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Triangulation In Industrial Market Research

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Question:

Discuss about the Triangulation in Industrial Market Research.
 
 

Answer:

Introduction

Marketing research plan is crucial to develop the approaches to enhance the performance of the business. Market research enables an organization to understand the current need of the market and to identify the target audience (Andaleeb and Hasan 2016). In order to develop a market research, a research plan is required to carry out the market research. This will give a better understanding of the organization regarding their current market place. This study deals with the market research plan of Houzit the homeware sores situated in Brisbane. Moreover, a revised market research plan will be given in this study in the context of Houzit.

OHS or occupational health and safety is an important policy of an organization that needs to follow while developing a market research plan (Palmatier 2017). However, it is important for Houzit to keep privacy of their data while developing the market research plan as the marketing team of Lombard consulting includes search engine optimization and website development. During this approaches data may be theft or damage. Thus, it is crucial for such organization to maintain the privacy of the data. Staff involvement is necessary for the market research plan as the staffs of such organization need to comply with the organizational policies while preparing the market plan. KPIs or Key performance indicators measure the performance level of the staffs in a market research plan. Apart from this, the quality of data that is collected by the consulting team regarding the market research should be checked by the authority to detect the validity and reliability of the data.

Houzit needs to communicate its staff members to develop the market plan in order to conduct the market research. It is important for an organization to interact with the organizational staffs and to understand their viewpoints to make a work plan summary (Kienzler and Kowalkowski 2017). Houzit wants to take help from the Lombard consulting group to carry out their market research to enhance their store for lighting fixtures. Hence, the communication can be done via the oral presentation, by using electronic and print media.

Managing the resources is a big part to develop a market research plan. Financial resources, human resources, time and energy are the major resources to develop a market research plan (d'Alessandro 2017). In the context of Houzit, they need money to invest in their research plan. On the other hand, they need expertise to carry out the market research, as information needs to be collected based on which the market research plan can be developed. Next, the expertise needs to spend more time on the developing the plan by collecting data. Apart from this energy is another part of that is required to develop a market research plan. The team of the consulting group needs to make a resource requisition form to manage each resource.

Identification of the consultants is a major part of the development of market research plan (Zaefarian 2017). The CEO of Houzit has decided to hire Lombard consulting group to carry a market research plan for their new product. lack of experience and lost of credibility are the major challenges that an organization can face during the development of their project plan. Hence, the external consultant supports the organization to meet such changes and to complete the project. The consultant can be selected based on their specialization in the market research, strength, and popularity. However, Lombard is a local consulting group in Brisbane and specialized in the market research for home accessory products. On the other hand, Houzit is situated in Brisbane and popular for homeware, thus, this consulting group will be helpful for their market research.

Mechanical and electrical components are required for the lighting fixture that is the planned new service of Houzit. Equipment and technical expertise are required for this new service. However, based on the product materials the suppliers and the providers are selected (Palmatier 2017). Houzit identifies their product material then prepared the list of the suppliers based on their capacity to supply such materials. Australia wide survey and Australian Chambers of commerce are selected to supply the service materials.

 

Revise the contract made with the external contractor

The manager of the market research needs to revise the contact that has been made with the Lombard Consulting group in order to carry out the market research plan for Houzit. The CEO of such organization has given $1500 to the manager to complete the entire market research. The time is 8 weeks to conduct the market research. It is crucial for an organization to make a proper plan with the consultants that can meet the entire requirements of an organization (Xie et al. 2017). However, 9 weeks will be helpful to develop the plan and to conduct the market research instead of 8 weeks as the manager needs more time to prepare the entire report after the proper investigation. Therefore, the budget needs to be increased to $1600 as the market research includes many activities, which require more financial support.

In a market research plan, monitoring is crucial to measure the progress of the taken activities (Ind et al. 2017). The market research report is in progress however, some phases of the research project are not completed within the time.  As for example, documentation process is one week late according to the case study. On the other hand, identification of the research techniques is one week late. 1 week needs to identify the source of information, as it could not be completed within the scheduled time. Apart from this identification of the research participants and development of questionnaire are completed on time.

The work activities of the development of a market research plan include identification of the research goal, selection of the supplier and external consultant, which are crucial to complete a market research (Kuhn and Baumann 2017). In the context of Hauzit they have selected Lombard Consulting group and this consulting group consists of various activities. They need to carry out a proper market research, which includes the industry overview, identification of target audience, business environment, competitor’s analysis and detection of current market demand.

 

Contractor performance

Measurement of the performance of the external contractor is a crucial part of the market research report (Palmatier 2017). In the context of Hauzit, the contractor of the Lombard consulting group required more time as they fail to complete some phases of the research project within the scheduled time. According to the consultant, they have faced issues while working with the store manager, as a result, their performance has decreased. They have requested for the data of internal customers and the company has denied providing it. This affects the performance of the contractor. Therefore, the contractor failed to finish the budgeting and development of the research project on time thus their performance is not too good as the organization expected.

According to the market research report of Hauzit, it has been received that there is a great demand for the lighting fixtures in the Queensland and the Western Australia. However, in this particular market, the size of the home-ware business comprises $130 million and the lighting fixtures category covers $22 million in the year 2009 and 2010. The growth of the Australia is 3.2% pa this ensures the long-term growth of this current service in Australian market. Analysis of the target market is crucial in the market research report (Ind et al. 2017). According to the report of Lombard consulting group, the households of Brisbane those are involved in renovation and new dwelling are considered as the target market of Houzit's lighting fixtures. As per the statistical data, there are 45,000 households p.a in Brisbane, those are involved in the new dwelling. The age group of the target customers ranges from 25 to 45 years and their annual income is 110,000. On the other hand, the household spends $560 for the home-wares, which ensures that the new service of Houzit's will be beneficial to increase its customer’s number and its sale. On the other hand, the economic, technological, social and political factors are also analyzed in the report.

Economic factor reveals that the GDP of Australia is 3.2% and the unemployment rate is low. Therefore, the government has taken initiatives for the home-ware, which reduces the use of the resources and minimizes the waste. The technology focuses on the high internet use in the area of the target market and the customers focus on the environmental sustainability. It is important to analyze the external environment to understand the current market of a business (Ahammad et al. 2017). On the other hand, competitors analysis of Houzit shows there are 12 competitors in the existing market.

 

Validity of the data present in the project

Validity and reliability of the data need to check within a project as based on the existing data the entire project plan will be developed (Higón 2016). Expert judgment will be helpful to determine the reliability of the data. The manager has to aware of the location and the availability of the data sources based on which the entire report is conducted. Taped interview, original response to the customer survey and focus group analysis are crucial. It is important for the manager of Houzit to cross check the references and carry out a physical identification of the document sources. The Scientific method, testing and careful observation should be taken to ensure the validity of the research data.

This current research includes the market research data and information regarding the new service of Houzit. The main objective is to consult with a contractor and to prepare the activities to conduct a market research. It is important to make relevance between the research objectives and the findings (Ahammad et al. 2017). The objective of this report is to develop activities to carry out a market research plan. Hence, from the findings, it has been received that the consulting group has made a proper market research based on the current market position of home-ware in Brisbane. It has been received from the findings that a target market analysis also includes in the market research report. Hence, it can be said that the research objective focuses on the activities to complete a market research report and the findings of this report also highlight on the activities that are taken in the market research.

The effectiveness of the research plan can be measured by the project performance (Giuliani et al. 2016). In the context of Houzit, they have made a research plan with the help of the Lombard consulting group. However, it has been received that from the given scenario, that this consulting group and the CEO of Houzit have set many activities in the project's plan. As for example, market research, competitive analysis, economy, and technology. The project report also focuses on these specific areas and ensures that the project performance has matched with the research plan.

 

Review of the stakeholder’s feedbacks and recommendations

The line managers give feedback that Lombard consulting group did not make a clear communication with the store managers. Therefore, such consulting group did not interact with the customers day by day. On the other hand, the buying manager of Houzit said that the report of the consulting group was good and matched with the organizational concept. Thus, the manager needs to take more ideas from such consulting group. On the other hand, the CEO also gave congratulation to the consulting group as they have done the entire project within a short time frame. The monitoring process of the research project includes continuous observation. It is important to make a stakeholder analysis to understand the effectiveness of a market research project (Carter 2016). The consulting group needs to make more communication with the customers and the store managers of Houzit as it will help them to understand the current market trend. On the other hand, the consulting group needs to monitor the entire process properly and to check the validity and reliability of the data.

Conclusion

The above study deals with the development of the market research report in the context of Houzit. This organization has hired Lombard consulting group to carry out the entire market research and to prepare a proper report with authentic data. However, in this section a revised report has been proposed that reveals the findings of the market research report. It has been found that the consulting group made the report properly while in many phases of the research they failed to complete the activities within the time. On the other hand, there are some loopholes in the research process of the Lombard consulting group that need to be covered.

 

Referencing

Ahammad, M.F., Tarba, S., Frynas, J.G. and Scola, A., 2017. Integration of nonmarket and market activities in cross-border mergers and acquisitions. British Journal of Management.

Andaleeb, S.S. and Hasan, K., 2016. Marketing Research. In Strategic Marketing Management in Asia: Case Studies and Lessons across Industries (pp. 111-160). Emerald Group Publishing Limited.

Carter, B., 2016. Economic and market resilience before and after shocks. GSDRC Helpdesk Research Report 1328.

d'Alessandro, S., Lowe, B., Winzar, H., Zikmund, W.G. and Babin, B.J., 2017. Marketing Research. Cengage Learning.

Giuliani, E., Santangelo, G.D. and Wettstein, F., 2016. Human rights and international business research: A call for studying emerging market multinationals. Management and Organization Review, 12(3), pp.631-637.

Higón, D.A., 2016. In-house versus external basic research and first-to-market innovations. Research Policy, 45(4), pp.816-829.

Ind, N., Iglesias, O. and Markovic, S., 2017. The co-creation continuum: from tactical market research tool to strategic collaborative innovation method. Journal of Brand Management, 24(4), pp.310-321.

Ind, N., Iglesias, O. and Markovic, S., 2017. The co-creation continuum: from tactical market research tool to strategic collaborative innovation method. Journal of Brand Management, 24(4), pp.310-321.

Joe, K., Raben, F. and Phillips, A., 2016. The Ethical Issues of Survey and Market Research. The SAGE Handbook of Survey Methodology, p.77.

Kienzler, M. and Kowalkowski, C., 2017. Pricing strategy: A review of 22years of marketing research. Journal of Business Research, 78, pp.101-110.

Kuhn, M.M. and Baumann, C.W., 2017. Triangulation in Industrial Market Research-Development of a Mixed-Methods-Approach for Market Forecasts. In The Customer is NOT Always Right? Marketing Orientationsin a Dynamic Business World (pp. 633-642). Springer, Cham.

Palmatier, R.W., 2017. Marketing research centers: community, productivity, and relevance. Journal of the Academy of Marketing Science, 45(4), pp.465-466.

Xie, W., Bivins, M.A., Jones, S., Deng, K.K., Schiller, B., Sullivan, J., Terrazas, A. and Sheppard, M., The Nielsen Company (Us), Llc, 2017. Context-based image recognition for consumer market research. U.S. Patent Application 15/417,864.

Zaefarian, G., Kadile, V., Henneberg, S.C. and Leischnig, A., 2017. Endogeneity bias in marketing research: Problem, causes and remedies. Industrial Marketing Management.

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