Phase 4 of your retail business venture project will build on the work done in previous phases. From the scope of research that remains to be done, you will proceed with the Observations (Part 1) and Questionnaires (Part 2). You will continue focusing on 2 areas: 1. characterize the external environment (PESTLE – impact of the external environment on the business) and 2. how the project MIGHT unfold, with an emphasis on the marketing aspects of the business (4Ps, segmentation et al.). Please remember, for the project, you are an external research team (consultants) that is under contract to a potential investor. You will also need to wrap-up the project by discussing what remains to be achieved (Part 3), the quality of your research (Part 4) and your learning experience (Part 5).
- A short introduction will describe to the reader 1. the purpose of Phase 4 and 2. the content of the report.
- The body is divided into 5 parts:
- Part 1: You will use the Observation tool to continue the search for knowledge/answers in the 2 areas identified above. There will be a minimum of 4 observations in 2 different types of locations, each type having its own purposes. This part has 3 components:
1.1 What were the purposes (i.e. questions to be answered or knowledge to be acquired) for each type of observation?
1.2 How was each type of observation done: structure and execution; clear explanations required
1.3 Information found, presented in a manner that allows the reader to grasp the key points observed and their potential impact on your retail venture.
- Part 2: You will use the Questionnaires tool to wrap up your primary research. You will design one questionnaire aimed at your target market (i.e. the segment of the population that will be your main customers). There will be a minimum of 20 questions, using a minimum of 3 types of questions and 8 different forms. A minimum of 40 fully completed questionnaires (i.e. responses collected). You will use the face-to-face method. You will explain how you managed not to insert any biases in the selection process of respondents (refer to the RIDE program in how police officers stop drivers in a manner that clearly indicates that there was no biases (i.e. all drivers are stopped or at a fix interval, e.g. 10 cars)) to meet the justice requirements of fairness). This part has 3 components:
2.1 What were the purposes (i.e. questions to be answered or knowledge to be acquired)?
2.2 How was it done; structure and execution; with clear explanations required on the design of the questionnaire. A copy of your questionnaire needs to be attached in an appendix.
2.3 Information found, collected in a manner that allows the reader to grasp the key points observed and their potential impact on your retail venture. You will need to use a minimum of 5 different graphics in the illustration of your data in addition to as many tables as required. Your raw data needs to be attached in an appendix in a manner that will allow the reader to consult it.
- Part 3: You will identify and discuss the questions or the body of knowledge that remains to be answered after having completed your secondary and primary research. You will explain why you were not able achieve these. This part aims to have you reflect on the level of knowledge you now possess, and the shortcomings in regards to understanding your external environment (PESTLE analysis), and your potential customers and how to approach them (segmentation and 4Ps).
- Part 4: Reflecting on your project, you will characterise the relevancy and the quality of the processes you have used, and the information gathered by addressing the following points:
o Discuss the confidence and reliability of the tools used, including understanding the effectiveness of the process used in answering your questions or acquiring the body of knowledge needed
o Discuss the reliability and quality of the information gathered, identify areas where the information is strong or weak, providing an explanation (relevancy and sufficiency)