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BUS301 Integrated Capstone Project 2
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BUS301 Integrated Capstone Project 2
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Course Code: BUS301
University: Elite Educational Institute
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Country: Australia
Question:
Undertake a comprehensive business project that is relevant with their specialisation. It can be provided by industry partners or through a simulated business scenario. It can be supervised jointly by experienced academic staff and industry experts. This is a designated capstone project, allowing students to bring together and apply material learnt in the course to a real world problem.
Learning Cutcomes
1.Complete appropriate advanced level research that identifies and provides assistance in solving real world problems at professional accounting, management, or public relations areas in a practical business setting
2.Plan and conduct a project to solve a professional accounting, management, or public relations problem in a practical business setting
3.Identify advanced capacity to recognise the importance of considering for any business problem the wider business contexts such as accounting and financial implications; management implications; public relations implications; human resource management implications, organizational structure implications, and/or other organizational resource implications
4.Demonstrate ability in incorporating the wider business context implications in a comprehensive research based report on the solution to a professional accounting, management and/or public relations problem in a practical business setting
5.Communicate effectively the outcomes of conducting a research based project to solve a professional accounting, management and/or public relations problem in a practical business setting.
Answer:
Introduction:
Mystic Monk Coffee is an online supplier of coffee at U.S.A. They include single-serve Monk-shots, coffee of month subscription clubs, monastic double-handled mugs and premium Mystics teas. The market research proposal is the situational analysis. This is conducted through market responses over social-urging of various new functions.
In this study, a summary of the marketing research proposal of Mystic Monk coffee is analyzed. Further, various existing knowledge, intended outcomes, a collection of data is done. Next, research methodologies, timeline, budgets and future outcomes are demonstrated in this study.
Summary of the current research:
From their humble beginning, various gourmet coffee drinkers are found to be enjoying delicious, smooth taste of the organization. Maximum of the customers have turned out to be regular as they take the initial delightful sip of Mystic Monk Coffee. Currently, 85% of their orders are been coming from various repeated customers. The Monks has been striving for perfections in all the activities they perform. Here every coffee beans are roasted with devotion. Moreover, various positive reviews from customers, roasts of Monks are rated highly in the marketplace (Burns, Bush & Sinha 2014). Till data about twenty-five of those gourmet coffees are rated about more than 90 points and more. This marketing research is geared towards a collection of information. This is for marketing specific service and product of Mystic Monk Coffee. This market research study also intends to collect data regarding trends and size of the market (Kelleher et al. 2017).
Understanding objectives:
The primary function of the research is outlined below.
To find the latest products and see the reason why sales have been lagging with established products.
Moreover, to include descriptive background providing contexts of why the ultimate aim vital.
Since the cost is a factor, the research also includes the estimations.
To determine the overall timeline having a primary milestone for understanding significant scopes.
Existing knowledge of Mystic Monk Coffee:
Since the consumers have possesses the capability of making purchasing count for anything that supports causing higher than ourselves. However, they have the moral obligations of performing best to support the proper causes of their purchases. As the customers buy mystic monk coffee, they not only possess delicious and rich coffee, they have been also supporting Carmelite monastery in Wyoming’s rocky mountain (Hair et al. 2015). As the coffee is roasted sufficiently with monks in cloistered communities, the delight has been the palette that is mostly discriminating. Along with numerous aromatic and smooth varieties, there is anything for suiting every taste. The coffee is roasted through Carmelite monks. Their flavours are 12 oz. ground bags with 11 dollars for every package. Then there is Columbian or medium nutty and roasts, then there is Hazelnut or Arabica infused with hazelnut (Sekaran & Bougie 2016). Further, they comprise of hermits of bold blends, the liveliest of additional dark roast. Lastly, there are midnight vigils where the dark roasts have comprised of a hit of vanilla beans and chocolates.
Intended outcomes:
This marketing study includes an overview of marketing scenarios. These environmental factors must involve cultural problems, attitudes and demographic trends. Then there should be technological challenges, competitive factors like speed, service and pricing and economic problems like unemployment and competition (Manley, Rose & Bildsten 2016). Here, the worldwide market is to be taken into consideration. This is because the product has been made in a distant land and competing with various imports from different offshore locations.
Data collection:
Here primary data analysis is to be done. For this, a survey is to be conducted for collecting information about various individuals. Here, self-report data is to be gathered from study participants (Pant 2017). They should be concentrating on factual information regarding people and should aim to gain the opinions of different takers of a survey.
Research methodology:
The data analysis should be statistical. Irrespective of the measurement techniques used, the researchers must be careful in maintaining the desired objectivity. The researchers should be laying out methodologies used for interpreting data. This includes research blends from primary sources (Price, Wrigley & Straker 2015). Moreover, qualitative aspects have been including anecdotal evidence, calculating the intensity of emotions coming from respondents with compiling consensus opinions from different types of inputs. Here the data are to be measured precisely and should be offering sufficient results for a different tested hypothesis.
Timeline:
At first, the prioritizations are to be made strategically. As any product gets launched, the time is the most expensive resource. This is helpful to prioritize and account particulate projects having high effects on the overall goal of Mystic Monk Coffee. Different nice-to-have items are to be stripped away and the resource is to be determined that should be in order to drive the growth. The timeline must be crafted chronologically across various pieces of contents. This indicates that the scrapping is more vital for the projects in favour of the effective ones.
Then, the realistic due dates are to be set. The deadlines are to be found out through guesswork. Here, the strategy has been preventing less invested departments. This includes putting of tasks actively under the to-do lists. However, various departments of Mystic Monk Coffee might clash with different time estimates. As any challenge arises, the project managers must nor sit back and they should solve issues. This is to end up with pushed deadlines and arguments.
Next, the workflows and ownership are to be defined clearly. Various unclear processes have been causing missing deadlines, and confusion. Here all price of contents on that timeline must comprise of clearly defined workflows. These tasks comprise of clearly defined owners. Headaches must be avoided by breaking campaign to tasks and assigning activities to people having concrete due dates.
Proposed budget:
It is seen that, since past few years, the Mystic Monk Coffee, has been asked how their marketing spend has been for the coming years. From, 2009, the budgets of marketing has remained constant with a rising of a majority of participants. 2017 witnessed an ambitious expectation for the rise in spending of 11% in the following 12 months (Wilson et al. 2018). However, the actual rise has been 7%. The marketing budget for overall Mystic Monk Coffee is constant. On an average, the marketing budgets are made up of 11% of the entire budget of the company. Besides, there are a few variations that have been depending on the industry and the clients they have been marketing to. Apart from this, Mystic Monk Coffee in B2C product space has been allocating a huge portion of the overall budget to marketing. This is average 16%. These B2 C services have raised the budget of marketing with substantial share, making the project budget move from 9.3% of the company’s budget to 15% (Bernardo 2014).
Ethical considerations:
At first, from the point of utilitarianism, decisions are to be judged. Here the ethical or unethical considerations should be based exclusively on consequences and outcomes. Apart from this, there must be situations, where the actions ate not judged or considered. Regarding duty-based theories, decisions are based solely on the reasons and intentions of those deciders (Jussila et al. 2015). This has been putting consequences and various actions asides. Lastly, the ethics of virtue is the personal character that is not decision driven. Here, Mystic Monk Coffee should concentrate on individuals and not on different decisions.
Future scopes from this research:
Mystic Monk Coffee, being a responsible organization, is important as they operate through different mediums that have not been harming the marketing environment. The company, being an advertiser that has been running over campaigns of digital media is able to calculate the performances of the campaign in real time (Wilson 2014). This is to be done in spite of waiting for longer intervals. Thus they have been leading to online purchases and directly measuring the performance of their campaigns. Further, the present status of a market of Mystic Monk Coffee has been showing that the industry is been at peak and has been staying for obvious reasons. Moreover, a platform of digital marketing is been running on the scope to various part of the company. Besides, digital marketing has been comprised of various smaller divisions working in various directions. Yet they have been contributing to the entire growth of Mystic Monk Coffee (Marques 2018). Apart from this, digital marketing has comprised of various smaller decisions working on various directions contributing to leverage digital marketing campaigns. This is regarding new ventures, brand awareness and making sales.
Conclusion:
It must be reminded that the researchers of the entire descriptions have been following in this task. The designing of the overall research should be adopted, descriptive, casual and exploratory. The estimated expense of the marketing research is vital for the proposal. Authorities, who have been making decisions should provide an effective idea of a cost incurred to the research. Here, this section should be including an entire cost breakdown related to various research tools. As more and more tools of research analysis are deployed by the researcher, a comparison of tools and expenses should be provided to the project managers. Here emphasis must be done on reliability and validity. The duration of marketing research is provided in the study. Furthermore, the research administrator must show interests in a basic, intermediary and final report to be submitted.
References:
Bernardo, M., 2014. Integration of management systems as an innovation: a proposal for a new model. Journal of Cleaner Production, 82, pp.132-142.
Burns, Alvin C., Ronald F. Bush, and Nilanjana Sinha. Marketing research. Vol. 7. Harlow: Pearson, 2014.
Hair Jr, J.F., Wolfinbarger, M., Money, A.H., Samouel, P. and Page, M.J., 2015. Essentials of business research methods. Routledge.
Jussila, I., Tarkiainen, A., Sarstedt, M. and Hair, J.F., 2015. Individual psychological ownership: Concepts, evidence, and implications for research in marketing. Journal of Marketing Theory and Practice, 23(2), pp.121-139.
Kelleher, C., Céilleachair, A.Ó., Helkkula, A. and Peppard, J., 2017. Value Proposal Co-Creation in Online Community-Based Idea Contests. In Innovating in Practice (pp. 291-316). Springer, Cham.
Manley, K., Rose, T.M. and Bildsten, L., 2016. Increasing the market penetration of manufactured green buildings: A research proposal. WBC16 Proceedings: Volume III-Building Up Business Operations and Their Logic Shaping Materials and Technologies, 3, pp.177-188.
Marques, M.B., 2018. The Contribution of Marketing 3.0 for the Strategic Management of Competitive Advantages of Organizations: A Methodological Proposal. In Handbook of Research on Strategic Innovation Management for Improved Competitive Advantage (pp. 342-358). IGI Global.
Pant, P., 2017. Corporate Social Responsibility and Consumer Buying Behavior: A Research Proposal.
Price, R.A., Wrigley, C. and Straker, K., 2015. Not just what they want, but why they want it: Traditional market research to deep customer insights. Qualitative Market Research: An International Journal, 18(2), pp.230-248.
Sekaran, U. and Bougie, R., 2016. Research methods for business: A skill building approach. John Wiley & Sons.
Wilson, J., 2014. Essentials of business research: A guide to doing your research project. Sage.
Wilson, K., Bell, C., Wilson, L. and Witteman, H., 2018. Agile research to complement agile
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