BSBMKG501 Identify and Evaluate Marketing

Needs analysis is a formal process focus on how a product addresses the needs of a human. It is not an official business development tool but is considered a valuable analytical technique to better gauge the marketability of a product or a service to a human consumer. Needs analysis is often used across many industries, such as software development, automobiles, consumer products and banking services.

Identify an opportunity to develop a market research plan that you might implement for PwC.

Answer the following:

1.What is the context for this research?
2.What personnel internally should be consulted and why?
3.Conduct a brief needs analysis

Consider your PwC market research plan idea and answer the following:

1.Who is the target audience for your research activity?

2.Who do you need to listen to?

3.Who would you survey?

Define Market Research Objectives

Market research objectives must be carefully and defined. They set up your scope and parameters of the research in order for you to know and understand what you have to research. Research objectives identify what specific pieces of information are necessary to solve the problem at hand. A good way of setting research objectives is to ask,

What information is needed to solve the problem?’ Research questions often determine research objectives. Let’s look at the following example. The research problem:

To determine the current needs of the target audience about product X. From this problem, we prepare a list of questions that may help answer the research problem. Research questions:

1. Who is the target audience?

2.  What are their current attitudes toward product X?

3.  What is their knowledge on product X?

4.  What do they like about product X?

5.  What do they dislike about product X?

6.  How do they feel product X could be improved?

7.  How would they like to find out about these improvements?