BUMKT1501 Market Research Plan Assignment Sample

• Internal Code :
• Subject Code : BUMKT1501
• University : Federation University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Marketing

Contents

Task 1.

Task 2.

Task 3.

Introduction to Marketing - Task 1

Digital Market Research Plan

School going students and college undergraduates need to carry heavy books along with other utility things with them on a daily routine. This could be tedious for them and thus, they need a backpack for their daily journey. High-tech backpacks facilitate customers with enormous benefits. These backpacks are designed in an efficient and trendy manner that could benefit the youth and users positively. To make the benefits reachable and accessible to the customers it is important to come up with a strong marketing strategy. A marketing strategy is a plan that elevates the chances of performance of the product i. e. in this case high-tech backpack. With a proper marketing strategy, the product reaches many customers within a short span of time bringing more customer satisfaction and profits. In today’s era, most of the marketing plans are carried out digitally and hence, digital marketing is one of the major causes of the success of any product. People tend to spend more than half of their time on digital platforms and social media. This makes the product viable for customers to see and review. Digital marketing needs a strategised and well-researched plan to be carried forward for bringing out an excellent response. Digital marketing aims at bringing more profits, publicity, and more views through online marketing channels. This way the sites could be either paid or self-owned but the profits would definitely be owned.

A Digital Marketing Campaign comes handy with digital marketing. With a full-proof campaign come better opportunities. If the high-tech backpack wants more publicity, there has to be a campaign that could increase its followers and spread more awareness about its benefits and usefulness. For instance, Twitter or Instagram could be used to generate more buzz over the social media regarding high-tech backpack and could elevate the leads. This is a positive result of the digital marketing campaign. With the success of the campaign, the aim of the success of a digital marketing strategy comes closer.

To spread the product i.e. high tech backpack all over the digital platform, the major four digital key channels are to be used:

• Websites- are the major way to get maximum popularity over the internet with earning a higher number of profits. For the high-tech backpack, constructing a website is very crucial to win the customer’s trust and make mutual understanding. The user would only go further with the decision when he is satisfied with the website and the details incorporated. It is very important for the owners to build an attractive and well-structured website. This could be done by including more SEO services for enhancing the creditability of the official website. It moreover provides information about the company and the services are given. The other information like return procedure, warranty of the backpack and the basic features of the company are also included in the website for detailed information.
• Electronic Mail- is the most powerful tool that could get customer affirmative to the usage of high-tech backpacks. Although around twenty percent Australian population does not reach its recipient they are generated and monitored. This can be used to develop personal networks that could benefit from marketing and selling more high-tech backpacks. One to one mails could be sent and the user could send their decision with less time and thus, this could be negotiated personally. It is a very convenient and more personalised way to attract more users. While preparing the agenda and campaign, emails could be sent for a confirmation to see the user’s response and their behaviour towards the high-tech backpack.
• Search Engine- the key-words and meta-keywords with highlighted content could be a boon for search engine channels. Search engine Marketing (SEM) is an advanced advertising procedure used to expand the permeability of a site in the search engine results pages (SERPs). While the business term once alluded to both natural inquiry exercises, for example, search engine optimisation (SEO) and paid, it presently alludes only to pay hunt promoting. SEM is likewise on the other hand alluded to as paid hunt or pay per click (PPC). With an expanding number of buyers investigating and looking for items on the web, search engine marketing has become a pivotal internet promoting procedure for expanding an organization's span. Truth be told, most of the new guests to a site discover it by playing out a question on a search engine. In SEM, publicists just compensation for impressions that bring about guests, making it an effective route for an organization to spend its advertising dollars. If that wasn't already enough, every guest steadily improves the site's rankings in natural list items. Since customers enter search inquiries with the goal of discovering data of a business nature, they are in a fantastic perspective to make a buy, contrasted with different destinations, for example, online media where clients are not unequivocally looking for something.
• Cell Phones- every person in the world carries a mobile phone and hence it is the most networking source amongst all. This makes it the greatest source of marketing. Today’s generation is technology-driven and hence, it is not possible to imagine a person without a phone. Not even the younger students. Every classroom program has been started to air online and thus, the students, young kids and adults all require a cell phone as a necessity. This gives a wonderful opportunity to the company to spread the network for contact and indulge in building up new contacts for bringing in more customers. It is also seen in researches that mobile enquiries have taken over desktop enquiries in the last five years. Therefore, the companies should build such websites and blogs that could easily be accessed through a smartphone. Being mobile and handy in nature, it has an upper hand over the desktops and other bulky computers for accessing any internet site or approaching any digital platform.

Introduction to Marketing - Task 2

New laws have been implemented to bring in more Corporate Social Responsibility. There have been countries like India, who has made it legal action to give away two percent of the company’s total profits of the last three years to CSR. This is due to ethical, environmental and social welfare. The high-tech backpacks are destined to give a contribution to Corporate Social Responsibility because of its manufacturing. The high-tech backpack manufacturing is done under supervision with utmost care and responsibility and is legally checked and authorised. This way it does not break any rule or regulation under the law.

Being considerably fine in pricing, the economic rate of the high-tech backpack is $250 each. This could seem to be unreasonable but it only seems to be so for those who haven’t yet tried it. Thus, the cost satisfies itself when the backpack comes to use. It is highly useful with all recent and latest trendy technology. To balance the cost with CSR, every one dollar goes to donation for the blind children. With every $250 spent to buy the backpack, the company would donate one dollar on each of them to raise funds for empowering and educating the blind children. This would help society efficiently. With helping the society it would also popularise the brand and bring in more customers. Moreover, it is the duty of every individual to give back to society whatever can be returned.

A high-tech backpack is manufactured out of eco-friendly material which could not harm the environment. Being an eco-friendly material is not hampering any ethical or legal implications. Eco-friendly material would do no harm to the environment by bringing good vibes from each purchase. With increasing pollution and climatic change, it is crucial to look after the environment with the utmost attention. This could be the least that can be done from the company’s side in favour of the environment. By giving something back to nature, mankind is protecting itself indirectly. Thus, it is important and must be mandatory.

By selling high-tech backpacks, the company would earn profits. The earned profits would be considered and 0.5% of the total net profits would be given legally to the Corporate Social Responsibility. This way it could be used in some resourceful action and is securely benefiting the population. CSR paves a path for the brand to be satisfied with their work and to be proud of their action, as their noble deeds would be useful in benefiting the society with greater zeal and finance. This way, the brand remains to focus on the way of manufacturing and promoting their product, i.e. high-tech backpack for sale while their shares can be utilised in uplifting and empowering the society to make the environment, society and our culture a better place to live in.

Introduction to Marketing - Task 3

Digital marketing has to be followed with a full-proof strategy that enlightens the understanding of the product and also the customers. This gives a better idea of the market, its need and the benefits they require from the company. The requirements of the market and the customers must be observed and analysed thoroughly to come up with a market research plan. To initiate a successful research plan, it is vital to launch a digital campaign. To build a successful digital marketing campaign resulting in more lead generation, one must understand the requirements and the customers. To understand the customers and the interest market, it is essential to have in-depth research. This could be either qualitative or quantitative research depending upon the way of the research. By researching, the researcher gets valuable and important points and agenda for fulfilling the aim efficiently. A qualitative research method pertains to the understanding of the procedure while a quantitative research method would put more focus on the observations and inferences out of the plan. Having similar, both the methods focus solely towards extracting the data out of the customers and the market for enhanced research. Qualitative research methodology would use observing the population, bringing out in-depth knowledge about the market requirement, carrying out surveys and creating social media buzz for highlighting a high-tech backpack. The quantitative research methodology uses population surveys, panel judgement and decision, various experiments for bringing out the characteristics of high-tech backpacks and scanners.

In this research plan, qualitative research methodology could be used that would highlight the non-statistical part of the research. Collecting relevant information from the respective market area needs to be specific and an explicit approach. By being non-numeric, it could bring in innovative ideas and could give rise to in-depth insights into the actual issue. There could be multiple advancements to qualitative research methodologies that are flexible but concentrated on pertaining valuable meaning of the information. There could be 4-5 basic techniques used for collecting data by the qualitative method. They are listed below:

• Observation
• Surveys
• Focus Group
• Interview
• Secondary Research

To carry out qualitative research of the high tech backpack, surveys method was used. Uploading a digital questionnaire upon several websites and social media could be a task but when it comes to the responses, they are worthy of each pain. Usually, the surveys are very short and focused on the major issue making it concentrated and simple. The flow of the survey was structured according to the mindset of the audience. It consisted of open-ended questions with a good alignment making it representable and organised. The survey revolved around the market requirement and the features needed by the population by specifying their age, sex, and lifestyle. The survey included a total of ten questions making it apt.

The questions are mentioned below:

1. Age
2. Sex
3. Marital status (how many kids)?
4. Occupation
5. Do you like travelling?
6. How often do you travel?
7. How do you entertain yourself on journeys and trips?
8. Have you had any critical recent medical history?
9. Are you a person who likes to go to Adventure treks or hiking? If yes, how often?
10. Would you like to have a normal backpack or high-tech backpack while travelling?

The above-curated questions are suitable for a survey concerning the needs of the customers. The age would indicate if the person seriously needs such a high-tech backpack, while their occupation and sex would keep a record of the demographic purpose. If they would like travelling and they travel frequently, a high-tech backpack would be of great use to them. As the backpack has multiple devices for keeping the user entertained, it would be optimum for someone who loves to be full of energy and all hiked up. Medical history of a user would be beneficial as information, as someone with a critical medical record would not be able to travel or use the backpack for long hours due to its weight. People with an affirmative answer to the second last question would like the high-tech backpack due to its utility and advantages for trekking and other adventures. Also, people who would like to use fancy backpacks would be recommended for using the high-tech backpacks as they would appreciate its use, benefits and other advantages it gives.

With such survey questions, it can be analysed that the responses would be apt and not vague. It could not only be helpful for qualitative research but when recorded statistically, it could also come up with a good number. Therefore, users would not feel the pressure to be anticipated by the peer and change their answers as in the focus group or other interview, survey questionnaire is personally filled and sent with privacy so that the customers could be frank and honest with their answers. This would help us collect and analyse the true data.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Marketing Assignment Help