Market Research of Gayndah Heritage †Free Samples to Students

Question: Discuss about the Market Research of Gayndah Heritage. Answer: Introduction: Market Research of Gayndah Heritage Railway Rail Trail has assessed the viability of new services to customers by conducting a proper enquiry that involved consumers directly. The market research will enable the discovering of the target market and the record of various opinion from the clients (Chambers Humble 2017). Hence, the market research can be done through various methods including product and services testing, focus group and surveys. According to Chambers and Humble (2017) the market research can be break down into numerous area such as market research process, market research data include both primary information and secondary information. Gayndah Heritage Railway has adopted the business outcomes of the market research into the business which has made it to grow rapidly in the recent eons. The company history of the market analysis have been used to examine where it is today and where it will be in the future has stipulated by (Chambers Humble 2017). The mission target Gayndah Heritage Railway is to offer travelers in Gayndah District with the most reliable, fun and innovative railway transportation system in the Queenslands citrus country classified by (Chambers Humble, 2017). The environmental analysis tactical tool for the successful of the Gayndah Heritage Railway in the existing business environment is essential. Henceforth, both PESTE and SWOT were used to investigated the mutually relationship between internal and external environment and how their effect the business. The PESTE analysis consists of assessing of all level of the opportunity or threats to the organization at the present (Chambers Humble 2017). The threats and opportunity can be changed into the decision making which lead to growth of the Gayndah Railways in Queensland. The most used analysis in Gayndah Heritage Railway is the PESTE analysis has it acts as the viewpoint of the business performance. It also helps to predict the company performance in the same business in the future. The letters stands for political factors, Economical factors, Social factors, Technological factors, Legal factors and Environmental factors which can either affects the business internally or externally. O n the other hand, SWOT Analysis was used to determine the Strengths, Weakness, Opportunities and Threats of the Gayndah Railway organization in its current environment (McKenzie, 2017). The customers who will be served by the organization will be both locally and internationally travelers from all over the world (McKenzie, 2017). However, the railway will most served residents of Queenslands citrus country on a daily basis. According to McKenzie (2017) target customers can be motivated to use specific services or products of a given company over the company competitors because of the accessibility and quality linked with the services and products. The advertising and promotion has been adopted by Gayndah Railway is less expensive compered to methods used by corporate competitors. The Gayndah Railway will use direct mailing, direct customers approach and television advertising which is the main channel of the organization advertisement and services promotion. The company promotion approach will be to communication with clients via direct mailings to increase its sales. The organization also has additional promotion plans which include trade shows, print advertising and article publication, and Val-Pak direct marketing. Legislation, Regulations and Codes The company will strictly follow the laws and order set by Gayndah District Railway transportation system. The codes of conducts of workers will be monitored has per regulations of transport authority and legislative guidelines of the country (Chambers Humble, 2017). The Gayndah Railways will obtain its funds from local banks around Gayndah District. The organization will also borrow funds form international financial institution. The funds will then be return to banks at an agreed interest. However, other sources of capital will come from personal saving, capital acquire from sale of personal properties to venture in transportation industry and, contribution from partners and friends. The Gayndah organization Cost-Benefit Analysis will be done to analyze the decision which business can make for its potential growth. The benefits of the company will be summed up under the cost benefit analysis after every financial year. The cost-benefit analysis of the project is normally done to compile the lists of all cost and benefits of the company. The cost include direct and indirect costs, opportunity costs, intangible costs and the costs of potential risk which are associated with the Gayndah Heritage Railway. The possible benefits of the project include the indirect and direct revenues, intangible benefits such as the increase in company productivity from workers morale and safety. Also the increased of sales from clients goodwill. In addition a general unit of monetary value can be measured within the organization will be applied to all services list. Care will also be taken to underestimate the costs or over approximate the benefits of the project. The company will take a conservative approach as the most conscious way to avoid any subjective tendencies when calculating estimated value of the organization benefits. The final phase in cost-benefit analysis is the quantitatively comparison with the aggregate cost and benefits to enable the determination of the benefits outweighing cost. The company will be making rational decision to make it possible and easy for the business to move forward (Chambers Humble, 2017). References Chambers, I., Humble, J. (2017). Plan for the planet: a business plan for a sustainable world. Routledge. McKenzie, D. (2017). Identifying and spurring high-growth entrepreneurship: experimental evidence from a business plan competition. American Economic Review, 107(8), 2278-2307.