The market research will entail a number of activities hence will have costs depending on the nature, duration and participation of each such activity. The following is a budget estimate of the cost items and the total project budget. (Jackson, 2012)
In view of the estimate, the research is projected to cost $329,720 from the beginning with problems design to report writing and presentation. The costs is in line with the Australian market situation where labor cost takes the greatest share of research cost. (Australian Bureau of Statistics, 2014) The research services will be paid for in three settlements with 30% being paid for upon the approval of the research design that will entail questionnaires, secondary data review and interviews. The other 30% will be paid upon completion of data collection while the final 40% will be paid after the acceptance of the final report. (Paterson, 2014)
The plan market research will be done throughout the year 2015 beginning January and ending with the final report in December as follows.
The activities will be done by a research analyst with assistance of field officers responsible for data collection. In that respect, the hired research analysis will provide a guideline on research design and planning. The research assistants carrying out field work will also be responsible for other activities such as data entry while employees will be involved in conducting interviews and reviewing internal data. (Salkind, 2006)
Reference list
Australian Bureau of Statistics, 2014. Market Research Services, Australia, 2001-02.
[online] Available at http://www.abs.gov.au/ausstats/abs@.nsf/mf/8556.0/ [Accessed 15 November 2014]
Boyce, J., 2004. Market Research in Practice. 2nd ed. New York: McGraw-Hill.
Jackson, L., 2012. Research Methods: Critical Thinking Approach. 4th Ed.
Boston: Cengage Learning.
Paterson Research Group, 2014. Patterson Research Group Terms of Business. [Online]
Available at <http://www.marketresearch.com.au/about_us/terms_of_business.phtml>[Accessed 16 November 2014]
Salkind, J., 2006. Exploring Research: International Edition. 6th Ed. New York: Pearson.
