Market Research Plan
A market research plan for a given business scenario includes background, research problem/objectives/questions, research design, and data collection.
Structure
Management Decision Project is focused on strategic decisions enabled by the research, while the Research Objectives are focused on delivering the required research insights.
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Nature of research problem
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Exploratory design
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Conclusive design |
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Descriptive research |
Causal research |
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Objective |
To discover ideas and insights |
To describe market characteristics or functions |
To determine cause and effect relationships |
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Example |
What are the key customer pain points when using our product?
In what ways can we improve the customer experience? |
What percentage of customers rank price as the most important factor in purchasing our product? |
How does an increase in advertising spending influence sales revenue?
What is the impact of our loyalty program on customer retention rates? |
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Source of data |
Secondary |
Primary |
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Definition |
Somebody already collected the data to be used |
The researchers will need to collect empirical data |
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Example |
The population of Vietnam is published on the government’s website. Businesses can use this available information. |
The brand creates surveys to research on their target customer segments. |
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Common sources of data |
External: Government and non-government institutions or offices, market research agencies, newspapers and magazines, etc.
Internal: Company records and documents such as sales records, customer service record |
The researchers will need to collect data by themselves using data collection methods appropriate for the research objective |
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Types of data |
Qualitative |
Quantitative |
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Purpose |
To discover new ideas & perceptions |
To test hypotheses |
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Example |
To understand the customers’ perception of “premium” |
To measure customer satisfaction with online banking services |
The techniques used to gather research data, e.g. surveys, interviews, focus groups, observations, ect
→ Communication techniques describe how the researcher connects with and prompts responses from the research subjects when applying the data collection methods (eg. Effective communication techniques for in-depth interviews may include asking open-ended questions, avoiding leading questions that bias the response, …).
- Target population - The entire group of subjects that the research aims to study.
- Sample size - The number of subjects chosen from the target population.
a. Company Overview
Briefly recap on year of establishment and history, vision & mission, the brand’s product and its unique selling points - USPs)
Hints/Examples:
- Year of establishment: Paula's Choice was founded in 1995
- Brand's vision & mission/ Brand's story:
+ Paula's Choice envisions a world where everyone has access to effective, science-based skincare solutions that can transform their skin and boost their confidence
+ The brand's mission is to empower individuals to take control of their skincare and make informed choices about their beauty routines.
- Product line:
+ Exfoliants: A variety of chemical exfoliants, such as AHA and BHA, designed to unclog pores, improve skin texture, and target specific concerns like acne and signs of ageing.
+ Cleansers: Gentle yet effective cleansers for various skin types, designed to remove makeup, dirt, and impurities without stripping the skin's natural moisture.
- Unique selling point: The brand is renowned for its no-nonsense approach to skincare formulations, using proven ingredients at effective concentrations and avoiding common irritants like fragrance and dyes
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