Identify Opportunities and Evaluate Business Decision Using Data

Research Aim

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

Research objectives

• To determine the significance of market research.
• To evaluate and describe the 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 disadvantages of the market research process in the context of Bing Lee.?

Research Significance

The research proposal is based on 4 steps of the market research process in order to determine current trends in adults in relation to Bing Lee. This will help businesses to identify and determine current trends in adults regarding fashion and other cultures through a 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 help to enhance productivity.

LITERATURE REVIEW

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

According to Cooper, (2016), it has described that market research steps are moving forwards to the development of the research plan. It will enable organisations to gain efficient knowledge ion details about, which information will be required for an organisation to make their proper marketing decisions. In Australia number of retail organisations are adopting marketing research planning strategies in terms of have knowledge of marketing scheduling decisions to bring the company forward at a growth level. However, research plans have many disadvantages such as a concept can also be a hypothesis about something. Many times collected information from market research was not appropriate to its current market conditions, so it can be disadvantageous for organisations to get the wrong information about their marketing planning and positioning in the current marketplace. As per Sekaran & Bougie, (2016) it was elaborated that, marketing research can be conducted by primary or secondary, surveys, questionnaires etc. The 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 findings and recommendations for appropriate marketing planning of businesses.

RESEARCH METHODOLOGY

Research Process

The research process is based on different elements involved in the 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 help 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 a secondary data collection method. Different articles, books, journals and published magazines regarding topic are used to collect relevant and crucial information that helps to assess the process of market research effectively. It can be said that there are four steps involved in marketing research such as defining the issue, developing a research plan, collecting information and the final report to be presented. This will help businesses to look at the resources and equipment 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 the 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 the topic which will help to have correct and relevant information and data with the execution of activities in proper and efficient manner. The descriptive research is based on the aim which is to highlight current issues through data collection methods 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 at current trends and their impact on Bing Lee customers through the 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 researchers in order to consider the importance of ethical norms and codes (Komenkul, Sherif and Xu, 2016). In this proposal, the researcher will provide information to the participants about the motive and purpose of this research on the marketing process in order to identify and determine current trends in adult youth that help to increase the effectiveness of production and operational activities.

Communication with culture: It is found that there are some communication issues while researching the 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 most 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 the firm does not want to share their brand name for this research. The researchers are restricted to managing 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 the researcher according to the needs to either move ahead with marketing of Bing Lee products or services or to say enough is enough and the business realises that it will work effectively.

CONCLUSION

In this proposal, it is concluded that there are 4 steps involved in the market research process that help to determine current trends in adult youth in relation to Bing Lee. In the retail industry, it is important for each organisation to gain knowledge of proper market research at the workplace to understand current market positioning and production. It is analysed that Australian 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 a 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 the secondary data collection method in terms of different articles, books, journals and published magazines regarding topics used to collect relevant and crucial information that helps to assess the 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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