The purpose of the research described in this paper is to evaluate the possibility of opening a new branch office of the Westpac Bank in the area called Cranbourne North 3977 VIC which is a suburb of Melbourne.
Such research has become relevant due to the increase in population in the area and the enhancement of the residents’ purchasing power. The scope of this research is limited to the Cranbourne North 3977 VIC region by collecting data and information from local residents, government offices and private agencies. The survey conducted to get feedback from individuals should be accurate and consistent. Further, it is to be noted that this research is conducted based on the possibility of growth this area may have in future. So, I will suggest you to consider these points and submit the findings within three months for the opening of a new branch in this locality.
In order to conduct a consistent research, it is firstly necessary to evaluate the rate of the population growth in the past 5 years in order to extrapolate it for projecting the growth rate for the next five years. Analysing population growth is important since it often affects the purchasing power of the people, who reside in the locality, thus increasing money inflow and stimulating other activities, such as shops, trade, and business. Such area development usually indicates the possibility of growth in the numbers of bank customers. Therefore, the positive trend in population growth suggests a potential for opening a branch of our bank in order to capture a larger market share, to earn money from all-round development of the area and to serve local people in a better way.
A study is required to be presented for the detailed planning and analysis. Verification is needed for some of the assumption about this area and this information should not be used to draw conclusions and give recommendations. While this background information can provide some insights into the area development, more extensive research is needed in order to achieve the objective stated above.
Some of the facts you should keep in mind, are:
The Westpac Bank is one of the leading four banks in Australia, and it is also the second largest Australian bank that operates in New Zealand. Since the plan of the bank is to expand by opening our branches across the country, it is important to consider both major cities and suburban areas. In particular, the research described here should focus on exploring the possibility of opening a branch in Cranbourne North 3977 VIC, a suburb of Melbourne, which has experienced rapid change in the population and economic growth in the recent years. Before initiating the research it is helpful to consider some background information.
It is believed to be the fastest growing suburbs in the city. The magnitude of growth as well as the exact number of inhabitants should be evaluated in the course of the research.
In past five years, it has covered five large nearby areas, which and they are adjacent to the main suburb.
The people residing in this area are employed in the companies and industries.
The overall cost of opening a new branch should not go beyond $2 million. This includes the cost of building construction, technology development, infrastructure development, and process management. It is also necessary to include the cost of building, furniture, and other related requirements.
The research should incorporate a number of issues, specifically:
What is the possibility of future growth in population, purchasing power of the people, and business activities?
How is the rate of business growth in this area?
Has poverty level this area declined?
What is the class of people residing?
Are they middle class people or wealthy ones?
What is the purchasing power for this population?
Does you survey show that it is on the rise?
How many people will possibly open their accounts?
Will it be more than 5000 or not?
What will be the monthly turnover or transaction?
Will it be more than $35 million or not?
What will the monthly income for this new branch ne?
Can it be is anticipated at around $5 million?
What could be the anticipated time to complete the research and survey for establishing a new bank branch?
Will it be less than three months or not?
4. Methodology and procedures
Some of the methods are explained for collecting and analyzing the data accurately so that quality of survey can be valid and authenticated. Ultimately, it will help you give your recommendation with supporting evidence. Some of suggested methods are as follows:
The process of research will be based on the official data of government and the reputed non-governmental agencies which are reliable, correct, and verifiable, such as the Aus Bureau of Statistics and the U. S. Central Intelligence Agency. Here, the aggregate population and income data, in particular, information on the overall population, historical growth rate, income dynamics and distribution, be can be taken. Future projections can be modelled using historical data. Further information on bank-specific activity (current and potential growth in business, banking associations for both potential private and business customers and the number of potential customers)should be obtained from own research by surveying business and retail customers. The number of potential customers should be evaluated as a function of the overall population in the area, the market share of competitors (number of people using other banks over the overall populations, and the average percent of people, who are willing to use the service of the banks). The same function should be later applied to the new customers, who join the market as the result of the population and average income growth, the rate of which is taken from official sources, as stated above.
The procedure to be adopted for research will be by sending the executives to the regions personally, and asking them to collect, record, and process data from the people, government offices, and business centres like shops, industry, and companies.
The executives can be formed in a single member team or a team has three or four members.
All the members of teams should briefed properly about what they will ask and the way they will present themselves before the local residents and business centres.
To attract the attention of people and business centres and showcase our purpose, it is necessary to prepare a power-point presentation which should have an eye-catching text, image, and video.
The team members can also have pamphlets, banners, posters and flyers which can be used to explain the people.
Wherever there is a large group of people, an arrangement of effective presentation should be made. Some of points to be considered for presentation are location and building where presentation will be organized, audio arrangements, decorations, and display of posters, banners, and the other materials.
If possible, using emails, important data can be shared to the people and business centres.
Based on the urgency and sensitivity of documents and data, they should be categorized as general, confidential, secret, and top secret. Wherever needed, a password should be given to the required confidential, secret, and top secret documents for their safety and security of information.
All the members of team should be familiarized with the rules and regulations for maintaining the secrecy of documents and also the way they should conduct with the people and the local agencies.
Whatever the data are collected, they should be counterchecked for their accuracy and truthfulness of the facts.
After the collection, recording and verification of data, the data about purchasing power of the people, population growth, and business centres should be analysed.
After this analysis of data, it should be presented to the quality review team for careful and independent findings and examination of the report.
If there is a positive indication from the quality team, the approximate budget and time required to complete this research will be finalized and presented for approval (details provided further).
You need to ensure that though other members will help you in the collection, analysis, and verification of the data and facts, you will be solely held accountable for any errors and omissions.
5. Presentation of the overall findings
The overall findings of the report should be presented in a booklet form and it should cover the systematic presentation data using images, graphs, and diagrams.
The most important points to remember in this research are to ensure the accuracy of data and facts.
6. Budget and timeline
Since the overall cost of opening a new branch should not go beyond $2 million, the cost of research should not exceed $50, 000. This includes travelling expenses, wages of the agents and data analysts, as well as the cost of supporting materials, such as pamphlets.
At the time of submitting report, the anticipated budget required to establish this new branch should also be covered. In addition, it will also include the anticipated strength of employees required to deal with the demands of prospective customers.
The time allotted to submit this research is three month. It can be further broken down into bi-weekly targets.
Weeks1-2: preparation of the detailed research procedures and questions.
Weeks 3-4: approval and possible corrections to the preliminary plan.
Weeks 5-6: assignment of research teams, training, allocating areas and creating support materials.
Weeks 7-8: data collection and analysis.
Weeks 9-10: review by quality review teams, corrections and budget creation.
Weeks 11-12: Final corrections and report submission.
Based on the collection of data and its analysis, you need to analyze the issues logically. In order to make sure the results are significant and reliable, the results should be derived from several sources and a comparison among the data should be conducted in order to establish data consistency. It is important to ensure that the sources are reliable, consistent and properly updated. Information taken from different sources should be comparable, thus the currency, time period and the basic assumptions for all figures should be consistent across data sources.
Additionally, the data should refer to the same time frame and should not be affected by short-term factors, such as Christmas sales. Moreover, statistical tools should be used in order to analyze the data appropriately.
8. Conclusions and Recommendations
Based on the aforesaid facts, data verification, and analysis, you are advised to conclude the growth rate of population, purchasing power of the people, and business centers like shops, malls, and the related agencies in the area of Cranbourne North 3977 VIC. And, you need to further ensure that the setting up of a new branch in this developing region will be really beneficial and also create a market for giving financial services to the local people. So, I will advise you to give your recommendation to me and the allied higher authorities of this bank. I am of the firm conviction that you will carry out this responsibility with total commitment and deliver your findings and recommendations within the specified timeframe, and rules and regulations of the bank.
Dingle, T &O’Hanlon, S, 2009, “ From manufacturing zone to lifestyle precinct: economic restructuring and social change in inner Melbourne, 1971–2001”. Australian Economic History Review, Vol. 49, No. 1, pp. 52–69,