Assessment 3 SEIKO BSBMKG506

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Assessment 3 SEIKO BSBMKG506

BSBMKG506B Plan Market Research

Assessment Task 3

Seiko

Introduction

Successful businesses worldwide periodically conduct market research in order to stay tuned to changing market trends and to retain their competitive edge. Whether your business is in a start-up stage or in an expansion phase, market research is vital for understanding the critical characteristics of your target market to increase sales revenue, profit, ROI and overall business success.

Market research is essential for the survival and growth of your business. It enables you to improve the competitive nature of your business and reduce your risks. This guide outlines the different types of market research and offers some tips on how you can conduct your own effective market research.

Market research allows you to identify threats and opportunities in the market place and provides the information on which you can make informed decisions. The more accurate the information – the better the decision. Market research therefore reduces the risk involved in making these decisions. It also reduces the risk of not being able to make decisions because you did not have the information at hand (for example, a change in the market that catches you by surprise).

Market research helps you to:

  • Identify new products or services.
  • Spot or anticipate market trends or changes.
  • Determine if customers are satisfied, and if not, what is wrong.
  • Keep one step ahead of your competitors.
  • Spot trends or warning signals in your own business.
  • Decide which advertising medium works best for your business.
  • Keep up to date with new technology in your industry.
  • Tell you if a new idea is likely to be viable or not, and so on.
  • Backgound

    Seiko is one of the few fully integrated watch manufactures. We design and develop our own movements using leading-edge technology.

    Seiko believes that the wristwatch is an intimate accessory. The best watches live in harmony and interact with the wearer, and their functions offer a reassuring and emotionally satisfying bond.Seiko’s technological development is focused on the creation of ’emotional technologies.Emotional technology creates the interaction between the wearer and the product.

    Seiko is perhaps best known for its wristwatches, all of which were at one time produced entirely in-house. This includes not only major items such as microgears, motors, hands, crystal oscillators, batteries, sensors, LCDs but also minor items such as the oils used in lubricating the watches and the luminous compounds used on the hands and the dials. Currently watch movements are made in Shizukuishi, Iwate (SII Morioka Seiko Instruments), Ninohe, Iwate (SII Ninohe Tokei Kogyo), Shiojiri, Nagano (Seiko Epson) and their subsidiaries in China, Malaysia and Singapore. The fully integrated in-house production system is still practised for luxury watches in Japan.

    Preliminary Project Scope

    Based on the market research, the following information about the company was found:

  • market feasibility for inclusion of lighting fixtures in assortment of Houzit established
  • market is still growing
  • target customer acceptance is high
  • the market not highly competitive
  • ......

    Assessment 3 SEIKO BSBMKG506
    Last updated: Feb 2024

    Page 1

    The research information was tested for:

  • Completeness
  • Uniqueness
  • Timeliness
  • Validity
  • Accuracy
  • Consistency
  • Target Market

    The target market of Seiko are:

  • Rich
  • Business men
  • Fashionable
  • University students
  • High quality Japanese build
  • 1) Identify your target market.

    Ages from 18-60

    Mainly Males

    Medium to High income

    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 market research assistance that will be required

    The most commonly utilized external information includes:

  • trade association data
  • industry publications and databases
  • government databases (e.g., Census Bureau, state trade measurements)
  • sales, volume, and brand market share measurement…
  • ...

    Assessment 3 SEIKO BSBMKG506
    Last updated: Feb 2024

    Page 2

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