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0 20 40 60 80 100 Q1 Q2 Q3 Q4 Survey Response Survey Question YES NO Guiness Murphy's Beamish Other Course Code BSB42415 Course Name Certificate IV in Marketing and Communication Unit Code BSBMKG408 Unit Name Conduct Market Research Due Date Assessment Name Business Portfolio Part A: Short answer questions Part B: Case study Part C: Project Student No. ________________ Student Name _____________________________ Student Phone ________________ Student Email _____________________________ Student Declaration I declare that this assessment is my own work and where my work is supported by documents from my workplace placement/employer permission has been granted. Note: Filling out this coversheet as part of an electronic submission and approving the above information will operate in the same way as physically signing this cover sheet. Student name or signature: ___________________________________________ Office Use Only Date/s Received: ___/___/___ ___/___/___ ___/___/___ Date/s Assessed: ___/___/___ ___/___/___ ___/___/___ Result of Assessment: ___________ ___________ ___________ Entered on Training Plan Moderation Signature Note for Assessors: Filling out the above Office Use Only section as part of an electronic submission will operate in the same way as physically signing this cover sheet. If not physically signed, Assessor must print their name in signature box Course Code and Name: BSB42415 Certificate IV in Marketing and Communication Unit Code: BSBMKG408 Unit Title: Conduct Market Research For this assessment you are required to answer all of the questions. You are permitted to research the answers by reading your text book, theory notes and accessing the internet. If more room is needed label each task with the question number and use headings or dot points to make your work clear for your trainer and assessor. Please follow the Referencing Guide contained on your Course handbook. Please attach a student assessment cover sheet to each unit submission. You must complete the cover sheet in full detail. PART A – REVIEW QUESTIONS 1. In your own words, explain what Market Research is and why it is essential to the success of any business? 2. Typically, the first step in conducting formal market research is examining what is already available. This is called desk research. a. In at least three (3) lines explain what desk research is. b. In at least five (5) lines, explain why this is typically the first step in conducting formal market research. c. List seven (7) questions that need to be answered to help decision makers collect relevant information? d. List three (3) internal and three (3) external sources where you could get this information. 3. In your own words define the term hypothesis, and explain why it is included in a market research report. 4. Consider the following statement: Defining research objectives is the most important step in designing a marketing research plan. Do you agree with this statement? Yes or No. Explain your answer in at least three (3) sentences. 5. Explain the difference between qualitative and quantitative data. 6. List two (2) procedures you could follow to check the quality of the data you collect during market research. 7. When collating survey data, it is important to ensure it is assessable and useable. It is equally important to ensure it is stored securely. a) There are numerous display tools that can be used to translate survey results into useable information. Provide at least one (1) example and explain when this display tool might be used. b) Why do organisations have specific standards and procedures for storing and safeguarding survey information? c) Provide at least one (1) example of an organisational procedure for recording and storing survey tools and the data that has been collected as a result of the survey 0 20 40 60 80 100 Q1 Q2 Q3 Q4 Survey Response Survey Question YES NO Guiness Murphy's Beamish Other Course Code and Name: BSB42415 Certificate IV in Marketing and Communication Unit Code: BSBMKG408 Unit Title: Conduct Market Research PART B -CASE STUDY Consider the following scenario: An English couple came on a holiday to the Gold Coast and fell in love with Burleigh Beach. They were tired of the dreary English weather, and the drudgery of 9 – 5 jobs. For a long time they had wanted to start a restaurant that represented their German/ English heritage; a place that served up rich and hearty food, reminiscent of a Bavarian Beer House. One day, while walking along the beach, they saw a beachfront property for lease. It was modern, open-plan and bright. This wasn’t the style they wanted, but the location was perfect. They discussed that they could always add a lot of dark wood to the interior to give it a more traditional beer house feel. They decided to make some enquiries. The next day the property owner showed them around and, on seeing the ocean view, they got very excited. They could already picture live music acts playing on the deck while they served up Bratwurst sausages, sauerkraut and large pints of stout beer. Their dream was fast becoming a reality. They left for England the next day and immediately started doing some market research. They spoke to friends and family about their ideas and were overwhelmed with support. They had chosen a name for the restaurant- Pig To Plate- and everyone they spoke to thought it was memorable and witty. When they showed photos of the location, everyone agreed that the view was world class. They started doing taste tests in their hometown of Edinburgh. They selected a focus group of ten people, and were careful to choose a cross-section of ages, genders and occupations. Again, the support for their food was overwhelming. Based on the focus group results, the couple determined the following: · More than three quarters of the male taste-tasters of German decent liked the food’s authenticity. · The men of British decent were surprised by the Weisswurst sausage*. They had initially been sceptical of its ‘rubbery appearance’ but, after trying it, they had commented that the taste was ‘not too bad’ and that it had ‘a bit of spice to it’. · The women tested liked both the crisp and sweet pastry pretzels. The men preferred the crisp pretzels. * Weisswurst sausage is a white sausage that has a thick, inedible skin. It is eaten by sucking the chewy meat out of the skin, and then discarding the skin. Based on these findings, the couple decided to concentrate on traditional German food, to base their breakfast and lunch menu around Weisswurst sausages, and to offer a selection of crisp and sweet pastry pretzels as an accompaniment to each meal. With the name and the menu decided, the couple still had a few concerns. The lease for the restaurant was very high, and the terms of the contract were very strict, so they decided to ring the owner to ask a few more questions. He reminded them that this was the only commercial restaurant premises on the entire Gold Coast strip that was absolute beachfront and, with a little more independent research, the couple affirmed that this was true. This justified the high lease costs. And they were certain that with such an enviable location as a drawcard, they would not fall behind in the lease and break the terms of their contract. Now all that was left was surveying their target market: the local Burleigh residents. The couple wanted to know what their target market wanted, so that they could meet those wants. They created an online survey and posted it on the Burleigh Tourism website ( www.goldcoastburleightourism.com.au ). They survey is attached (See Appendix 1). Once they had 100 responses, the couple decided to collate the online survey results. To do this, the couple used a variety of formats to analyse the information provided by respondents. Some examples are attached (See Appendix 2). Satisfied that they had thoroughly researched the market, the couple started the restaurant. Their target market was the 20 – 35 year old beachgoer/ surfer looking for a place to socialize with friends, drink beer and listen to live music. To cover their high lease costs, the food and drink was priced in the high-end range, but the couple were sure the location and live entertainment would justify the higher prices. Within three months, the business failed. After weeks of struggling to meet the expenses, they fell behind in their lease, broke the terms of their contract and had to close down. YOUR TASK is to analyse the market research techniques used by this business. 1. Consider the following statement: “For market research to be useful, the information collected must be relevant, accurate and timely.” a. Do you agree with this statement? Yes or No. Explain your answer. b. Recreate the table below. i. List four (4) collection methods the couple in this scenario used to gather market information. ii. Explain what they did wrong in the collection process. iii. Explain how this collection process could have been improved. Market Research Collection Method What did the couple do wrong? How could this be improved? 2. For market research to be useful, it must be thorough. The table on the following page shows some background market information that the English couple in this scenario overlooked. a. Recreate the table and, for each piece of market information, explain: i. What research technique could have been used to gather this information (ie. Primary or secondary (desk) research) ii. What sources could have been used to gather this information iii. How this information would have affected the initial research findings Background Market Information What research technique could have been used to gather this information? What source/ sources could have been used to gather this information? How would this have affected the initial research findings? The median age of Burleigh Heads residents is 43 and the median household weekly income is $903 ie. Primary or secondary (desk) research Burleigh Heads has strict commercial noise restrictions limiting the decibels of live music, and prohibiting it beyond 7pm The last 2 restaurants at this beachfront premises went broke. In both cases, they fell behind in their high weekly lease payments and had to close down Burleigh Heads is known for its outdoors, laid-back surf and beach culture. b. What other information might have been relevant and useful when conducting market research for this restaurant? i. List at least three (3) sources of information that could have been used ii. Explain how this information could have been collected iii. Explain why this information may have been useful 3. Consider the online survey tool the couple created to gather information about their target market (See Appendix 1). a. List and explain the problems