BSBMKG624 Manage Market Research Assessment Solutions
Assessment Task 1: Knowledge Questions
Questions
Provide answers to all of the questions below:
- Outline two ways of processing market research data.
- Outline the term standard deviation and its use in analysis of market research data.
- Outline the use of correlation analysis in market Give an example to illustrate your answer.
- Explain two issues that should be considered in the design of a market research project to ensure that budget constraints and limited resources are met.
- Outline three differences between qualitative and quantitative In your answer, include one difference for each of the following:
- market research objectives
- sample size
- data collection and analysis methods
- Explain the importance of sample size in market research.
- Discuss two common approaches to determining sample size and the merits or otherwise of the approach.
- Outline how hypotheses are developed and used in market research.
- Explain why market research is beneficial for growing a Give two examples to illustrate your answer.
- Outline the use of a questionnaire as a survey instrument in market In your answer:
- Explain how a questionnaire can be used as part of market research.
- Explain the importance of testing a questionnaire prior to using it.
- Discuss three advantages and disadvantages of focus groups in market research.
- Outline the key steps in a policy and procedure development process.
- Identity two methods of consulting with stakeholders within a Compare and contrast each of the methods you identify.
- Outline PERT and CPM project management techniques and explain the different circumstances in which they are best used.
- Compare and contrast two methods that can be used to measure project outcomes and progress and provide example to illustrate your answer.
- Explain two different methods that an organisation can use to engage consultants for market research.
Assessment Task 2: Project Portfolio
Section 1: Develop a Market Research Plan
Complete the table to summarize 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:
Regulations:
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| Codes of Practice Outline the purpose, aims and three behaviours of at least one Code of Practice related to market research | Code:
Purpose:
Aims:
Three expected behaviours: |
| National standard Identify at least one national standard that applies to the market research. | |
| 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. | |
| 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. |
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: [Business Name] Date: | ||||
| Purpose: Detail the purpose of the research. | ||||
| Market Research objectives: List your key market research objectives. | ||||
| Market Research Methods List market research information/methods to be employed based on your research of the most appropriate market research methods. | ||||
| Budget and timeframe of research: What is the budget and timeframe for the market research? | ||||
| 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? |
Complete the table to summarize 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. | |
| 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. |
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 your Project Portfolio.
| Finalised Market Research Plan for: [Business Name] Date: | ||||
| Purpose: Detail the purpose of the research. | ||||
| Market Research objectives: List your key market research objectives. | ||||
| Market Research Methods List market research information/methods to be employed based on your research of the most appropriate market research methods. | ||||
| Budget and timeframe of research: What is the budget and timeframe for the market research? | ||||
| 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? |
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)? | |
| 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. | |
| 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. |
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 your Project Portfolio.
| Project Brief for: [Project name] Date: |
| Overview of company: Provide a brief overview of the company. |
| Product or service required: Provide an outline of the required market research related product or service. |
| Specifications What is the budget? By when is the product or service required to be completed? |
| Selection criteria List the criteria you will use to select the successful bidder. |
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. | |
| 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?
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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. |
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. | |
| 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. |
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? | 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? |
| 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. |
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.
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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 your Project Portfolio.
| Evaluation Report for: [Project name] Date: |
| Research findings Summarise the research findings. Use numerical measures and analysis to represent the findings (such as using graphical representation or calculations). |
| Validity and reliability of the data: How is the data valid? How is the data reliable? Include sample size, demographics and location in your answer. |
| Research methods Were the research methods adequate and suitable? Explain. |
| Relevancy of research To what extent has the research provided relevant and useful information against the research objectives? |
| Project performance Discuss the project performance including budget, timeline and processes. |
| Recommendations How would you improve the market research process for future projects? |
| 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).
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