1. © 2010 Innovation and Business Industry Skills Council Ltd. BSBMKG506B Plan market research Session 4 Develop market research plan

2. Purpose of this presentation At the end of this session, you should know how to: estimate time and resource requirements determine feasibility of market research projects prepare a market research plan obtain approval for plan. © 2010 Innovation and Business Industry Skills Council Ltd.

3. Estimate time requirements 1. Identify all activities. 2. Identify individual tasks. 3. Determine time for each task. 4. Identify interdependencies and lag time. 5. Create a time line. For each activity © 2010 Innovation and Business Industry Skills Council Ltd.

4. Estimate physical resources Use task breakdown. Identify physical resources for each task. This includes: equipment, computers and software research tools and instruments product samples premises. © 2010 Innovation and Business Industry Skills Council Ltd.

5. Estimate human resources total general hours no weeks in project = total effort Separate hours for specialist (contract staff) from general tasks. View each task. total estimated hours for general tasks total effort 38 = required human resources   © 2010 Innovation and Business Industry Skills Council Ltd.

6. Estimate finance resources © 2010 Innovation and Business Industry Skills Council Ltd.

7. Determine project feasibility technology and systems economics legal operational schedule quality and credibility of research and data gathering methodologies Can similar results be obtained another way? © 2010 Innovation and Business Industry Skills Council Ltd.

8. Market research plan cover page introductions purpose and research objectives research methods sources of data timelines, budget, milestones and deliverables credentials appendix. © 2010 Innovation and Business Industry Skills Council Ltd.

9. Negotiating plan approval aim for a win-win outcome make an appointment to discuss concerns listen, document and address all concerns or issues be flexible adjust plan if required obtain approval in writing. © 2010 Innovation and Business Industry Skills Council Ltd.

10. Review – are you able to: estimate time and resource requirements determine feasibility of market research projects prepare a market research plan obtain approval for plan. © 2010 Innovation and Business Industry Skills Council Ltd.