ompany Overview Briefly recap on year of establishment and history, vision & mission, the brand’s product and its unique selling points - USPs)
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, …).
Briefly recap on year of establishment and history, vision & mission, the brand’s product and its unique selling points - USPs)
Examples:
Founded in 1995, Paula's Choice revolutionizes skincare with a commitment to science-based, effective solutions. The brand envisions a world where everyone can achieve transformative skincare results, enhancing confidence through informed choices. Its product line, featuring chemical exfoliants like AHA and BHA, tackles various concerns from acne to ageing, alongside gentle cleansers suitable for all skin types. What sets Paula's Choice apart is its straightforward approach: prioritizing proven ingredients at effective doses while eschewing fragrances and dyes known to irritate skin. This dedication to simplicity and efficacy has cemented Paula's Choice as a beacon of integrity in the skincare realm, empowering users to navigate their skincare journey with confidence.
Example
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