Great HC2022 Marketing Assignment Sample
Introduction ( Great HC2022 Marketing Assignment Sample)
Market research can be described as a systematic process of gathering, analyzing and interpreting of market data.
With the help of market research, marketers can be able to understand the current market trends, gaps as well as opportunities in order to place their products or services within the marketplace.
Every business organization needs to conduct market research in order to develop business strategies and decision.
The market research also helps a company to modify and improve its organizational operation according to market demands.
It also helps an organization to develop a strong customer base.
The following study aims to provide a brief knowledge of data collection method in the case of market research.
In this context, the study focuses on the problem of SKY HIGH Real Estate Developers.
As per the case scenario, the real estate developers have experienced an increased level of uncertainty of real estate projects.
It has become a major issue for the real estate developers in order to grow its business in the field of real estate business.
Therefore, they need to conduct market research in a proficient manner in order to develop a suitable strategy for the future growth of the real estate business in Australia.
In this context, the study discusses the collection method of market research as well as designs the survey in order to collect the data.
Moreover, the study also defines the target population in order to conduct market research. Along with this, sample size and methods are also identified in order to analyze the data.
Collection method
Data collection can be defined as a detailed process in which the researcher can do planning for searching and gathering the potential and relevant data for marketing research.
The marketing research is based on the integration of relevant data, which are gathered from the marketplace (Solanki and Levy, 2015).http://Great HC2022 Marketing Assignment Sample
In the case of collecting the data, two effective methods have been approached such as primary data collection method as well as secondary data collection method.
Primary data collection method
This collection method mainly focuses on collecting new data, which are not existed in before.
This type of data is called primary data and it is not published in before. The primary data is collected in order to address the current problem statement.
Rahil, (2017), has stated that the primary data collection method helps the researcher in gaining first hand information.
The collection of primary data can be expensive and time-consuming method. The primary data collection methods include mainly three types of processes such as interview, survey, and questionnaire.
Secondary data collection method
Secondary data is generally gathered from secondary sources such as journals, articles, books as well as websites.
In this case, the data is already available or published in before by other researchers.
The collected data from secondary sources may be not relevant with current problem or research purpose (Ness, 2015).http://Great HC2022 Marketing Assignment Sample
The secondary data helps in gaining basic theoretical knowledge about the problem. It has been stated the methods of secondary data collection save both time and cost.
Justification
As per the case scenario, the primary data collection method is more appropriate to address the problem of real estate businesses.
Based on the cognitive theory, it can be stated that the researcher can be able to gain a more accurate and reliable data with the help of primary data collection method (Quinlan et al., 2019).http://Great HC2022 Marketing Assignment Sample
In this case, the researcher may consider interview and survey methods in order to gather the data.
In addition, it can be stated that the researcher can be able to understand the different perspectives of people in the case of future development of real estate businesses.
In this context, the researcher needs to arrange an interview program for real estate business developers.
According to Cognitive theory of market research, it can be stated that the researcher needs to conduct the survey and interview methods by targeting a number of people from the marketplace.
In this case, the researcher needs to use both qualitative and quantitative data collection tools.
The interview process is generally conducted through qualitative data collection tool, whereas, quantitative data collection tool is considered in the case of survey method (Gneezy, 2017).http://Great HC2022 Marketing Assignment Sample
In the data collection process, the researcher needs to develop some questions for the real estate developers that are used in both interview and survey methods.
For example, some questions can be asked according to the scenario such as
- What is your perspective in the context of developing the projects of real estate in future?
- According to you, what are the main reasons behind increasing the level of uncertainty in real estate business?
- Do you think real estate businesses can sustain their business operations in the future?
Survey design
It is important to design the market survey properly in the case of marketing research.
It can be stated that survey is the appropriate tool that helps researcher to understand the different perspectives of people towards the research problem.
In this case, questionnaire designing is the key part for survey method.
It has been stated that the questionnaire design is classified into two types such as open-ended questionnaire and close-ended questionnaire (Taylor et al., 2015).http://Great HC2022 Marketing Assignment Sample
The open-ended questions are generally unstructured, whereas, close-ended questions are structured questions.
As per the case scenario, close-ended questions are more appropriate in order to collect accurate information from the current market.
In the case of designing the process, the researcher needs to consider several steps, while surveying people.
Selection of respondents
This is the first step that needs to be considered by the researcher. In this case, the researcher needs to develop a list of respondents, who will be invited for the survey program.
The researcher needs to organize the program by concerning the busy schedule of respondents.
They need to set the time for the program according to the choice of respondent. The respondents should be middle -class people and business owners for this research problem.
After sorting out respondents, the researcher needs to invite them through mail, telephone as well as face-to-face conversion.
Inviting the respondents for survey program
In this step, the researcher needs to send invitation mails to their selected respondents for participating in the survey program.
In this context, the market researcher needs to arrange a suitable place in which the respondents can feel safe.
In this context, the researcher can use several media for inviting people to participate in the survey program.
The media can be telephone, invitation cards, online mails as well as direct conversation (Nandi, 2018).http://Great HC2022 Marketing Assignment Sample
Developing the questions for survey
In this step, the researcher needs to develop suitable questions for conducting the survey.
As per the case scenario, the questions should be close-ended format. The researcher needs to set up the questions based on the problem of real estate business.
Moreover, the questions need to be delivered in ethical ways and proficient manner. Some questions are given below for examples:
- Do you agree that the project of real estate business can be improved in the future?
- Do you think that real estate businesses have a positive impact in the growth of the country’s economy?
Analyzing the response rate
After conducting the survey program, the researcher needs to observe the rate of responses of people in the context of research problem.
In this case, the market researcher needs to analyze the percentage of responses.
Therefore, market researchers can be able to understand people’s views or opinions in the case of addressing the research problem (Stern et al., 2014).http://Great HC2022 Marketing Assignment Sample
Target population
The scene of the housing market in Australia will be increased within 2019 due to the rise of mortgage. As opined by Eitan et al.
(2016), due to new inclusion of ‘build-to-rent’ or ‘multifamily’ concept in the real estate business of Australia, the real estate business has become attractive to investors.
As for this reason, the choice of target audience is a crucial factor for the business in order to enhance the sustainability and growth of the business in future.
It has been noticed that about three-quarters of total real estate business are approved in New South Wales and Victoria.
Therefore, the population of Victoria and NSW are the main target audience for the real estate businesses like Sky High Real Estate Developers.
In accordance with Rahil (2017), as per the Decision Theory, quantitative methods will be applied for conducting the questionnaire based survey process.
Apart from this, choice of proper demography is also a prime concern for the company. Two demography will be selected for conducting the survey process. Firstly, the middle-class demography will be selected for conducting the research.
As opined by Sestet et al. (2018), the main reason for this choice is, this is the main demography of the country and in the context of population size, the number of middle-class population is quite high.
This can incorporate the majority population of the country which is necessary for enhancing real estate business outcome.
The quantitative method will be adapted for analyzing the demography of the population and the research process will be undertaken by asking closed-ended questionnaire to thee middle class demography.
Wesson et al. (2019) stated that this type of population demography has been selected in order to incorporate majority of the target audience.
As for this reason, the demography can be incorporated in the primary data collection procedure.
On the other hand, in the upcoming years, the real estate business can be increased its span and can compete with the newest business entrants and strong competitor.
This competitor is the Chinese real estate business. Therefore, the middle-class population will be selected for conducting the survey process in order to knowledge their preferences of housing facilities, investment capacity and buying intentions.
According to West Reich et al. (2017), in this way, the customer’s buying behavior can be analyzed and incorporated in the survey process.
On the contrary, the Sky High company can incorporate the upper middle class or higher class demography for conducting the survey process.
The main reason for incorporating the higher class category is that they are the most potential customers of all.
They have the potential for investing in more than the middle-class group.
However, as the number of these people is quite less in comparison with the middle class group, the middle class category with average income group will be also incorporated (Jeon and Ann, 2018).http://Great HC2022 Marketing Assignment Sample
In this way, diversified demography can be selected who have different behavioral and psychographic needs. As well as they will belong form Victoria and New South Wales.
Sample size and method
Sample size:
Two types of demography such as higher class and middle class of income group will be incorporated.
For conducting survey for both the group, about 70 participants for each group will be selected.
Along with this, the researcher company can incorporate effective strategy for sampling the participants. In accordance with Fearon et al.
(2017), the reason for selecting this much sample size is to conduct the research in a small by effective sample size.
This much sample size can be handled in well-mannered by which the data can be easily plotted, measured and analyzed effectively.
On the other hand, as Sky High Company will select two types of target group people, the number of both types of participants must be same.
As opined by Martínez-Mesa et al. (2016), with the help of this same number for both categories, the company can analyze the validity, authority and reliability of the data.
Apart from this, using same sample size can lower the bias of research data and can help to obtain true and authentic result of the survey.
These data will be plotted in tabular form for each of the questions. Later, those will be plotted and create a graphical representation of the data.
Sampling Method:
In order to conduct survey for both the targeted population of middle class as well as high middle-class people, the company can conduct non-purposive sampling method.
Jeon and Ann (2018) stated that, this type of sampling method is also known as random sampling method which is effective for providing unambiguous result at the end of the analysis.
Both the survey will be conducted by means of quantitative process by the Sky High Company.
The nature of questions which will be asked to the participants will be closed ended types. This types of questions have single answer which are given in the form of multiple choice questions.
The participants will have Google form in which the ethical concerns and consent letter will be provided.
The questions will be presented in a logical manner in which some criteria will be clarified at the beginning. As influenced by Gale et al. (2015), the criteria are like rage of income per annum, male or female, area of living, and others.
After conducting this introductory session, the closed ended questions will be asked.
As per the comments of Eikon et al. (2016), a scale of value will be provided which is known as Likert Scale which will be marked by the participants.
At the end of this survey process the participants will click on the submit button and the Sky High company researcher will collect the answers.
This way they obtained result will be plotted on different graphs and tables. The Excel sheet will be used for conducting the statistical analysis of the obtained quantitative outcome.
In this way, the entire survey will be conducted in order to find the target future real estate business opportunity for Sky High Company.
Conclusion
The study concludes that market research is based on several collection and analyzing tools.
The market researcher needs to be more concerned in order to select appropriate data collection and analytical tools.
The study has been stated that primary data collection tool is more appropriate and reliable than secondary data collection tool.
Moreover, it has been also stated that the survey and interview processes play key roles in order to gain people’s perspective.
In addition, it has been also stated that the primary data collection method considers both qualitative and quantitative data analysis methods.
According to the context of the scenario, quantitative data analysis method can be more appropriate in the case of conducting the market research.
Along with this, the study has also stated that the survey program needs to be designed in a significant manner. In addition, it has been also stated that the questionnaires for survey need to close-ended.
The study has also identified that targeting people is one of the key tasks in the case of conducting the market survey.
Based on case scenario, the market researcher needs to target business developers of real estate as well as middle-class people of Australia.
In this context, the method of targeting population needs to be based on demography.
Moreover, it can be stated that the sampling methods play an important role in order to survey in a significant manner.
The study has stated that sample size needs to be controlled in a proficient manner.
References
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