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 about 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 analyse 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 through guided sessions experts suggest you must take the time to organise 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?
How to conduct market research for any business?
The BSBMKG506 Plan Marketing Research assessment task 1 expects students to conduct market research for any company of their choice. When you pick a company of your choice, here are some of the crucial aspects of the research that you cannot afford to avoid:
Identifying who is your targeted audience
What is their age, location, gender, occupation, their family, income, and what are the challenges that they face, how educated they are, their lifestyle?
The existing competitors or replacements
Before the launch of the product, who was fulfilling your target customer’s needs?
What are the pain points or the differentiating points which make them buy a certain product?
It could be the price, the quality, variety and so on. What makes one choose a particular product over the other?
How can the company you chose can stand out from the competition? Why will the customer choose you over the others? Your USPs!
Developing a Market Research Plan
The students need to develop a detailed and in-depth plan for the market research they would be conducting. The assessment task 2 also expects the students to identify the market research needs of the company they choose, including various aspects like the research need in product/service, the price points, the promotional and strategic need, and much more. If it seems too much for you, then do avail our marketing research assignment help through guided sessions to easily overcome any challenges.
Nevertheless, your Market Research Presentation shall include the following without fail:
An entire overview of the company, it’s business goals, marketing strategies, it’s targeted customers, etc.
What are the impacts that this market research will have on the growth of the company and its functions?
The key market research needs that you have identified and your arguments behind selecting that specific need
What was your objective behind conducting this research?
The entire overview of the Market Research Plan that you have proposed
The type and method of data collection
The estimated cost of your research
The timeline for the research conduction
The process of analysing the data collection
Get a More than Just the Solution to the BSBMKG506 Assessment
The BSBMKG506 Plan Marketing Research assessment task might seem daunting as it needs utmost dedication and deep research on the subject matter. It does not simply conclude with writing the answers as you also need to deliver a presentation to your professor. Moreover, if the marketing research plan is not as convincing as expected, then there are chances that it might fail to obtain approval.
We can help you get through this so that you can easily score the desired grade in these assessments. Simply avail marketing research assignment help through guided sessions and you will get customised assistance from our experts for the BSBMKG606 assessment as well as the presentation. Your assessment will be written exactly according to marking rubrics and guidelines while following the checklist provided by the professor. To get immediate help, simply fill the form and one of our customer care executives will get back to you and discuss further.