Question

Write a 525- to 700-word detailed outline of your Market Research Implementation Plan in which you address the following:

• Describe your selected organization and scenario.
• Based on your selected scenario, identify the detailed areas in which market research is needed - such as population, target market, and per capita - and describe their importance to the organization in the selected scenario.
• Develop an outline with headings and a brief paragraph for each of the sections that you anticipate having in your final Market Research Implementation Plan. You may decide to change these sections in future weeks.

Answer 1

· Describe your selected organization and scenario:

I would like to select Manufacturing organization, which has expertise of producing cleaning chemicals. Company has all research & development facility, Quality control, Manufacturing, Procurement, Ware housing in house. Logistics is out sourced. Cleaning agents are normally in the form of acidic, alkaline or neutral depending on the use. Cleaning products are used in wide range of applications such as Sanitation & Janitorial Cleaning Products, Industrial Cleaners, Kitchen & Catering Cleaning Agents, Food & Dairy Processing Cleaners, Laundry Agents, retail, healthcare and others commercial facilities. Cleaning products have become a necessary product in our daily lives. The needs and requirement for cleaning products used by these industries differ vastly.

In the current scenario there is huge demand of cleaning chemicals in institutional and commercial retail segment (FMCG). Company is thinking of making inroads in markets, and making strategy for the domestic market to begin with. Having limited resources, where to apply them to get maximum output is the primary objective. With this goal of going to market, as a company we brainstormed and arrived to the conclusion of market research as the best option for getting data from the market. And same data can be used for analysing, and making strategic route to the market. Market research is a business planning process that links the producers & customers. We would allocate a budget for doing the market research.

· Based on your selected scenario, identify the detailed areas in which market research is needed - such as population, target market, and per capita - and describe their importance to the organization in the selected scenario:

In current case scenario cleaning chemical market is increasing globally and constitute to higher share. Some of the major companies operating in washing and cleaning products market include Henkel KGaA, Colgate-Palmolive Company, Procter & Gamble Co., Reckitt Benckiser Plc, The Clorox Company, Church & Dwight, Unilever N.V, Jhonson Diversy and many other players from non organised sector.

To start market research with the budget allocated, we would draw upon a plan internally and see whether it has to be done through an agency or with our existing team. There are two main types of marketing research: quantitative and qualitative, which can be sub divided into surveys, focus groups, personal interviews, observation, and field trials. Budget will be allocated to all 3 ways.

Most useful for us would be Surveys, Focus groups and field trials.

Surveys: Survey is a well defined research method used for collecting data from a pre-defined group to get information and insights on various topics of interest. This will help in getting a clear picture for the demand, current buying pattern, price barriers, new entrants, new products, marketing strategy, pricing strategy. Survey can be conducted online using websites like Google docs, survey monkey and many other. We will define specific set of questions to be answered depending on the target segment group. Hotels, institutions, industries, retail, pharmaceutical different segments will be given different set of questions. Surveys are the simplest and most useful for reaching masses. Also online surveys are best method as they are less time consuming.

Focus groups: Focus group is a form of qualitative research where questions are asked about expert’s perceptions attitudes, beliefs, opinion or ideas. Focus group discussion involves meeting people from similar backgrounds with industry expertise or experiences together for discussion on a specific topic of interest. These discussions are captured and opinions discussed are used to guide future action. They can save time and money compared to individual interviews. They can provide a broader range of information & also provides opportunity for clarification. We plan to conduct focus group meetings segment wise in different areas with help of associations. Hotel, housekeeping, hospital, industry, food and drug, institutional, laundry, Retail, Households, Sanitation and many more, segments will be targeted with specific agenda and questionnaire. The group meetings will be recorded with MOM for analysing the expert opinion.

Field trials: Field research aims to collect data from observation, interaction and understanding people in a natural environment. This study helps to deeply understand customers' needs and wants. Field trails are conducted in the participants' environment—such as a home, work, store, bank, factory, airport or hospital. This study helps us to reveal the actual performance of the product in live environment. How people use and understand the product. How the product is perceived by the sample crowd.

Market research helps businesses strengthen their position by minimizing investment risk. It helps to identify potential threats and opportunities. It provides details of competitor's strengths and weaknesses. It helps to facilitate strategic planning & emerging new trends.

· Develop an outline with headings and a brief paragraph for each of the sections that you anticipate having in your final Market Research Implementation Plan. You may decide to change these sections in future weeks.

Surveys: This can be successfully implemented using the database available of the segments. We have to identify and set a clear goal in terms of questionnaire. We will make use of survey monkey as it is online and reach more desired people. With specific target market & questions designed as per requirement, start sending the emails. Monitor the answers and to make the survey interesting use lucky draws every hour so that people answering are looking forwards for the rewards. Once 75-80% of target people give their suggestions conduct a thorough survey analysis and make pointers for internal discussion. For each pointer discuss wider implications and returns on investment.