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PROJECT: Plan, Conduct and Present a Market Research: Market for a New Product Description: This is an individual research project given as a...
PROJECT: Plan, Conduct and Present a Market Research: Market for a New Product Description: This is an individual research project given as a summative assessment for this unit of competency. In this project, you will conduct market and online research to identify consumer profile and market trends for a new product launch. For the purpose of this project, assume that one of your business contacts (a relative or a business friend) in your home country has asked you to explore the Australian market for a possible consumer product (e.g. herbal beauty treatment, giftware, handicrafts etc.) entry. Your task is to research the market and prepare recommendations for your overseas business contact on the current market trends and target consumer groups. You will also develop survey instruments of collect research data. You will be required to conceive a realistic project/purpose and undertake a minimum of twenty actual surveys and analyse them in your report. You may also use the case study provided in Task 1 as the sample company/organisation for this task. Discuss and finalise your research context/company with your trainer/assessor prior to undertaking this task. Instructions As this project brief is handed out in the first week of the term, the students should start working on the details as the term progresses. You research questions for this project should be in the areas of; "Where in the market these products rightly fit in?" "Who will be the end-users of these products?" "What will be the most effective way to make these products accessible to the consumers?" "What are the critical success factors to operate in the target market?" A step-by-step process is suggested as under. However, the students have the flexibility to develop their own formats and style, as long as all the requirements of the project are fulfilled. Part A: Plan and Prepare Your Research 1. Conceive/provide a business profile (or use an existing/known company as an example) 2. Write a brief product profile (e.g. product characteristics, features, pricing and other relevant information) 3. Develop research objectives (what does the research wants to achieve?) 4. Develop a "Research question" (what problem you are trying to solve?) 5. Determine the data sources and methods to collect the data 6. Outline your respondent's profile (age group, gender, location, job role, lifestyle, purchase power etc.) 7. Consider ethical and legal requirements in information collection, use and disclosure 8. Devise an online research strategy (for researching existing information) with key search words and strings 9. Prepare your data collection tools (e.g. surveys, emails etc.) 10. Outline your role and responsibility as a researcher, and the principles/codes that you will need to adhere to
Ensure that you maintain the roleplay and consult with your manager (trainer/assessor role-play) to clarify the requirements and seek regular feedback. The above research framework may also be completed in parts in tandem with the relevant learning sessions as guided by your trainer/assessor. Develop the above information in a Word-processed document under appropriate headings. Ensure that you acknowledge all external resources and provide citations using a referencing system. Part B. Conduct a Desktop Audit A desk audit is largely an examination of data, information, documents, or records away from an actual action (in an office or desk-based environment). In this part of the task, you will undertake a preliminary desk audit to collect, analyse and present the research data against the research questions. Data to be sources from public domain resources such as; ▪ Published reports ▪ Newspaper articles ▪ Published/online statistics ▪ Published research papers ▪ Published market studies Analyse at least 10 different publications/data sources and write a brief report summarising your findings. Confirm the data analysis and report format requirements with your manager (trainer/assessor role-play). Part C. Develop a Survey Tool and Gather Data Based on the type of data needed from your previous part, develop a simple survey tool (containing approximately 10 questions) assuming the purpose as a quantitative analysis. The survey questions should be developed such that they help collect the intended data for analysis purpose. Consult with your supervisor (Trainer/assessor role-play) to develop and finalise the survey questions; ensuring there are no ethical or legal constraints or issues. For this purpose, you will need to make copies of your survey tool and approach random students/people within the college premises. Explain to them the purpose of the exercise and inform that no critical personal information will be collected. Follow the following process; ▪ Identify and communicate with your respondents ▪ Communicate the purpose of research ▪ Note any specific comments, preferences etc. of the respondents ▪ Communicate and explain the survey questions ▪ Survey and collect data from at least 20 respondents in the survey tool ▪ Keep records (hard copies) for submission and the next assessment task Ensure that you collect and keep all the completed surveys in a folder to be later submitted as evidences. Part D: Analyse the Outcomes 1. Analyse the data and record key findings
2. Prepare your final recommendations on the findings 3. Evaluate research outcomes against stated objectives 4. Prepare a research report incorporating/summarising the entire process Part E. Present your Findings In the same role-play, analyse the final research data and present it to the class. Your presentation will include; ▪ An overview of the research ▪ Research methodology and data collection methods ▪ Research outcomes against objectives Assume that your classroom audiences are your organisational stakeholders. Allow for audience questions and take note of suggestions, if any.
