In this research study, it will be essential to develop some proper objectives. By improving the goals, it would be possible to understand the requirements of the research. Therefore; the objectives are:

To understand the impact of microeconomics on the retail sector of Australia
To assess the benefits that microeconomics can provide for the retail industry of the country
To analyse the risks that microeconomics can bring in for the retail sector of the country
To understand the contribution of microeconomics for influencing customer satisfaction for the retail industry of the country
To identify the risks for JB Hi-Fi in case it fails to utilise microeconomics properly for enhancing customer satisfaction

The primary purpose of the research:

Any research is conducted with a particular purpose and therefore; for this research, there is a purpose as well. It will be essential to know the contributions that microeconomics can make for the retail sector of Australia. The utilisation of microeconomics can help the organisations to assess the changes in the industry due to the implementation of specific marketing or business tactics (Mahajan, 2019). With the help of some critical theories, it becomes possible for the organisations to analyse the prices that they should implement for particular products. The methods also help the organisations to assess the quality of production, which should be essential for attracting the customers successfully. Therefore; in the modern-day business, microeconomics has become an essential part and is utilised for developing business strategies (Larkin & Lee, 2017). It will be thus necessary to know about how the retail sector of Australia can employ microeconomics for the sake of business growth and for attracting customers. It will be essential to understand the underlying processes by which microeconomics can be managed efficiently by the retail sector of the country.

JB Hi-Fi, which is the biggest retail company in Australia, has been hugely successful in establishing its market. However; with the increase in the competition in the retail sector, it would also be essential for the company to utilise the microeconomics properly. With the utilisation of microeconomics, it would be possible to understand the requirements of the customers. This would also help the company to understand the market scenario in a better way. Therefore; it would be essential to understand the factors of microeconomics that can be utilised for achieving all the goals of the business. It is a known fact that in recent years, the retail sector of Australia has seen tremendous growth. This is due to the changing market scenario and the innovative ideas that the retail companies are implementing in the businesses (Eaton et al., 2016). The growth has also reflected in the market scenario of JB Hi-Fi. It has been hugely successful in conducting online and offline business. Due to this, it has been able to capture the significant market of the retail sector with success. However; for the company, it will be important to make use of microeconomics as well. This would help the company to sustain the increasingly competitive market of the retail sector in the country.

There could be many risks associated with the utilisation of microeconomics for the business as well. Those risks can impact negatively on developing a proper business strategy. Therefore; this research will also assess those risks in the microeconomics and will help in understanding the market conditions from the point of view of JB Hi-Fi. In this regard, some valuable data will be collected, and the methodology of data collection and analysis will be discussed in this study as well. The method would be useful for generating the requirements according to the objectives that have been developed. Therefore; the purpose of this research study has been clear, and the significance has been explained as well.

Research methodology:

Introduction

This section of the research study will be based on defining the methods that would be used for analysing the objectives. Therefore; the design and approach of the research would be explained in details. It would also be essential to collect data with the help of proper tools as well as techniques. Due to this, the data collection method will also be explained in details. Then, the focus will be on understanding the methods that will be used for sampling the data and then, for data analysis. This would help in explaining the research methodology in details.

Approach for this research:

There are different approaches by which data is collected and then analysed. However; due to the fact that only qualitative data would be used, therefore; it would be useful to use the inductive approach for this particular research. The inductive approach would help in analysing the real-life data in details. In this research, detailed data would be extraordinarily beneficial and therefore; use of this approach is going to increase the efficiency of this research.

Design for this research:

The plan for this research would be based on the methods that would be useful for analysing the data. In this regard, the descriptive design is going to help in the aspect of the analysis of the data in details. Along with this, because this research also requires explaining some issues, therefore; it would also be essential to use exploratory design. Thus; with the use of exploratory design, it would be possible to understand the perception of the participants in details (Ponelis, 2015). These designs would help in analysing the description of the data and with a proper explanation.

Perception	Data sources	Methods	Findings
Importance of microeconomics	Primary resources, Secondary resources	Qualitative analysis, interview, online research	Benefits from using microeconomics
Risks of microeconomics	Primary resources, secondary resources	Qualitative analysis, discussion, online research	Proper market research on using microeconomics

The table thus shows the design that will be followed for collecting and analysing the data.

Research method:

After identifying the design and approach for conducting this research, it would be now important to identify the ways that will be used. In this research, the focus will be on using the qualitative. Any quantitative data will not be used for this research. The reason is that it will be essential to analyse the detailed data, and for this qualitative method is going to be more significant (Tracy, 2019). Moreover; for this research, interview technique will be used and therefore; for this qualitative method is going to be more significant and useful. The qualitative approach will also help in explaining the research questions in details, and for this research, this is the main requirement.

Qualitative analysis is also going to be significant for understanding the detailed perceptions from the point of view of the participants (Castillo-Montoya, 2016). For this research, two managers from JB Hi-Fi and two managers from two different retail companies in the country will be approached. The data from these participants are going to be valuable for generating ideas. Two managers from two different retail companies would be used as the participants because; along with understanding the point of view of the managers of JB Hi-Fi, it would also be essential to analyse the data from the point of view of other companies. These data will be useful for analysing the current scenario of JB Hi-Fi compared to the other retail companies of the country. For both groups of participants, interviews will be taken, and five questions for each group of participants will be prepared. The items will be similar, and it will help in analysing the research questions in a better way. On the other hand, in the case of secondary data, online resources such as articles will be used, and those articles will be based on the requirements of the research questions and objectives. A tool will also be used for the research and details of that tool will be explained in the next section.

Tools for conducting the research:

Many useful tools are used for collecting as well as analysing the data. Because for this research, interviews will be used; therefore; Nvivo has been selected as the tool that will be useful. Nvivo is a tool which is popularly used for collecting the qualitative, especially in the process of interviews (Houghton et al., 2017). Questions will be prepared, and the tool will be useful for collecting the answers from the participants.

The questions that have been prepared for this research are as follows:

What are your perceptions of the use of microeconomics for developing business strategies?
How has your company utilised microeconomics for growing business strategies?
What are the benefits that your company has incurred with the use of microeconomics for developing business strategies?
According to your perceptions, what are the risks associated with the used microeconomics for growing the business strategies?
According to your opinions, what are the methods that your company can apply for mitigating those risks associated with microeconomics?

These questions are common for both the group of companies and will be useful analysing the research objectives in details.

Sampling and data analysis:

In case of sampling of the data, it would be essential to use the simple random technique. This is due to the fact that with the method, it would be possible to analyse all the data that will be collected from the primary as well as secondary resources (Alvi, 2016). Along with this, the technique will be also helpful for understanding the perceptions of all the participants in details. In the case of data analysis, Nvivo will be used as per the discussions in the previous section of this research. This will help in analysing the collected and sampled data in details.

Limitations of this research:

The boundaries for the process of data collection and analysis are regarding the limited amount of data that would be collected. The constraints from the low budget will result in the collection of small volume of data. However; it would be essential to give priority on collecting the suitable data for this research.

Project management:

Research resources:

The resources for this research will include the online data that will be used for a literature review. Then, tools such as Nvivo and computers will also be part of the resources for this research.

Research timeline:

The table for the timeframe of the research is given below:

Week	Activities
Week 1	Planning on the research
Week 2	Use of the online resources for data collection
Week 3	Interview with the participants
Week 4	Data sampling and analysis
Week 5	Submission of the research document after reviewing

Research feasibility:

Technical feasibility: The technical feasibility will be in terms of the use of the computers and interview tool for this research.

Operational feasibility: The significant operations for the research will be conducted based on the research project and the objectives.

Schedule feasibility: Focus will be given on completing the research by five weeks, and for each week, the objectives will be achieved.

Research risks

Risks	Solution	Impact
Data may not be adequate to meet with the objectives of the research	The importance will be on collecting the data which would be of high quality and based on the research requirements.	High
The budget may not be suitable enough to complete the research with success.	The focus will be on completing each task within the given budget	High
Privacy of the data may be violated due to security issues	The data storage system will be secured with proper tools of information security.	High
The participants may not be efficient enough to provide quality data from the interview	Importance will be given on approaching those managers who have the relevant experience in the business	Medium
The requirements of the research may not be met properly	The focus will on reviewing the research plan before executing the data collection process	Medium

Conclusions:

In this report, the focus has been given on analysing the methodology that would be important. The purpose of this research has been assessed in details as well. The risks and feasibility of the research have also been highlighted.

References:

Alvi, M. (2016). A manual for selecting sampling techniques in research.

Castillo-Montoya, M. (2016). Preparing for interview research: The interview protocol refinement framework. The Qualitative Report, 21(5), 811-831.

Eaton, E., Fuller, C., Bongsa, T., & Zaborskiy, M. (2016). Microeconomics of Competitiveness-Application of cluster theory to an emerging export-based Australian industry.

Houghton, C., Murphy, K., Meehan, B., Thomas, J., Brooker, D., & Casey, D. (2017). From screening to synthesis: using nvivo to enhance transparency in qualitative evidence synthesis. Journal of clinical nursing, 26(5-6), 873-881.

Larkin, P. J., & Lee, B. (2017). A Class Discussion Project for Investment Management and Business Strategy. Applied Finance and Accounting, 3(1), 49-54.

Mahajan, A. (2019). MICROECONOMICS WITH MARKETING. Paripex-Indian Journal Of Research, 8(7).

Ponelis, S. R. (2015). Using interpretive qualitative case studies for exploratory research in doctoral studies: A case of Information Systems research in small and medium enterprises. International Journal of Doctoral Studies, 10(1), 535-550.

Tracy, S. J. (2019). Qualitative research methods: Collecting evidence, crafting analysis, communicating impact. John Wiley & Sons.

Roles of Advertising

Name

Institution Affiliation

Roles of Advertising

We have commonly heard that stopping advertising to save money is like putting on hold your watch to save time. The roles of advertising have four key pillars that include marketing, communication, economic and social influence. Marketing helps companies in selling their products and services. On the other side, communication provides information about the company’s new products and services and improvements to the existing products. The economic role of advertising is vital in generating much-needed sales while reaching the mass-media audience and hence reducing the cost of selling and distribution. Finally, the societal role of advertising is critical in solving society’s needs and thereby improving the living standards of the community. From my assessment, the most influential part of advertising is communication, as the other parts of advertising encompass around it, and they cannot succeed without it. Communication in advertising is the most influential role in advertising as it focuses on informing, educating, persuading, and reminding customers about the company’s products.

The role of communication in advertising relates to informing consumers about the company’s products. The primary objective in advertising is to reach the prospective consumer by influencing their information about the company products and services and change their buying behavior. Corporate communication can affect the organization’s uniqueness in the introduction of products and services, sales promotion, and public relations activities (Melewar et al., 2017). Advertisements are used to increase brand awareness to the target market customers. Informing potential consumers about the company brand and its products is the first step to succeed in advertising. Through communication, customers can get detailed information about their products, which entails their usage, prices, product features, availability, and any other information that the company views to be significant. Studies have found that web advertisements have an influence on the consumers on the usage of some of their products, and they are considered to be informative (Tehria, 2016). The role of communication in advertising is essential in raising awareness to the customers who can make an informed decision on what to purchase or not.

The role of communication in advertising relates to educating consumers about the company’s products. Advertisements focus on educating the consumer regarding the use of the product, how the product operates, and its benefits. Organizations also focus on educating their consumers about the adverse effects, which could result in using or misusing the product. The education role also aims at educating their customers how the company products differentiate from those of the competitor and their key features. Consumer education is essential in clearing any doubt about the company’s products and services that customers may have. The role of communication in educating is crucial in projecting product quality and value to the consumer.

The role of communication in advertising relates to persuading consumers to purchase the company’s products. Advertisements persuasive in nature, and they intend to make consumers be loyal to the brand image and have a favorable attitude towards the brand. Business owners use integration communication through different channels to form a relationship with consumers, which helps them to connect on a personal level (Bolos et al., 2016). Advertisements increase company product image and develop brand-familiarities, which allows the organization to increase its market share (Tehria, 2016). The role of communication in persuading is to make their consumers decide to purchase their products and services either now or in the future.

The role of communication in advertising relates to reminding consumers to purchase the company’s products. The purpose of advertising in mentioning the customers aims at reinforcing the brand message and create reassurance to the existing and potential customers about the company’s products and services. The role of reminding is also aimed at maintaining the brand of the company on the minds of their consumers and keeping off competitors from stealing the customers. Frequent advertising and spending are associated with high quality of the product and affect consumer buying behavior and may result in creating a lifelong impression on the mind of the consumer (Haider, 2017). The reminding role of communication is effective in attracting new customers and increase goodwill from existing customers through frequent advertising.

In conclusion, the informing role of communication is critical in creating awareness about the company’s products to potential consumers. Educating part of communication informs the customers about different products existing in the market and educates them about key features about their product, which boosts their confidence in the brand. The persuading role is essential in creating demand for the product, which generates sales and profits for the company. Finally, reminding function is effective in reducing customer turnover and attracting new customers, which helps in expending the company market share. Through the four roles of communication in advertising, the company projects the quality of its product and the value the consumer will benefit in, and hence they are the most influential in business and society.

References

Boros, C., Idemudia, Efosa.C., Mai, P., Rasinghani, M. and Smith, S. (2016). Conceptual Models on the Effectiveness of E-marketing Strategies in Engaging Consumers. Journal of International Technology and Information Management, 25(4), 37-50. https://scholarworks.lib.csusb.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=1293&context=jitim

Haider, T., (2017). A study on the Influences of Advertisement on Consumer Buying Behavior. Business Studies Journal, 9(1). https://www.abacademies.org/articles/a-study-on-the-influences-of-advertisement-on-consumer-buying-behavior-7177.html

Melewar, T.C., Foroudi, P., Gupta, S., Kitchen, Philip.J. and Foroudi, Mohammad. M (2017). Integrating Identity, Strategy and Communication for Trust, Loyalty and Commitment. European Journal of Marketing, 51(3), 572-604. https://doi.org/10.1108/EJM-08-2015-0616

Tehria, S. (2016). A study of Measuring Effectiveness of Advertising in Influencing Consumer Buying Behavior. International Journal of Applied Research, 2(1), 115-120. http://www.allresearchjournal.com/archives/2016/vol2issue1/PartB/3-4-178-880.pdf

Roles of Advertising

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Objectives of the research:

The primary purpose of the research:

Research methodology:

Approach for this research:

Design for this research:

Research method:

Tools for conducting the research:

Sampling and data analysis:

Limitations of this research:

Project management:

Research resources:

Research timeline:

Research feasibility:

Research risks

Conclusions:

References:

Remember! This is just a sample.

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