Business Scenario Supposed you owned a jewellery store in Melbourne, Victoria. You are considering...

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Business Scenario Supposed you owned a jewellery store in Melbourne, Victoria. You are considering opening a second store just like your current store. You are undecided on whether to locate the new store in another location in Melbourne or open the second store in Adelaide. Go to the Australian Government Census website plus use other internet research sites relevant to this question to source information on population, demographics, income, competition etc. Questions Q1. Why would you decide to have research done before making a decision? Using the information you have sourced on-line: Q2. Explain 4 issues relevant to this jewellery business. Q3. How does product oriented, production oriented and marketing oriented research relate to this business. Is this relevant to the business decision? Q4. What are the constraints that may determine whether this research is conducted. Q5. Explain the 7 steps of the Scientific Method.

David · Accepted Answer

Questions Q1. Why would you decide to have research done before making a decision? Using the information you have sourced on-line: 
Answer Q1. Research conducted on any field, be it business or education is done in such a way that people can plan their business, career or upcoming event of their life. I would do research before entering any new venture, involving myself in new inhibitions, etc so that I’ll be ware of its consequences. Research plays the role of a key differentiator between the career arc of a successful business leader and that too of an average person who is normally consistent in being the person who makes major and important decisions.
Q2. Explain 4 issues relevant to this jewellery business.
Answer2. The total demographic population of Melbourne is 43,16,000 out of which the male population comprises of 48.7% and the female population is 51.3%. The average weekly household income is $1,148. Since the female population is high here, there is more demand for jewellery and other such embellishments that adorn female beauty. A few competitors of jewellery brands in Melbourne includes Tiffany & Co., H&H jewellery and Franco Jewellers. Jewellery is expensive in Melbourne city. The total demographic population of Adelaide is 1,63,442. Of these, the female population comprises of 50.

Business Scenario Supposed you owned a jewellery store in Melbourne, Victoria. You are considering opening a second store just like your current store. You are undecided on whether to locate the new...

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