PLAN MARKETING RESEARCH ASSESSMENT ANSWER
Market research is a crucial part of developing any business plan. Before you jump into the deep sea of business, it is extremely important to understand the market, competition, and the people you are dealing with. You have to be thoroughly aware of who your customer is going to be, how much you should be pricing your product, what will be the best possible channel to distribute and sell the product. The right market research will save you from the probable losses that you might face otherwise.
The BSBMKG506 Plan Marketing Research assessment task is given to the students to build an understanding of the importance, function, and the contribution of the market research in the success and failure of any business plan. One is expected to conduct in-depth market research on the company of his/her choice for this assessment. He/she has to research the marketplace and analyze if the product is even needed in the market or not. Lack of proper research can lead to gigantic business mistakes and financial losses. Data about the customers have to be collected, including customer personas, stating various demographic and preferential data. This blog discusses an approach to draft the BSBMKG506 Plan Marketing Research assessment answers to the two tasks, .i.e, preparing a market research planning project, and developing a marketing plan.
Research about the Market Research
Conducting detailed research on the market for a company or a product is not only time consuming but also expensive. Lack of a proper market research plan can cause irreversible financial and operational damage. Most students just Google a template on market research and start filling it. The student must take the right approach towards conducting market research, and hence, a detailed plan on how the market research will be conducted has to be generated and executed.
Researching without a plan in hand leads to aimless running towards no destination. Our marketing research assignment help experts suggest you must take the time to organize your objectives towards the research. Additionally, make sure to have the following points in mind before you even start writing the BSBMKG506 Plan Marketing Research assessment answer.
Decide on the objectives of your research
Who are the stakeholders?
What is the type of data you will be collecting?
What methodology of collection of data will you be utilizing?
For instance, you may choose from any of the methods like focused groups, social media data, surveys over calls or email, distribution of sample product or service, etc.
The cost and the budget of the market research
How will you analyse, process, and review the data that you have collected?