Project Name: Competition
Document Owner(s)| Project/Organization Role|
David Smith| Managing Director|
Alison Smith| Manager|
This project scope “Competition” has been designed to involve all stakeholders of D.A. Garden Supplies so that all aspects of the business can be analysed through collecting invaluable information and data by the research methods below. Our aim is to identify the cause of the problem so that future marketing can be targeted accordingly for positive lucrative results. With knowledge and understanding together we can create a successful future for D.A Garden supplies.
Project Resource Requirements
Resources required for the scope will include human, financial and physical resources. These will be required for each type of data collection as follows:
Focus Group – Could be held in the lunch room over a 1 hour period. An external marketing professional would need to be hired to conduct the focus group and 6 participants from the target market would also be required for the discussion. Physical resources required are pens, paper, tea and coffee, brochures of competition and light refreshments. Overall cost including preparation of the focus group would be $550.
Survey – After the focus group has taken place the survey can be developed from the data collected. The 5 min survey could be conducted at the local shopping centre focused on surveying a minimum of 30 to 60 people from the target market over a 6 hour period. An external interviewing professional would need to be hired to conduct the survey and briefed on who to approach and what to say. Physical resources required include surveys, pens, clipboard and a bag to store completed surveys. Overall cost including preparation of survey and external staff would be $450.
Research Reports and Internet Research – A specialist market research organisation will need to be hired to conduct this research and for analysing the data from these reports, survey results, interviewed staff and experiment of product. The cost for analysing this data into a detailed report would cost $740. Another cost would be the purchase of secondary data from Ibisworld. The “Garden supplies retailing in Australia market research report” is $845 and this will provide invaluable information into the industry.
Interview Staff – This could be held in the lunch room each one of the 9 staff members should have a half hour interview conducted by external marketing professional. Physical resources required are a questionnaire and light refreshments. The total cost would be for development of the questionnaire and 4.5 hours of interviewing the staff, this would cost $650.
Experiment – This would take place in store near the entrance. One staff member would be required to set up some merchandising of particular stock to see if it sells better when in visual contact with customers. It can be measured on a weekly basis to find the results then analysed by an external marketing expert. Physical requirements would be stock, marketing materials, price points and display. Cost would be of staff member to set up then collect data and all the physical needs estimated at $620 depending on stock required.
Project Research Methods
Market research is vital for the success of any business as it provides us with the information we need to plan for our future.
Focus Group – This is a small group of customers in a discussion to focus on the main thought of cause to the problem, the competition. We can use this qualitative data to develop our survey. This way we know we will ask the correct questions that are needed when surveying our customers and potential customers. This method was...