Market Research Plan Bulla Dairy Foods

Question: Discuss about theMarket Research Planfor Bulla Dairy Foods. Answer: Introduction: Bulla Dairy Foods is a dairy company from Australia which manufactures various dairy products for the domestic and international markets. The company was established in the year 1910 and later became a partnership among three families which are interrelated. As stated by Collis and Hussey (2013), the purpose of the report is to develop a market research plan for the organization as the organization is planning to introduce a low calorie chocolate ice cream, in the existing market, thus the research focuses on the consumers of ice cream (Bulla 2016). Statement of Market Research: Chocolate is widely popular among the young generation. The organization is planning to expand its customer domain by introducing low calorie chocolate ice cream in the market. The research is thus aimed to see whether the consumers of Australia will prefer low calorie chocolate ice cream over the regular chocolate ice cream. Research Objectives: To identify the potential consumers. To identify changes in attitudes and behaviour patterns of the consumers To create detailed consumer profiles. Project Scope: This project incorporates creating a dairy product which will address the people of Australia of all ages. According to Kotler et al. (2015), it will give the consumers their preferred taste without compromising their health. It will open a new horizon for the ice cream and dairy industry in Australia. Required Data: The required data are: Number of people who have usually opts for regular chocolate ice cream. Number of monthly chocolate ice cream sells. Age limits of the consumer domain. Health consciousness among the regular chocolate ice cream eaters. Data Collection: As stated by Oliveira et al. (2015), both primary and secondary data will be collected for the research. Primary data will be collected from a survey conducted by the Bulla Dairy Foods from a random sample group of the consumers. The secondary data will be collected from the researches done by the food department of Australia and private researches (Australia 2014). Data Process: The data will be used for statistical measurements which will reveal the market situation where the product will be introduced. Statistical tools like econometrics and correlation will be used for this purpose. Estimates of Time Lines and Costs: To estimate the time lines a Gantt-chart has been produced: Week 1 - 2 Week 3 - 4 Week 5 - 6 Week 7 - 8 Week 9 - 10 Creating project plan and objectives for the research Conduct a literature survey Collecting fund for data gathering purpose Collecting data and operations Interpretation of the results and creating plans for production accordingly Collection of funds for investing on the new product Production trial Table 1: Gantt chart for estimating the time line and costs. Source: As created by the author. Expected Outcomes: Due to less health risks, the low calorie chocolate ice cream will meet a huge market demand from all the age groups. According to Zikmund et al. (2013), this will have a significant impact on the demand for regular chocolate ice creams. Conclusion: The research will show the pattern of demand for low calorie chocolate ice cream. The research will open horizon for this type of products. Health conscious people of Australia with a taste preference for chocolate will opt for this new product. The whole research will take ten weeks to finish. The full fledged production can be started after the trail run. References: Australia, D., 2014. Australian Dairy Industry. Dairy Australia. Available online: www. dairyaustralia. com. au/Industry-information/About-the-industry. aspx. Bulla, (2016). Cream, Ice Cream, Yoghurt, Cheese in Australia | Bulla Family Dairy. [online] Bulla.com.au. Available at: https://www.bulla.com.au/#/ [Accessed 15 Nov. 2016]. Collis, J. and Hussey, R., 2013. Business research: A practical guide for undergraduate and postgraduate students. Palgrave macmillan. Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson Higher Education AU. Oliveira, J.D.S., Azevedo, G.M.D.C., Santos, C.D.S.A. and Vasconcelos, S.C.S., 2015. Fair value: model proposal for the dairy sector. Agricultural Finance Review, 75(2), pp.230-252. Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013. Business research methods. Cengage Learning.