COMM2305 Statistical Approach to Market Research and Pricing Analysis for Product XYZ Assignment 2, Singapore

Assignment Brief (Individual Assignment)

In this assignment, you are tasked with identifying a product of personal interest (e.g. smart phone, running shoe, etc.), hereafter referred to as Product XYZ. As a member of the marketing team for a company selling Product XYZ, your goal is to recommend a suitable launch price for a newly developed model of Product XYZ.

Conduct a market survey to gather price data for Product XYZ online. You may also collect additional relevant variables that could aid in your analysis (e.g. features, brand reputation, etc.). Gather at least 10 records and organize your findings in the following format:

Note: You may add more columns if you choose to collect additional variables.

Complete a management report of approximately 300 words. Your report should be professionally formatted in .pdf format and must include the following sections:

Introduction: Provide an overview of the research, clearly stating the objective and significance of the study. Describe the data source and method used for data collection. Include the collected data in the appendix.

Results: Present the data collected using relevant charts and descriptive statistics. Interpret these charts and statistics to highlight key insights. Include detailed calculations of statistics to demonstrate your understanding. Recommend a launch price for your company model of Product XYZ.

Reflection: Reflect on what you have learned about statistical methods and data analysis through this exercise. Provide suggestions for improvement.

References: Cite all external sources used in your research, if any, following APA guidelines. WNote that you are not required to include references for the sources of price data collected during your market survey.

Appendix: Include a table showing the data you collected during your market survey.

Rubric:

(1) Introduction (20 marks)

Do own research online and explain
1) Why do this marketing research? – State Objectives
11) Find 10 prices (samples) and put them in the given table format
– Explain How and where u collected the 10 prices eg. Online or…..?
-Are there any “special” features, brand reputation, etc Describe……?

(Only for references) Example: Running shoes
This research is significant because using statistical methods help to provide insight into ____. The source of data comes from online websites such as _______. Some special features of this New Product XYZ(eg running shoes) are waterproof, extra cushioning, provide stability during running and arch-support, etc.

(2) Results (30 marks) Show me……..

i) Show Manual Detailed calculations (mean, median, standard deviation, etc) (Only for references) Example: From calculations, the mean price is $____ median price $ ….(Show calculations and explain your findings for mean, median, standard deviation, etc)

ii) Draw and Label ONE graph to show 10 collected prices (what graph show Quantitative data?)

• Learn from YouTube Videos – To create charts using Microsoft Excel OR
• Learn from Online Microsoft training video on Creating charts in Excel:

(Only for references) Example: The graph shows that there is a higher concentration of price range between____  (Tell me more about your graph)

iii) The Launch price for product XYZ is _$$$_ (Explain how you get this price using the graph above and mean, median or standard deviation)

(3) Reflection (30 marks) Write 4-5 sentences. Do online research

(Only for references) Example: (Do own online research and explain)
I have learnt using mean, median, standard deviation are useful because it provides insight into___The graph is also useful because (Do your own online research and explain).

Other factors to consider when launching a new product XYZ are____(Do your oven research online and explain).

Other areas to improve my research are___

(4) Quality of Work (20 marks) Please CHECK….

1) For any Online research, do you have minimum 3 references in APA format. 2) Is your report well-organised? Font size 12 and line spacing 1.5
3) DO NOT include detailed calculation and the Table in the 300 words count.