clearance is a critical component of responsible and ethical research conduct.

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Policies and procedures

How did you access the original Market Research Policy and Procedure?

Summarise the changes you made to the original Market Research Policy and Procedure.

What new approach to market research did you include?

How does the new approach enhance the work practices and outcomes of the market research?

If you are using your own business, attach the original policy and procedure to your Portfolio.

Attach your revised policy and

procedure (with changes highlighted) to your Portfolio.

Check Internal Resources: Start by checking your organization's internal resources, such as your company's intranet, document management system, or reach out to your organization's HR or compliance department. They should be able to provide you with a copy of the policy and procedure.

Contact Relevant Personnel: Get in touch with individuals or departments responsible for managing policies and procedures, such as your company's compliance officer, research department, or legal team. They can provide you with the most up-to-date and relevant documents.

Review Documentation: Once you obtain the policy and procedure, carefully review it to understand your organization's specific guidelines and requirements for conducting market research.

Implement policy and procedure If you are using your own business, explain how you implemented the revised Marketing Policy and Procedure according to your organisation’s requirements (attach evidence of how you did this to your portfolio).

If you are using the case study, use the space provided to draft an email to the Marketing Officer to distribute the policy and request that they adhere to it.

Review and Understand the Policy:

Carefully review the revised Marketing Policy and Procedure to understand its contents, objectives, and requirements.

Communication:

Communicate the revised policy to all relevant stakeholders within your organization, including marketing teams, executives, and employees who are involved in marketing activities. Clearly explain the purpose and importance of the policy.

Training and Awareness:

Provide training and awareness programs to ensure that all employees are aware of the policy's key provisions and understand their roles and responsibilities in complying with it.

Assign Responsibility:

Assign responsibility for policy implementation and compliance to specific individuals or departments. This may include a compliance officer or a marketing manager.

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Develop your business’s Market Research Plan. You may use the template below, or any other template applicable to your chosen workplace. If you use your own template, attach your work to this section of your Project Portfolio.

Market Research Plan for: NatureCare Products Date: 20/10/2023

Purpose:

Detail the purpose of the research.

To identify which products our target customers will buy regularly and which products are once-off purchases.

Market Research objectives:

List your key market research objectives.

 Identify and categorise products that are purchased on a regular basis

 Identify and classify products that are purchased once-off.

Market Research Methods

List market research information/methods to be employed based on your research of the most appropriate market research methods.

 Both primary and secondary research is needed.

 We will use surveys, telephone interviews and review of competitor web sites.

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Budget and timeframe of research:

What is the budget and timeframe for the market research?

 All work must be completed by internal staff. No specific budget has been allocated. Research to be completed within 6 months of the business operating in the market.

Market Research activities or actions What should be done?

Timeframe When should it be done?

Requirement

What is required to get it done?

Budget How much can I spend?

Team or person responsible

Who is responsible?

Approve Market Research Plan

Immediately Meet with senior management and/or CEO.

$0 Marketing Manager

Assign research responsibilities

Immediately once plan is approved

Market research specifications

Identify and source all resources

required for research

Within 1 month after plan is approved

Staff to conduct research $0 Marketing Manager

Conduct brand

research Within 2

weeks after plan is approved

Staff to obtain research

findings $0 Marketing staff

Obtain research

findings 5 months’ time Email staff to obtain

research findings $0 Marketing Manager

Evaluate and report

on research findings 6 months’ time Develop evaluation

report $0 Marketing Manager

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Complete the table to summarise your discussion of the Market Research Plan.

Arrange meeting

Insert a screenshot (or other evidence such as a photo or draft email) to show how you arranged the meeting with a relevant

stakeholder to obtain feedback and approval of the plan.

Dear Jenny (Chong Chun) Wang

I hope this message finds you well. I am writing to request a meeting to discuss and seek your valuable feedback and approval for our upcoming market research plan. Your insights and input are critical to the success of this project, and we highly value your expertise in this area.

Meeting Details:

Date: 20^thOctober 2023 Time: 10.00 am

Location: 108 Arrabri Ave, Mount Ommaney Brisbane, Queensland

Agenda:

During the meeting, we plan to cover the following key points:

Overview of the Market Research Plan: We will provide an overview of the objectives, scope, and methodology of the market research plan.

Research Objectives: We will discuss the specific goals and objectives of the research and how they align with our overall business strategy.

Methodology: We will explain the research methods and tools we intend to use and how they will help us gather the necessary data.

Timeline: We will present the project timeline, including key milestones and deadlines.

Budget: We will outline the estimated budget for the research and discuss any financial considerations.

Potential Challenges: We will identify potential challenges or obstacles that may arise during the research process and propose strategies for addressing them.

Your Input and Feedback: We will invite you to share your thoughts, suggestions, and concerns regarding the market research plan.

Approval Process: We will discuss the approval process and any specific requirements or criteria for obtaining your approval.

Preparation:

To make the meeting as productive as possible, we kindly request that you review the attached market research plan in advance. Your insights and feedback will be invaluable as we move forward with this project.

Confirmation:

Please let us know your availability for the proposed meeting date and time, or if you have an alternative time slot that works better for you.

Additionally, if you have any specific topics or questions you would like us to address during the meeting, please feel free to share them in advance.

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We greatly appreciate your ongoing support and collaboration. Your input will help ensure that our market research plan is well-informed and aligned with our strategic objectives. If you have any immediate questions or concerns, please do not hesitate to reach out.

Thank you for your time, and we look forward to our meeting.

Best regards,

Sofea Rafizul

Meeting summary Who did you meet with?

Provide an example of clear, concise business language you used at the meeting.

Provide an example of relevant industry and marketing terminology you used at the meeting.

Provide an example of non-verbal language you used to support your communication at the meeting.

Provide an example of how you used active listening and questioning at the meeting.

What feedback did you receive for changes required to the plan?

If the meeting has not been viewed in person by the assessor, attach proof to this section of the portfolio.

Meeting Summary:

I meet with marketing manager, CEO and the HR manager.I use clear, concise business language: Try to refrain from using filler words. Filler words are interjections and phrases that speakers sometimes add during places where they're thinking of the next detail to share

I use relevant industry and marketing terminology: Brand positioning can be conveyed through a variety of means including tone and voice, visual design and the way your company represents itself in person and on social media.

I use non-verbal language at the meeting: Maintaining eye contact while you’re replying to them also keeps the conversation engaging, and turning your camera on for video chats can build a respectful relationship between co-workers.

I use active listening and questioning: During active listening, your non-verbal behaviour are just as important. To show the person you're truly tuned in, use open, nonthreatening body language. This involves not folding your arms, smiling while listening, leaning in, and nodding at key junctures.

The feedback I receive is to Conduct Brand Research. There’s a surprising disconnect between how most companies perceive their brand and how their customers perceive it. Even the colours you choose can impact brand recognition by as much as 80%, which means seemingly minor details likely have a bigger impact than business owners realise.

Zoom meeting proof:

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Finalise your business’s Market Research Plan (highlight the changes). You may use the template below, or any other template applicable to your chosen workplace. If you use your own template, attach your work to this section of yourProject Portfolio.

Finalised Market Research Plan for: NatureCare Products Date: 20/10/2023

Purpose:

To identify new products and/or new markets to assist in the growing of the company

Market Research objectives:

i. Identify new products or new markets that the company can develop ii. Determine customer preferences for product packaging that maximise sales iii. Determine the features in the product that attract maximum customer attention

iv.

Asses customers loyalty level to the product

Market Research Methods

Both primary and secondary research is needed. Hire external consultants for the primary market research.

We will use surveys, telephone interviews and review of competitor web sites.

Budget and timeframe of research:

Both internal workers and an outside expert must finish the work. For this main research, a budget of $30,000 has been set aside. For the secondary qualitative study, just staff time will be needed, thus there won't be any more charges. Within the following two months of the company's operation on the market, the research will be finished

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Market Research activities or actions What should be done?

Requirement

Approve Market Research Plan

Immediately Meet with senior management and/or CEO.

Staff to conduct research $0 Marketing Manager

Conduct brand

research Within 2

weeks after plan is approved

Staff to obtain research

findings $0 Marketing staff

Obtain research findings

5 months’ time Email staff to obtain research findings

Evaluate and report

on research findings 2 weeks’ time Develop evaluation

report $0 Marketing Manager

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Attach: Original Market Research policy and Procedure (if using your own

business) ☐

Revised Marketing Policy and Procedure ☐

Proof of how you implemented the revised policy and procedures (if

using your own business) ☐

Market Research Plan (if using your own template) ☐

Stakeholder meeting (if not already viewed in person by the

assessor) ☐

Finalised Market Research Plan (if using your own template) ☐

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Section 2: Obtain resources and engage an external contractor or service provider

Complete the table to provide evidence of how you obtained resources and contracted an external contractor or service provider:

Identify internal resources Which internal resources are required to implement your Market Research Plan (at least one)?

The internal resource is a survey/questionnaire for gathering market research. Unlike focus groups or interviews, market research surveys allow you to get detailed feedback at scale — from behaviour to overall experiences — and in a standardized format. Also, as the data is easy to process, you can quickly turn it into actionable insights.

Identify external contractor or service provider requirements What service or product (that forms part of the Market Research plan) should be provided by an external contractor or service provider (at least one)?

Using the Internet, conduct research and identify at least three

appropriate and suitable companies who could offer the services or products required.

Service or products:

 Primary qualitative and quantitative research

 Concept and creative testing

 Marketability assessment

Three appropriate and suitable companies who could offer the services of products required:

 Studio LDN

 Tiny CX Freeform

 Stitch Marketing Research

Obtain internal resources

If you are using your own business, explain which resource you obtained and how you obtained it (attached proof that you have done so such as a photo or email).

If you are using the case study, use the space provided to draft an email to the Marketing Officer to explain what they need to do.

To: info@mktresearch.com.au From: sofea@naturescare.com.au Subject: market research

Dear,

Good morning.

I'm sending you this email to let you know that I need you to assist me with secondary market research for the firm. Secondary research should generally employ data that is no older than three years. A combination of primary and secondary research is desirable. Market research must be performed within two months of the project's start date. I hope you can complete the assignment before the deadline.

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Develop a Project Brief for the service or product required to be supplied by an external contractor or service provider. You may use the template below, or any other template applicable to your chosen workplace. If you use your own template, attach your work to this section of yourProject Portfolio.

Project Brief for: NatureCare Products Date: 20/10/2023

Overview of company:

NatureCare Products, situated in Brisbane, Queensland, Australia, began manufacturing and distributing eco-friendly, high-quality beauty skin care products in 2006. The company has become well established in the Australian market and sells its products in health stores across the country. It also sells its products online through its own web site. The company targets customers that want high quality, eco-friendly products.

Product or service required:

Primary research is data which is obtained first-hand. This means that the researcher conducts the research themselves or commissions the data to be collected on their behalf. Primary research means going directly to the source, rather than relying on preexisting data samples. External consultants should be used to conduct primary market research. The research is now required to assist in growing the company through identification of new products and/or new markets.

Specifications

A budget of $30,000 has been allocated for this primary research. Market research must be completed within 2 months of commencement.

Selection criteria

The winning bidder will be evaluated based on the services supplied, the company's reputation, the value for money, and the match with the market research objectives.

Submission details Submit quote by: [Add date]

Submit quote to: [Add contact details for submission]

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Complete the table to provide evidence of how you selected and contracted the external contractor or service provider:

Seek quotes

Use this space to draft your email to share the Project Brief with potential contractors/service providers.

To: info@mktresearch.com.au From: sofea@naturescare.com.au Subject: Market research quotes

Dear,

My name is Cindy, and I'm contacting you from NatureCare company. I would like to request your help with a primary market research for our company. We want to do a primary market research. The research is now required to assist in growing the company through identification of new products and/or new markets. A budget of $30,000 has been allocated for this primary research. Market research must be completed within 2 months of commencement. I would appreciate it if you could let me know whether you can accommodate my request. Your expert advice and support will be invaluable to the project's success, and I eagerly await your reply.

Best regard, Sofea.

Select an external contractor or service provider

Who did you receive quotes from (name at least three)?

If you are using your own business, attach the quotes to your portfolio as evidence.

Who is the successful contractor or service provider?

Why did you select them?

I receive quotes from:

 QuestionandAnswer Market Research

 Colin Bryants

 HandPrints Market Research

The successful contractor or service provider is QuestionandAnswer Market Research. The selected contractor has access to a sizable database of potential participants in market research. The business has also offered details on the market research it has done on a variety of organic items. Depending on the needs and

objectives of the market research i.e., measuring or exploring, the company can choose between focus groups and in-depth interviews as part of a qualitative approach or online surveys as part of a quantitative approach.

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Contract the successful external contractor or service provider Use the space provided to draft an email to the successful service provider or contractor to inform them in writing that they have been selected to complete the work.

To: info@mktresearch.com.au From: sofea@naturescare.com.au Subject: Market research quotes Dear,

Good morning. I'm sending you this email to let you know that we believe your business is the ideal choice to carry out our company's main market research. I hope you could work hard and complete the market study ahead of schedule

Best regard, Sofea.

Attach: Proof that you have obtained one internal resource (if using your

own business) ☐

Project Brief (if using your own template) ☐

Quotes obtained from external contractor/service provider (if using

your own business) ☐

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Section 3: Monitor and evaluate market research

Assume that time has passed and market research activities have commenced, but have not yet been completed. Complete the table to monitor the market research.

Request progress update from external contractor or service provider

Draft your email to the external contractor/service provider in the space provided.

If you are using your own business, attach the contractor or service provider’s response as evidence to your Project Portfolio.

To: info@mktresearch.com.au From: sofea@naturescare.com.au Subject: Progress update

Dear,

I hope this message finds you well. We're excited to hear about your progress with the market research. Would you kindly give me an update from your side? We eagerly await the next step. Thanks for your cooperation. Wishing you all the best.

Best regard, Sofea.

Request progress update from internal staff

Draft your email to the internal staff in the space provided.

If you are using your own business, attach the staff member’s response as evidence to your Project

Portfolio.

To: corporate@naturescare.com.au From: sofea@naturescare.com.au

Subject: Progress update Dear,

I hope this message finds you well. I am excited to hear about your progress with the secondary market research. Would you kindly give me an update from your side? Thanks for your cooperation. Wishing you all the best

Best regard, Sofea.

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Update the Action plan/Work Plan (part of your Market Research Plan) to accommodate the progress reports from the internal staff and external contractor/service provider. Highlight the changes you made.

Market Research activities or actions

What should be done?

Requirement

Approve Market

Research Plan Immediately Meet with senior management and/or CEO.

Staff to conduct research

Conduct brand

research Within 2 weeks

after plan is approved

Staff to obtain research

findings $0 Marketing staff

Obtain research findings

5 months’ time Email staff to obtain research findings

Evaluate and report on research findings

2 weeks’ time Develop evaluation report

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Market Research activities or actions

What should be done?

Requirement

Progress report Once a week Email staff and consultant to request progress report

$0 Marketing Manager

Share updated Action Plan with all relevant stakeholders

Draft your email to the external contractor/service provider in the space provided.

If you are using your own business, attach the contractor or service provider’s response as evidence to your Project Portfolio.

To: corporate@naturescare.com.au From: sofea@naturescare.com.au Dear,

Good morning. I have updated action plan to accommodate the progress reports from the internal staff and external contractor/service provider. Aside from giving an overview of the projects taking place, a well-structured progress report template also allows the project manager to identify key issues affecting the team's productivity and a project's progress toward completion. The updated action plan is attached to this email.

Best regard, Sofea.

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Assume that more time has passed and that the Market Research project is now completed.

Obtain research findings and feedback form relevant stakeholders Draft your email to the relevant stakeholders in the space provided.

If you are using your own business, attach the response as evidence to your Project Portfolio.

To: corporate@naturescare.com.au From: sofea@naturescare.com.au Subject: Research findings and feedback Dear,

Good morning.

I’m contacting you to learn about your recent experiences with the market research process and to ask for the research findings of the market research. Your feedback is important to us and helps us to improve. If you would prefer the chance to chat with me or would like to email your feedback, do let me know.

Best regard, Sofea.

Develop a report for to evaluate the market research findings and processes. You may use the template below, or any other template applicable to your chosen workplace. If you use your own template, attach your work to this section of yourProject Portfolio.

Evaluation Report for: NatureCare Products Date: 20/10/2023

Research findings

High demand exists for organic skincare products (12 out of 15 competitors offer the product). The demand for organic skin care products is rising among younger consumers (under 28). (52 out of the 80 blogs aimed at young people recommend their use). Internet shopping is getting more and more popular overall for purchasing organic items (3 out 8 searches result in a sale). Yet, there was almost a 50/50 split on whether organic certification was significant or not. Despite having two certified organic rivals, whose sales are steadily increasing. There is a need for newborn organic skin care products (3 out of 7 products on supermarket are organic). Even high-end organic or natural skin care products need to be affordable.

Customers are prepared to spend more on mainstream goods

Validity and reliability of the data:

The info is accurate and trustworthy. The nation was covered by four focus groups, each with six participants. The group consisted of six ladies who were all older than 35. 50 individuals were interviewed one-on-one. Ten minutes were allocated to each interview. 40 women and 10 men participated in interviews.Ages ranged from 30 to 50.

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Research methods

The research methods are adequate and suitable. The market research method is Focus Groups and Interviews. Focus groups are one of the most effective and popular market research methods available.

Used to gather qualitative data and in-depth insights, they enable researchers to collect information on anything from products and services to beliefs and perceptions in order to reveal true customer attitudes and opinions

Relevancy of research

The research results provided could help the company into creating a new product that can attract more customer in the market. Research captures customer preferences, allows your organization to understand the end-user experience, and priorities the “wants” and “needs” of a target audience. Ultimately, conducting market research throughout the product development process is critical to gauging market demand and ensuring that the final product

meets the demands of the user.

Project performance

The market research is done withing the budget limit but the research has been delayed due to difficulties in recruiting suitable market research respondents. There is a delay of two-weeks. Overall, the performance of the market research is good. The market research is able to facilitates strategic planning. What is the foundation of your business strategy? If its evidence based and you’ve taken the time to invest in your own (and hopefully ongoing) research, you can be confident that you’ve given yourself the best chance to achieve your business goals.

Recommendations

How would you improve the market research process for future projects?

Brand research.

Brand research is conducted through interviewing customers or focus groups. In-depth information can be gathered from the participants about the brand, product, and the company. A market survey can help in gathering information; whether customers are aware of your brand, make comparisons with your competitors and also understand people’s perception of your brand.

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Present report

How did you present the report?

To who did you present the report?

If not already viewed in person by the assessor, attach proof of how you presented the report (such as a video or PowerPoint presentation an email).

To: corporate@naturescare.com.au From: sofea@naturescare.com.au Subject: Evaluation report

Dear Stakeholders,

Please find attached here the evaluation report for the marketing research. Can you confirm that you have received this email and are happy with my report? If you have any questions or need me to clarify any details, get in touch with me by email.