Research Project Work Plan
I. Introduction
The purpose of this Market Research Project Work Plan is to provide a comprehensive outline for conducting [Your Company Name]'s market research project.
This plan will guide the process of defining research objectives, identifying the target audience, and selecting appropriate data collection methods.
II. Objectives
Define the overarching objective of the market research project:
To assess customer satisfaction and preferences regarding [Your Company Name]'s new product line.
Identify specific research questions:
What factors influence customers' purchasing decisions?
How satisfied are customers with our product quality and features?
Who are our main competitors and how do we compare?
Clarify the desired outcomes and deliverables:
III. Target Audience
Determine the demographic and psychographic characteristics of the target audience:
Age: 25-45
Gender: Male and Female
Income: $50,000 - $100,000 annually
Lifestyle: Tech-savvy, environmentally conscious
Specify segmentation criteria:
Outline methods for reaching and engaging with the target audience:
Online surveys distributed via email and social media platforms.
In-store intercept surveys at select retail locations.
Focus group sessions conducted in major cities.
IV. Data Collection Methods
Survey Design:
Develop a survey with both multiple-choice and open-ended questions.
Survey format: Online survey platform with mobile responsiveness.
Sampling method: Random selection from the CRM customer database.
Secondary Research:
Utilize industry reports, market studies, and competitor analysis.
Key metrics: Market share, consumer trends, competitor strategies.
Sources: Nielsen, Mintel, industry publications.
Focus Groups:
Plan to conduct 4 focus group sessions with 8 participants each.
Recruitment via email invites with participation incentives.
Sessions facilitated by experienced moderators in neutral venues.
V. Analysis Plan
Data Analysis:
Statistical methods: Descriptive statistics, regression analysis.
Data cleaning: Remove incomplete or inconsistent responses.
Synthesis: Analyze trends using data visualization methods.
Reporting:
Research report format: Executive Summary, Methodology, Findings, Recommendations.
Key insights: Customer insights and competitive analysis.
Timeline: Report due within 2 weeks after data collection ends.
VI. Timeline
Project duration: 3 months
Key milestones:
Survey design and pre-testing: Weeks 1-2
Data collection: Weeks 3-6
Analysis and reporting: Weeks 7-12
Dependencies: Timely response from survey participants, availability of focus group participants.
VII. Budget
Estimated budget: $50,000
Breakdown of costs:
Survey design and administration: $20,000
Focus group sessions: $15,000
Secondary research subscriptions: $10,000
Report preparation: $5,000
Funding: Budget allocated from the marketing research department.
VIII. Stakeholders
Internal stakeholders:
External stakeholders:
Communication channels: Regular progress updates via email and scheduled meetings.
IX. Conclusion
In conclusion, this Market Research Project Work Plan serves as a comprehensive guide for [Your Company Name] to conduct a successful market research project.
By following the outlined objectives, methods, and timeline, we aim to gather valuable insights that will inform strategic decision-making and drive business growth.
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