Market Research Plan Template

Every research project requires the development of a detailed market research plan. An effective market research plan will act as a reference document to help you to execute your market research strategy and achieve your objectives. It will also help you to develop a methodical approach to monitoring and evaluation of the project throughout its lifecycle.

When developing your market research plan you need to be clear about your business needs and marketing objectives and how you’re going to achieve them. Effective market research plans set realistic and measurable objectives; includes budgets and action plans, timelines and schedules of tasks and allocates responsibilities.

Your market research plan will include the following elements:

Business summary
Project scope
Market research strategy
Resource acquisition plan
Task schedule
Expense budget
Project feasibility statement
Authorisation procedure

Keep it up to date

Planning your market research should be a well-planned and thorough process involving extensive research, evaluation, consultation and communication with key stakeholders. Throughout the research project, you will need to revisit many of the ideas and strategies outlined in your market research plan. By referring to your plan and updating it regularly, you will ensure that your business keeps heading in the right direction.

How to use this template

Prior to completing this market research plan template, consider the following:

Gather together your key business documents. Before you begin, gather together your key business documents. This includes business plans, budgets, resumes, forecasts and registration documents. Having the right information on hand will mean you can be more accurate in your forecasts and analysis as you move through the market research plan template.
Take your time and consider your specific needs. Work through the template at your own pace. Start by deciding which sections are relevant for your business and set aside the sections that don’t apply. You can always go back to the other sections at a later date.
Decide on your audience. It’s also important to consider your audience when writing your market research plan. Will the plan be used internally? Or will you be sharing it with others? Deciding on the purpose of the plan can help you target your answers appropriately.
Use the [italicised text]. The italicised text is there to help guide you by providing some more detailed questions you may like to answer when preparing your responses. Of course, if a question does not apply to your circumstances it can be ignored.
Ask for some assistance. If you aren’t confident in completing the market research plan template yourself, you can enlist the help of a professional (i.e. business adviser or accountant) to look through your plan and provide you with advice.
Review your work. Avoid mistakes by asking a number of impartial people to proofread your final plan. This way your market research plan will make a great impression and be an inspiration for you when times are tough.
Print.The [italicised text] is instructional and will disappear on “preview print” or “print”. To print a copy, select the Printer icon on the toolbar, or select File then Print on the main menu. FORMATTING WILL NEED TO BE COMPLETED

Market Research Plan

Prepared: [Date prepared]

Market Research Plan Template

Keep it up to date

How to use this template

Table of Contents

Market Research Plan Summary

Your Business

Project Scope

Market Research Strategy

Data gathering approach

Details

Resource Acquisition

Resource

Supplier

Responsible Person

Approval

Task Schedule

Period

Expense Budget

Project Feasibility

Authorisation

Supporting documentation

Glossary

Market Research Plan Summary

[Please complete this page last]

[The market research plan summary is a snapshot of your more detailed answers from your market research needs analysis. It should be easy to read and simple to follow. ]

Your Business

Business name: [What’s your business registered business name? If you haven’t registered a business name, add your proposed business name here.]

Business structure: [What’s the formal structure of your business? Are you a sole trader, in a partnership, a trust or company?]

ABN:[What’s your registered Australian Business Number.]

ACN: [What’s your registered Australian Company Number, if applicable.]

Business location: [Where does your business operate from?]

Date established: [When did you begin trading?]

Business owner(s): [Who are the owners of the business?]

Owner/s experience: [Create a brief summary of your (and other owner’s) experience in the industry and any major achievements/awards.]

Products or Services: [What products and/or services do you sell?]

Project Scope

Project goal:

[In one sentence summarise the over-arching goal for conducting your market research. This should include the problem or opportunity you have identified as part of your preliminary research.]

Project objectives:

[What are the key objectives that support the project goal. Write these based on as many aspects of the SMART model as possible.]

Project sponsor:

[Who is the person backing your market research project? Who is providing the funds and resources to conduct the project?]

Project stakeholders:

[Who has an impact on or is influenced by the market research project? Consider the internal and external people and groups]

Key deliverables:

[What are the tangible products that need to be developed as a result of completing the market research project? This may refer to your market data, a Marketing Information Management System or answers to key problems and opportunities]

Project completion date:

[What is the final date the project deliverables must be handed over to the sponsor or stakeholders?]

Project milestones:

[Based on your expected time for completion, what are the key tasks that need to be completed, and when do they need to be achieved by?]

Market Research Strategy

[Based on your research and evaluation, list and explain the data gathering approaches you will implement to achieve your market research objectives]

Data gathering approach

Details

Data types
Data gathering methods
Sample sizes
Data processing methods

Resource Acquisition Plan

[Using the following table, list all of the physical and human resources needed to achieve your market research objectives. Consider who is responsible for purchasing and organizing the resources and who need to give approval for the acquisition]

Resource

Supplier

Responsible Person

Approval

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Global Star Enterprises is a fictional company created for educational and training purposes only. This document may not be reproduced or distributed, without the prior written permission of the copyright holder. Copyright © Raw Pixel 2014

Market Research Plan Template - V:1 March 2014 - Page 1 of 13

Task Schedule

[Using the Gantt Chart system, list all of the tasks in order, that need to be achieved in your market research strategy. List these in the left hand column. Determine your period for the schedule, e.g. weekly, or monthly, based on the proposed completion date and group the cells in the second row. Draw a joined line identifying the time you believe is needed to complete each activity across the table. Consider any activities that can run simultaneously with others]

Task /

Period

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.

Estimated time-frame:  Actual time-frame: ------

Market Research Plan Template - V:1 March 2014 - Page 1 of 13

Expense Budget

[What are the specific resources and costs needed to achieve your marketing objectives? What is the budget allocated to you from your project sponsor? Calculate the total funds required and subtract the sum from the total budget. If the remaining number is positive you are working within your budget]

Item / Budget (inc GST)
$
Allocated funds / XXXXX
Costs
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Total Costs
Total funds allocated minus total costs

Project Feasibility Statement

[How will you know whether the market research project is going to be feasible? Consider the Return on Investment and Payback Period. What are the additional non-tangible benefits such as brand awareness or greater market penetration that can be achieved as a result of the market research project?]]

Estimated Return on Investment:

Estimated Payback Period:

Non-financial benefits:

Summary of project feasibility:

Authorisation Procedure

[Who do you need to present your market research plan to for approval?[How will you seek approval from the authorisation officer? How will you present the information? When and where will the plan be presented?]

Approval procedure:

Who will approve the plan?
When is approval required by?
How will approval be sought?

Supporting documentation

[Attach any supporting documentation in relation to this market research plan such as quotations, recommendations or communication with key stakeholders. List all of your attachments here. These may include resumes, customer survey/questionnaire and/or financial documents.]

Glossary

Australian Business Number (ABN) – a single identifying number used when dealing with other businesses and the Australian Tax Office.

Australian Company Number (ACN) – the number allocated by the Australian Securities and Investments Commission (ASIC) when you register a company under the Corporations Law.

Goods and Services Tax (GST) – a broad-based tax of 10 per cent on the sale of most goods and services in Australia.

Market research – The process of collecting, analysing and interpreting data about customers, competitors and industry environment to improve marketing effectiveness

Milestone – a goal or objective with a target date.

Payback period – the length of time required for the cumulative gains from an investment to equal the cumulative cost

Project Sponsor – The person or group that has identified the opportunity and developed the idea and will provide necessary approvals and resources to aid the project. This is usually the CEO, GM, directors or business owner

Research problem – The identification of a loss in sales, customers or market share and the process of determining why there is a loss. Problem can also refer to an opportunity identified in the market to increase sales or market share.

Return on investment – is a performance measure used to evaluate the financial benefits (gain or loss) of an investment.

Stakeholder – any person who has an influence on, or is influenced by the marketing activities of your business

Market Research Plan Template - V:1 March 2014 - Page 1 of 13