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Identify Opportunities and Evaluate Business Decision Using Data

Organization Selected : Being lee

INTRODUCTION

The research will be constructed on 4 steps of marketing research process, which helps organizations to identify opportunities and evaluate business decision using data. In context, the market research process is the backbone of information business decision. It contains a systematic 4 phases process to identify the problems and opportunities of the business and as per its requirements development of research plan will be executed by researcher. Approached market research data and information will be collected through its mechanism, then data analysis and report finding process will be moved forwards in the 4 steps of market research. The research will be analysed upon Being lee organisation which is retail and consumer serv

Research Aim

“ To Analyse 4 steps of market research process for Bing Lee in order to identify current trends in Adults.”

Research objectives

  • To determine significance of market research.
  • To evaluate and describe market research process for business.
  • To identify current trends and maturity of business accordingly.
  • What is a market research process.?
  • What current trends are influencing business.?
  • What are the advantage and disadvantage of market research process in context of Bing Lee.?

Research Significance

The research proposal is based on 4 steps of market research process in order to determine current trends in adults in relation to Bing Lee. This will help business to identify and determine current trends in adults regarding fashion and other culture through market research process which will help to increase profitability and production (Christou, 2016). This will be done by managing strategies and plans in operational activities that helps to enhance productivity.

LITERATURE REVIEW

According to McDaniel & Gates, (2013). It was stated that, Each retail organisation require to execution of research project in order to gaining place properly within targeted marketplace. It enables organisational professionals to identify contemporary marketing issues and opportunities which can be possess by them to reaching out desired objectives within retail industry. In retail industry, it being important for each organisation to gaining knowledge of proper market research at workplace to understand current market positioning and product progress within marketplace. However, it gives disadvantages for retail organisation in Australia to conduction of market research for companies to identifying contemporary issues and problems which is currently facing by organisations during execution of their business functionalities. As per Malhotra, Birks & Wills, (2013) it has elaborated that, as per 4 steps of market research process, defining the issues are more or less raking retail products and services for the marketplace to find out how that product or facilities will be fit out into existing products of organisations. The major advantage of this approach is, to setting up appropriate objectives of business to having market research and measures goals that enterprises wants to achieve. It would enable retail companies to recognise performance level of business and identify current issues which is facing by companies in industry.

According to Cooper, (2016) it has described that, market research steps are moving forwards to development of the research plan. It will enable organisation to gaining efficient knowledge ion details about, which information will require for organisation to making their proper marketing decisions. In Australia numbers of retail organisations are adopting marketing research planning strategy in terms of have knowledge of marketing scheduling decisions to bring company forwards at growth level. However, research plans have many disadvantages such as, a concept can also be a hypothesis about something. Many times collected information form market research were not appropriate as its current market conditions, so it can be disadvantages for organisations to getting wring information about its marketing planning and positioning in current marketplace. As per Sekaran & Bougie, (2016) it was elaborated that, marketing research can be conducting by primary or secondary, surveys, questionnaire etc. method of collection of data does not matter, but gathered data and information must be relevant and applicable for firms to make reliable decisions. At the final stage of 4 steps, in the final stage, they need to write up outcomes of the research where professionals can display about finding and recommendation for appropriate marketing planning of businesses.

RESEARCH METHODOLOGY

Research Process

The research process is based on different elements involved in market research process which will help Bing Lee to identify current trends in adults in order to increase production and profitability. In addition to this, the process will involve various stages of market research that helps to determine production and operational strategies for business effectively. In this process, different factors, theories and models are used and defined by various authors which helps to understand market research (Kim and Lee, 2017). In addition to this, the data is collected through secondary data collection method. Different articles, books, journals and published magazine regarding topic are used to collect relevant and crucial information that helps to assess process of market research effectively. It can be said that there are four steps involved in marketing research such as defining the issue, developing research plan, collecting information and the final report to be presented. This will help business to look at the resources and equipments required for effective marketing in order to increase sales. A study on Adult Youth regarding fashion and other retail sector activities is conducted in this process in order to conduct current trends and culture that helps to manage production and operational activities process.    

Research Design

This is the basic framework or outline of research that how will research look like and what would it will be contain is taken into consideration. The present research regarding 4 steps of marketing research is based on customer segment (Adult youth) within Bing Lee in order to increase production and profitability (Tsai, 2018). Descriptive design is used in this research which will provide brief information regarding topic which will help to have correct and relevant information and data with execution of activities in proper and efficient manner. The descriptive research is based on aim which is to highlight current issues through data collection method in order to describe the situation effectively and completely. There are different methods and studies are used in this process in order to define different aspects of marketing research. In addition to this, the research is designed to aim current trends and its impact on Bing Lee customers through marketing research process effectively. The research design will help to frame overall market research and data collected through various resources in order to identify current trend in adult youth that helps to make strategies and plans accordingly.

Ethical Issues

There are some ethical issues conducted while conducting the research. It can be said that it is very important for researcher in order to consider importance of ethical norms and codes (Komenkul, Sherif and Xu, 2016). In this proposal the researcher will provide information to the participants all about the motive and purpose of this research on marketing process in order to identify and determine current trends in adult youth that helps to increase effectiveness of production and operational activities.

Communication with culture: It is founded that there are some communication issues while researching marketing process. There are some people who are not comfortable providing information regarding their trends and products.

Privacy: Privacy is one of the major concerns faced by researchers that mostly people are not comfortable sharing their personal information such as what they wear, what they like and what they prefer most.? Etc.

In addition to this, there are some research limitations that the firm doest not want to share their brand name for this research. The researchers are restricted to manage their research with other companies strategies. The culture, region, gender and other ethical concerns are also considered by researchers in this report (Pan, Woodside and Meng, 2016).

The final report will provide information to researcher according to the needs to either move ahead with marketing of Bing Lee product or service or to say enough is enough and business realise that it will work effectively.  

CONCLUSION

In this proposal it is concluded that there are 4 steps involved in market research process that helps to determine current trends in adults youth in relation to Bing Lee. In retail industry, it being important for each organisation to gaining knowledge of proper market research at workplace to understand current market positioning and production. It is analysed that Australia numbers of retail organisations are adopting marketing research planning strategy in terms of have knowledge of marketing scheduling decisions. In addition to this, it is concluded that there are number of trends running in retail businesses according to the fashion adopted by current people in Australia. The research is conducted on the basis of collected data which is collected through secondary data collection method in terms of different articles, books, journals and published magazine regarding topic are used to collect relevant and crucial information that helps to assess process of market research effectively.

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REFERENCES

  • Christou, E., 2016. Social Media in Travel, Tourism and Hospitality: Theory, Practice and Cases. Routledge.
  • Cooper, H. (2016). Research synthesis and meta-analysis: A step-by-step approach (Vol. 2). Sage publications.
  • Kim, T.H. and Lee, E.J., 2017. An Intercultural Study on the Security Factors of Global Internet Shopping.
  • Komenkul, K., Sherif, M. and Xu, B., 2016. Prospectus disclosure and the stock market performance of initial public offerings (IPOs): the case of Thailand. Innovations (open-access) 13 pp.4-1.
  • Malhotra, N. K., Birks, D. F., & Wills, P. (2013). Essentials of marketing research. Pearson.
  • McDaniel, C., & Gates, R. (2013). MSekaran, U., & Bougie, R. (2016)arketing research. Singapore.
  • Pan, B., Woodside, A. and Meng, F., 2016. How Contextual Cues Influence Response Rates and Results of Online Surveys.
  • Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.
  • Tsai, S.B., 2018. Using the DEMATEL model to explore the job satisfaction of research and development professionals in china's photovoltaic cell industry. Renewable and Sustainable Energy Reviews 81 pp.62-68.
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