Table 3: Evaluation Budget
Table 4: Summary of Key Expectation Indicators
Table 5: Summary of the Documentation Elements
Table 6: Communication Plan
PART 1: Market Research Plan
1.1 Introduction and Overview of the Organization
Hungry Jacks is a business enterprise in Australia associated with the Burger Kings Corporation, which is an international company offering restaurant services across major economies. The organization has been operating in the Australian market since 1971 with the first stores being established in 1971 at Innaloo and Anzac Highway store in 1972. The business has recorded tremendous performance that has led to the establishment of chains of stores across the Australian urban centers. The firm considered the move to operate the Hungry Jacks as an independent business but later, based on the market needs and an increase in their customer base, the firm opened another chain of stores under the Burger King branding. The management of Hungry Jacks is independent; however, the two companies are under the same management structure(Hungry Jacks, 2016). It is imperative to point out the capacity of a succinct Market Research strategy to enhance the performance of the business. Therefore, Hungry Jacks success in the competitive market requires a comprehensive Market Research strategy that will ensure that the targeted markets have been served as well as the guaranteeing the attaining of the anticipated profit margin.
1.2 Market Research: Needs and Objectives
The market research seeks to evaluate the market condition of the fast-food industry in Australia and provide an overall status that will be essential for Hungry Jacks to made the strategic decision for future sustainability and competitive advantage. The research, therefore, will evaluate the nature of competition in the segmented market, assess the changing needs of the customers as well as their particular tastes and preferences, examine the impact of prices, and the current trends in the industry. The stability of Hungry Jacks in the market will depend on their capacity to understand their internal and external environment based on the industry of operation. Thus, conducting a market research is a critical process management undertaking for the firm. The findings will assist the business to set up measures that will improve quality and customer services for high-profit margin emanating from the daily sales and increase in customer base.
Table 1: Key Elements Evaluated in the Research
Outline and Requirement
Overview of the Market: A brief description of the fast food industry and the Hungry Jacks overview
Competition Analysis: Evaluation of the nature of competition in the market
Customer Evaluation: Tastes and preferences of customers
Price: Price and price determinants
Place: The distribution pattern, culture, and attitudes
Service and Product: Products in the market and associated customer services
Promotion: Evaluation of mechanisms used for product promotion and implications to Hungry Jacks
1.3 Methodology, Data Collection, and Instrumentation
The market research will be based on qualitative evaluation and case study analysis to ascertain the current market structure and trends. The method is essential when a different view of the research topic is required based on perceptions and assumptions that are credible and can influence the decision-making process. The need for the understanding of the current situation of the fast food industry in Australia will be based on the evaluation of the level of competition in the market by examining the market segmentation and scope of coverage based on the approximated number of customer served. The method will also offer a diverse view of the client needs, promotion level, price factor, place, and the implication of the nature of products. Through interviews and survey as well as case evaluation, the researcher will gather relevant information that will be categorized based on the six market elements being examined in the market research plan.
1.4 Project Scope, Timeline, and Costing
The research will be conducted in the main urban cities in Australia associated with high concentration of the fast food stores from different companies. The research process is scheduled to take a period of 20 days where the evaluation process will consider the six dimensions of the fast food industry in the Australian market that is affecting the operation of Hungry Jacks; competition, price, place, customer needs, and promotion. The research process will also be covered by an estimated budget of $2400 as outlined in the following table.
Table 2: Summary Timeline and Costing
DAY STATES/RESEARCH FACTOR ESTIMATED COST ($)
Day 1 & 2 Queensland 300
Day 3 & 4 New South Wales 300
Day 5 & 6 Victoria 300
Day 7 & 8 Tasmania 300
Day 9 & 10 South Australia 300
Day 11 & 12 Western Australia 300
Day 13& 14 Northern Territory 300
Day 15 -20 Evaluation of the findings 300
PART 2: Implementation, Monitoring, and Evaluation
2.1 Implementation Program
2.1.1 External Consultants
The market research associated with Hungry Jacks will cover the six market facets associated with the customer needs, competition levels, market trends such as price and place as well as the services, products, and promotion mechanisms. Thus, the research processes will consider the Australian fast food industry based on the six states and the territories in the country. The external stakeholders to be included in the research process are the competitors and the customers. The process will examine the six elements of the market with bias to the major competitor to the organization such as the Mcdonald's, Nandos, and Subway. Such inclination I based on the recent market transformation associated with the strategic changes implemented by the competitors.
2.1.2 Priorities, Budgeting, and Resources for the Research
The market research plan is based on a $2400 budget for the entire process field and analysis process; however, the implementation oversight, monitoring, and evaluation process will be covered by a budget of $1000 as outlined in the summary table below. The resources required during the implementation process will include a communication system involving a customize email address, phone contacts, and computer system for record keeping.
Table 3: Evaluation Budget
FACTOR COST ($)
Communication and System 300
Evaluation of Field performance 300
Computer Database 300
Contractor consultation 100
2.1.3 Possible Risks
The process of evaluation of the findings is associated with the risk of unrealistic representation of the market. The market research is focused on the six elements of the fast food market with the assumption of uniformity across the major six regions in Australia, which is susceptible to wrong deductions. The method of research is limited to qualitative evaluation and case study analysis through interview and survey, which is characterized with limited analytics for reliability and validity. Therefore, the metrics of evaluation is based on detailed assessments on customers perceptions and case study related to the competitors.
2.1.4 Final Review and Stakeholder Satisfaction
The final review of the research will be conducted before the final submission to the contractor and the stakeholders. The review will involve the identification of correlations that will be necessary for the positioning of Hungry Jacks in the fast food industry in Australian market. However, the final evaluation will be analyzed based on the objectives of the market research plan. The satisfaction levels of the stakeholders and the contractor will be measured through the number of approvals the final report will receive after the presentation. Thus, a vote for or against will be required to ascertain the use of the report for decision making in Hungry Jacks.
2.2 Information Session
2.2.1 Roles and Expectations of ResearchersThe major roles associated with the market research will be the collection and evaluation of the data related to the six market elements in the research plan. The field researchers will gather the necessary data based on the key indicators of each market factor. The chief researcher will examine and evaluate the data based on the same indicators for the final preparation of the report. The end of the research process will culminate including the presentation of the findings to the stakeholders and the contractor based on the anticipated objectives. The following indicators for each element define the expectation of the field and chief researchers.
Table 4: Summary of Key Expectation Indicators
NUMBER ELEMENTS DESCRIPTION
1 Competition Analysis Number of competitors
Number of stores
2 Customer Evaluation Customer needs and expectations
3 Price Cost of products
4 Place Number of customers
Attitudes and culture
5 Service and Product Diversity of products in the market
6 Promotion Methods of promotion
Implication on market
Implication on cost and revenue
2.2.2 Documentation and Submission Procedure
The findings of the study will be evaluated based on the market elements and not according to the regions. The scope and schedule of the study used the states as subcategories to enhance the process of collection of data and evaluation. However, the report will be divided into the major market factors such as the competition analysis, customer evaluation, price, place, and product and service and promotion analysis. The exposition will be assessed based on the objectives of...
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