Assessment-2-Plan-Market-Research-BSBMKG506

$10.00

Category:

Description

Assessment-2-Plan-Market-Research-BSBMKG506

BSBMKG506B Plan Market Research

Assessment Task 2

Case Study D.A. Garden Supplies

Introduction

Marketing research is essential in identify the opportunities and threats that would affect the company. it is also useful in identifying the company’s strengths and weaknesses by looking at what the customers are attracted to. Market research is very important for companies that need to learn more about the market and reasons for changes. It is used to get all the information about the customers, competitors and trend within the market. When venturing into a new market, a business should not use the exact same approach and techniques as it did with its other market/s. A business should always change their techniques to ensure that they can get the maximum potential within their market. Therefore the success of the business in a foreign market will be determined by the amount of marketing research that has been completed. David’s new marketing approach for the café may not have been effective.

Market research can be used to identify the how the customers feel about the changes to the café and can also review some reasons why the changes may not have been successful for improving the profit and sales.

Backgound

Nursery sales have dropped by 5% in the last two years. These sales of these products currently contribute 41% to overall profits.

 Garden Supplies sales have also dropped by 5%, although the last year saw an increase in drought proofing related products such as mulch. These products currently contribute 34% to overall profits.

 Landscaping project numbers have been flat; however, the size and profit on each project has grown slightly. This has meant steady contribution to overall profits of 10%.

In this proposal, we are going to identify what the situations and problem that D.A. Garden Supplies are facing. According to the problem, we will make a comprehensive market research for their reference.

Preliminary Project Scope

The scope of project research is collected and analysed information. These results and objectives change resulting on the reason, targets and purpose of the studies / research.

The main goals of the project scope research findings are to establish the most successful way of maintaining profits and gaining customers.

Understanding the customers and how they react to different marketing strategies and advertising implemented. A close watch on competitors should be followed and maintained to achieve the most successful marketing plans and strategies.

Target Market

The target market of D.A. Garden supplies are:

  • Gardeners
  • Home DIY Enthusiasts
  • Renovators
  • Etc.
  • Market Situation

    1) Identify your target market.

    Considerations range from age, income, and ethnicity to personality, values and attitude.

    2) Know your competition.

    Use business directories, web searches and industry knowledge to get the latest information on your competition.

    3) Get to know current and future trends.

    Consider technological opportunities or threats and exploring social media outlets.

    ......

    Assessment-2-Plan-Market-Research-BSBMKG506
    Last updated: Feb 2024

    Page 1

    Consider technological opportunities or threats and exploring social media outlets.

    Resources Required

    Human Resources

    Human resources refer to the actual people that will be required, and available to undertake the tasks associated with the project. Care needs to be taken here to ensure that you do not underestimate the requirements in the area by not adequately allowing for:

  • Length of the working day
  • Planned and unplanned absences
  • Overall availability, like what other commitments each individual may have in the workplace and how these will affect how much they can work on the new project
  • A source of back up staff
  • Financial Resources

    Financial resources are about ensuring that you have adequate budget allocated to cover all costs associated with the project. You will also need to have a means for tracking expenditure accurately so that the project does not exceed its budget. While it is difficult in the early planning stages to the precise, you should try to ensure that your budget adequately plans for:

  • Staff costs
  • Equipment
  • Location/premises costs
  • Paid research
  • External expenditure related to the collection or analysis of the research data
  • Physical Resources

    Physical resources refer to the equipment and tools that will be needed to undertake the research project. Ensure you have identified all physical resource including

  • Electronic equipment and software
  • Research tools and instruments
  • Product samples
  • Location or premises to run the research project or to conduct the research.
  • External Market Research

    External Consultant

    The external consultants and service providers are required to comply with all rules and regulations set by the government and their own organisational policies and procedures. They must also adhere to all promises made in the contract that can be recorded and monitored. Anything that has not been followed must be recorded and the record will then be analysed.

    The external consultants and service providers must ensure that they provide the service at their best quality and try to give a service which is helpful to all customers. In this type of industry, the quality of service is one of the most important factors that customers use to decide which provide to start a contract with.

    Hiring External Consultant

    When selecting the external consultants and service providers, the most important criteria are quality, price and popularity. This will all be explained by the customers who use the service every…

    ...

    Assessment-2-Plan-Market-Research-BSBMKG506
    Last updated: Feb 2024

    Page 2

    You've reached the end of your free preview.

    Want to read all pages?