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MITS5004 Assignment 3
2 Copyright © 2015-2018 VIT, All Rights Reserved.
MITS5004 IT Security - 2020S1
Assignment No 3 – Project Work
Critical Analysis of Security Tools
Submission Guidelines:
This assessment task is major assignment and done in groups (3-
4 students) and you will be
required to work together to apply your knowledge, to analyse
critically the tools used in IT
security. In this assessment you will work in groups by sharing
individual tasks on a major
practical based case to analyse and devise solutions to security
threats, identify security
components needed and implement a solution. This will cover
all the four learning outcomes of
the unit. All submissions are to be submitted through turn-it-in.
Drop-boxes linked to turn-it-in
will be set up in the Unit of Study Moodle account.
Assignments not submitted through these
drop- boxes will not be considered. Submissions must be made
by the due date and time. This
Assignment-3 is a group assignment and contributes 30% of
your unit marks - Critical Analysis
of Security Tools (Due in Session 12)
The turn-it-in similarity score will be used in determining the
level if any of plagiarism. Turn-it-
in will check conference web-sites, Journal articles, the Web
and your own class member
submissions for plagiarism. You can see your turn-it-in
similarity score when you submit your
assignment to the appropriate drop-box. If this is a concern you
will have a chance to change
your assignment and re-submit. However, re-submission is only
allowed prior to the submission
due date and time. After the due date and time have elapsed you
cannot make re-submissions and
you will have to live with the similarity score as there will be
no chance for changing. Thus, plan
early and submit early to take advantage of this feature. You
can make multiple submissions, but
please remember we only see the last submission, and the date
and time you submitted will be
taken from that submission.
Your document should be a single word or pdf document
containing your report.
MITS5004 Assignment 3
3 Copyright © 2015-2018 VIT, All Rights Reserved.
Objective(s)
This assessment item relates to the unit learning outcomes as in
the unit descriptor. This
assessment is designed to improve the ability of students to
critically analyse security tools and
present their findings. This assignment also provides an
opportunity to work in a group and to
achieve a joint objective.
Description
Each group is required to critically analyse any 2 security tools
from the list and demonstrate the
functionality of the tools in a video presentation. The list of
tools for the assignment include:
• Hydra
• Maltego
• NMap
• Zed Attack Proxy
• SqlMap
• Metasploit Framework
• Burp Suite
• Nessus
• Nikto
• Snort
• Wireshark
• Siege
The tools need to be launched in Linux terminal (a user could
be created for any member of the
group).
Each group is required to:
1. Install and launch the 2 security tools in Linux terminal (a
user could be created for any
member of the group). Screenshots need to be provided with a
brief description.
2. Evaluate 4 features of each tool. Description and screenshots
need to be provided for
each tool.
MITS5004 Assignment 3
4 Copyright © 2015-2018 VIT, All Rights Reserved.
3. Critically analyse each tool in terms of:
a) Ease of Use
b) Performance
c) Scalability
d) Availability
e) Reporting and analytics
4. Demonstrate the 4 features of the tool in a short video not
more than 5 Minutes. Each
student is required to demonstrate 1 feature for each tool. If a
student does not
demonstrate in the video, the student will not be marked for the
demonstration marks
Instructions
These instructions apply to Assignment 3 Group Assignment –
Critical Analysis of Network
Security Tools. The students are required to form a group
comprising of 3 to 4 students from
the same session. The group is required to notify the lecturer of
the students in the group and
the network security tools that they have opted for by the end of
week 6.
Submissions
Each group is required to submit a single report and a video
presentation on the given link on
Moodle. Each student is required to demonstrate 1 feature of
each network security tool in the
video presentation.
Submit your report to the Moodle drop-box for Assignment 3.
Note that this will be a turn-it-in
drop box and as such you will be provided with a similarity
score. This will be taken into account
when grading the assignment. Note that incidents of plagiarism
will be penalized. If your
similarity score is high you can re-submit your report, but re-
submissions are only allowed up to
the due date. If you submit your assignment after the due date
and time re-submissions will not
be allowed.
Please Note: All work is due by the due date and time. Late
submissions will be penalized at the
rate of 10% per day including weekends.
Your report should be limited to approx. 2000 words (not
including references). Use 1.5 spacing
with a 12 point Time New Roman font. Citation of sources is
mandatory and must be in the IEEE
style.
MITS5004 Assignment 3
5 Copyright © 2015-2018 VIT, All Rights Reserved.
Marking Guide: 75 Marks
Task Description Marks
Introduction This section should include a few sentences which
provide an outline
of the assignment.
5
Report Layout The report style, language and structure should
be appropriate. 5
Tool Launch Install and launch the 2 security tools in Linux
terminal (a user could
be created for any member of the group). Screenshots need to be
provided with a brief description.
6
Evaluation Evaluate 4 features of each tool. Description and
screenshots need
to be provided for each tool.
16
Analysis Critically analyse each tool in terms of:
a) Ease of Use
b) Performance
c) Scalability
d) Availability
e) Reporting and analytics
20
Demonstration Each group is required to submit a video
demonstration of not more
than 5 minutes, each member is required to demonstrate 1
feature
of each tool.
15
Conclusion Summary of the report. 4
References Follow the IEEE style 4
Plagiarism and collusion
All students in the groups are warned that VIT takes a serious
stand on Plagiarism and
collusion. VIT will apply heavy penalties if individuals and
groups are caught in academic
misconduct. VIT uses sophisticated TURNITIN software built-
in the LMS Moodle system for
detecting plagiarism and collusion.
Note: Turnitin is a text-matching software that checks a
student’s written work against
electronic texts from the Internet, published works (such as
journal articles and books), and
assignments/reports/articles previously submitted to Turnitin or
otherwise elsewhere by other
students. So please be warned!
MITS5004 IT Security - 2020S1Critical Analysis of Security
ToolsDescriptionInstructionsSubmissionsMarking Guide: 75
Marks
Smokeshop same day delivery service app
What is market research?
Market research is the process of gathering information about
your business's buyers personas, target audience, and customers
to determine how viable and successful your product or service
would be among these people.
Market research tells you where these members of your
audience and base of customers are conducting their own buyer
research about products and services similar to those you sell. It
also tells you what's trending in your industry, what your target
audience and customers want and need out of products and
services like yours, and what's influencing their decisions to
convert and buy.Primary vs. Secondary Research
There are two main types of market research that your business
can conduct to collect actionable information on your products
including primary research and secondary research.
Primary Research
Primary research is the pursuit of firsthand information on your
market and its customers. You can use focus groups, online
surveys, phone interviews, and more to gather fresh details on
the challenges your buyers face and the brand awareness behind
your company.
Primary research is useful when segmenting your market and
establishing your buyer personas, and this research tends to fall
into one of two buckets:
· Exploratory Research: This kind of primary market research is
less concerned with measurable customer trends and more about
potential problems that would be worth tackling as a team. It
normally takes place as a first step before any specific
research has been performed, and can involve open-ended
interviews or surveys with small numbers of people.
· Specific Research: This kind of primary market research often
follows exploratory research, and is used to dive into issues or
opportunities the business has already identified as important.
In specific research, the business can take a smaller or more
precise segment of their audience and ask questions aimed at
solving a suspected problem.
Secondary Research
Secondary research is all the data and public records you have
at your disposal to draw conclusions from. This includes trend
reports, market statistics, industry content, and sales data you
already have on your business.
Secondary research is particularly useful for analyzing your
competitors. Here are three types of secondary research sources
that make this process so beneficial:
· Public Sources: These sources are your first and most
accessible layer of material when conducting secondary market
research. Being free to find and read — usually — they offer
the most bang for your buck. Government statistics are arguably
your most common public sources, according
to Entrepreneur. Two U.S. examples of public market data are
the U.S. Census Bureau and the Bureau of Labor & Statistics,
both of which offer helpful information on the state of various
industries nationwide.
· Commercial Sources: These sources often come in the form of
market reports, consisting of industry insight compiled by a
research agency like Pew, Gartner, or Forrester. Because this
info is so portable and distributable, it typically costs money to
download and obtain.
· Internal Sources: Internal sources deserve more credit for
supporting market research than they generally get. Why? This
is the market data your organization already has in-house.
Average revenue per sale, customer retention rates, and other
historical data on the health of old and new accounts can all
help you draw conclusions on what your buyers might want
right now.
Now, let's take a look at how you can conduct your market
research.How to Do Market Research
Conducting thorough market research can help businesses grow
better, but doing it right is just as important. Here's how to do
market research step-by-step.
1. Define your buyer persona.
Before you dive into how customers in your industry make
buying decisions, you must first understand who they are. This
is the beginning of your primary market research — where
buyer personas come in handy.
Buyer personas — sometimes referred to as marketing personas
— are fictional, generalized representations of your ideal
customers. They help you visualize your audience, streamline
your communications, and inform your strategy. Some key
characteristics you should be keen on including in your buyer
persona are:
· Age
· Gender
· Location
· Job title(s)
· Job titles
· Family size
· Income
· Major challenges
The idea is ultimately to use this persona as a guideline for
when you reach and learn about actual customers in your
industry (you'll do this in the steps below).
To get started with creating your personas, check out these free
templates, as well as this helpful tool. These resources are
designed to help you organize your audience segments, collect
the right information, select the right format, and so on.
You may find that your business lends itself to more than one
persona — that's fine! You just need to be sure that you're being
thoughtful about the specific persona you are optimizing for
when planning content and campaigns.
Use a free tool to create a buyer persona that your entire
company can use to market, sell, and serve better.
2. Identify a portion of that persona to engage.
Now that you know who your buyer personas are, you'll need to
find a representative sample of your target customers to
understand their actual characteristics, challenges, and buying
habits.
These should be folks who recently made a purchase (or
purposefully decided not to make one), and you can meet with
them in a number of ways:
· In-person via a focus group
· Administering an online survey
· Individual phone interviews
We've developed a few guidelines and tips that'll help you get
the right participants for your research. Let's walk through
them.Choosing Which Buyers to Survey
When choosing whom you want to engage to conduct market
research, start with the characteristics that apply to your buyer
persona. This will vary for every organization, but here are
some additional guidelines that will apply to just about any
scenario:
· Shoot for 10 participants per buyer persona. We recommend
focusing on one persona, but if you feel it's necessary to
research multiple personas, be sure to recruit a separate sample
group for each one.
· Select people who have recently interacted with you. You may
want to focus on folks that have completed an evaluation within
the past six months — or up to a year if you have a longer sales
cycle or niche market. You'll be asking very detailed questions
so it's important that their experience is fresh.
· Aim for a mix of participants. You want to recruit people who
have purchased your product, folks who purchased a
competitor's product, and a few who decided not to purchase
anything at all. While your own customers will be the easiest to
find and recruit, sourcing information from others will help you
develop a balanced view.
3. Engage your market research participants.
Market research firms have panels of people they can pull from
when they want to conduct a study. The trouble is, most
individual marketers don't have that luxury — and that's not
necessarily a bad thing. In fact, the time you'll spend recruiting
exclusively for your study will often lead to better participants.
Here's a simple recruiting process to guide your efforts:
1. Pull a list of customers who made a recent purchase. As we
mentioned before, this is usually the easiest set of buyers to
recruit. If you're using a CRM system, you can run a report of
deals that closed within the past six months and filter it for the
characteristics you're looking for. Otherwise, you can work with
your sales team to get a list of appropriate accounts from them.
2. Pull a list of customers who were in an active evaluation, but
didn't make a purchase. You should get a mix of buyers who
either purchased from a competitor or decided not to make a
purchase. Again, you can get this list from your CRM or from
whatever system your Sales team uses to track deals.
3. Call for participants on social media. Try reaching out to the
folks that follow you on social media, but decided not to buy
from you. There's a chance that some of them will be willing to
talk to you and tell you why they ultimately decided not to buy
your product.
4. Leverage your own network. Get the word out to your
coworkers, former colleagues, and LinkedIn connections that
you're conducting a study. Even if your direct connections don't
qualify, some of them will likely have a coworker, friend, or
family member who does.
5. Choose an incentive. Time is precious, so you'll need to think
about how you will motivate someone to spend 30-45 minutes
on you and your study. On a tight budget? You can reward
participants for free by giving them exclusive access to content.
Another option? Send a simple handwritten 'thank you' note
once the study is complete.
4. Prepare your research questions.
The best way to make sure you get the most out of your
conversations is to be prepared. You should always create a
discussion guide — whether it's for a focus group, online
survey, or a phone interview — to make sure you cover all of
the top-of-mind questions and use your time wisely.
(Note: This is not intended to be a script. The discussions
should be natural and conversational, so we encourage you to go
out of order or probe into certain areas as you see fit.)
Your discussion guide should be in an outline format, with a
time allotment and open-ended questions allotted for each
section.
Wait, all open-ended questions?
Yes — this is a golden rule of market research. You never want
to "lead the witness" by asking yes/no questions, as that puts
you at risk of unintentionally swaying their thoughts by leading
with your own hypothesis. Asking open-ended questions also
helps you avoid those painful one-word answers.
Here's a general outline for a 30-minute survey of one B2B
buyer. You can use these as talking points for an in-person
interview, or as questions posed on a digital form to administer
as a survey to your target customers.Background Information (5
Minutes)
Ask the buyer to give you a little background information (their
title, how long they've been with the company, and so on).
Then, ask a fun/easy question to warm things up (first concert
attended, favorite restaurant in town, last vacation, etc.).
Remember, you want to get to know your buyers in pretty
specific ways. You might be able to capture basic information
such as age, location, and job title from your contact list, there
are some personal and professional challenges you can really
only learn by asking. Here are some other key background
questions to ask your target audience:
· Describe to me how your work team is structured.
· Tell me about your personal job responsibilities.
· What are the team's goals and how do you measure them?
· What has been your biggest challenge in the past year?
Now, make a transition to acknowledge the specific purchase or
interaction they made that led to you including them in the
study. The next three stages of the buyer's journey will focus
specifically on that purchase.Awareness (5 Minutes)
Here, you want to understand how they first realized they had a
problem that needed to be solved without getting into whether
or not they knew about your brand yet.
· Think back to when you first realized you needed a [name the
product/service category, but not yours specifically]. What
challenges were you facing at the time?
· How did you know that something in this category could help
you?
· How familiar were you with different options on the
market?Consideration (10 Minutes)
Now you want to get very specific about how and where the
buyer researched potential solutions. Plan to interject to ask for
more details.
· What was the first thing you did to research potential
solutions? How helpful was this source?
· Where did you go to find more information?
If they don't come up organically, ask about search engines,
websites visited, people consulted, and so on. Probe, as
appropriate, with some of the following questions:
· How did you find that source?
· How did you use vendor websites?
· What words specifically did you search on Google?
· How helpful was it? How could it be better?
· Who provided the most (and least) helpful information? What
did that look like?
· Tell me about your experiences with the sales people from
each vendor.Decision (10 Minutes)
· Which of the sources you described above was the most
influential in driving your decision?
· What, if any, criteria did you establish to compare the
alternatives?
· What vendors made it to the short list and what were the
pros/cons of each?
· Who else was involved in the final decision? What role did
each of these people play?
· What factors ultimately influenced your final purchasing
decision?Closing
Here, you want to wrap up and understand what could have been
better for the buyer.
· Ask them what their ideal buying process would look like.
How would it differ from what they experienced?
· Allow time for further questions on their end.
· Don't forget to thank them for their time and confirm their
address to send a thank-you note or incentive.
5. List your primary competitors.
Understanding your competitors begins your secondary market
research. But keep in mind competition isn't always as simple as
Company X versus Company Y.
Sometimes, a division of a company might compete with your
main product or service, even though that company's brand
might put more effort in another area. Apple is known for its
laptops and mobile devices, for example, but Apple Music
competes with Spotify — which doesn't sell hardware (yet) —
over its music streaming service.
From a content standpoint, you might compete with a blog,
YouTube channel, or similar publication for inbound website
visitors — even though their products don't overlap with yours
at all. A toothpaste developer, for example, might compete with
magazines like Health.com or Prevention on certain blog topics
related to nutrition, even though these magazines don't actually
sell oral care products.Identifying Industry Competitors
To identify competitors whose products or services overlap with
yours, determine which industry or industries you're pursuing.
Start high-level, using terms like education, construction, media
& entertainment, food service, healthcare, retail, financial
services, telecommunications, and agriculture.
The list goes on, but find an industry term that you identify
with, and use it to create a list of companies that also belong to
this industry. You can build your list the following ways:
· Review your industry quadrant on G2 Crowd. In certain
industries, this is your best first step in secondary market
research. G2 Crowd aggregates user ratings and social data to
create "quadrants," where you can see companies plotted as
contenders, leaders, niche, and high performers in their
respective industries. G2 Crowd specializes in digital content,
IT services, HR, ecommerce, and related business services.
· Download a market report. Companies like Forrester and
Gartner offer both free and gated market forecasts every year on
the vendors who are leading their industry. On Forrester's
website, for example, you can select "Latest Research" from the
navigation bar and browse Forrester's latest material using a
variety of criteria to narrow your search. These reports are good
assets to save on your computer.
· Search using social media. Believe it or not, social networks
make great company directories if you use the search bar
correctly. On LinkedIn, for example, select the search bar and
enter the name of the industry you're pursuing. Then, under
"More," select "Companies" to narrow your results to just the
businesses that include this or a similar industry term on their
LinkedIn profile.Identifying Content Competitors
Search engines are your best friends in this area of secondary
market research. To find the online publications with which you
compete, take the overarching industry term you identified in
the section above, and come up with a handful of more specific
industry terms your company identifies with.
A catering business, for example, might generally be a "food
service" company, but also consider itself a vendor in "event
catering," "cake catering," "baked goods," and more.
Once you have this list, do the following:
· Google it. Don't underestimate the value in seeing which
websites come up when you run a search on Google for the
industry terms that describe your company. You might find a
mix of product developers, blogs, magazines, and more.
· Compare your search results against your buyer
persona. Remember the buyer persona you created during
the primary research stage, earlier in this article? Use it to
examine how likely a publication you found through Google
could steal website traffic from you. If the content the website
publishes seems like the stuff your buyer persona would want to
see, it's a potential competitor, and should be added to your list
of competitors.
After a series of similar Google searches for the industry terms
you identify with, look for repetition in the website domains
that have come up. Examine the first two or three results pages
for each search you conducted. These websites are clearly
respected for the content they create in your industry, and
should be watched carefully as you build your own library of
videos, reports, web pages, and blog posts.
6. Summarize your findings.
Feeling overwhelmed by the notes you took? We suggest
looking for common themes that will help you tell a story and
create a list of action items.
To make the process easier, try using your favorite presentation
software to make a report, as it will make it easy to add in
quotes, diagrams, or call clips. Feel free to add your own flair,
but the following outline should help you craft a clear summary:
· Background. Your goals and why you conducted this study.
· Participants. Who you talked to. A table works well so you
can break groups down by persona and customer/prospect.
· Executive Summary. What were the most interesting things
you learned? What do you plan to do about it?
· Awareness. Describe the common triggers that lead someone
to enter into an evaluation. Note: Quotes can be very powerful.
· Consideration. Provide the main themes you uncovered, as
well as the detailed sources buyers use when conducting their
evaluation.
· Decision. Paint the picture of how a decision is really made by
including the people at the center of influence and any product
features or information that can make or break a deal.
· Action Plan. Your analysis probably uncovered a few
campaigns you can run to get your brand in front of buyers
earlier and/or more effectively. Provide your list of priorities, a
timeline, and the impact it will have on your business.Begin
Conducting Market Research

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  • 1. MITS5004 Assignment 3 2 Copyright © 2015-2018 VIT, All Rights Reserved. MITS5004 IT Security - 2020S1 Assignment No 3 – Project Work Critical Analysis of Security Tools Submission Guidelines: This assessment task is major assignment and done in groups (3- 4 students) and you will be required to work together to apply your knowledge, to analyse critically the tools used in IT security. In this assessment you will work in groups by sharing individual tasks on a major practical based case to analyse and devise solutions to security threats, identify security components needed and implement a solution. This will cover all the four learning outcomes of the unit. All submissions are to be submitted through turn-it-in. Drop-boxes linked to turn-it-in will be set up in the Unit of Study Moodle account. Assignments not submitted through these drop- boxes will not be considered. Submissions must be made by the due date and time. This Assignment-3 is a group assignment and contributes 30% of
  • 2. your unit marks - Critical Analysis of Security Tools (Due in Session 12) The turn-it-in similarity score will be used in determining the level if any of plagiarism. Turn-it- in will check conference web-sites, Journal articles, the Web and your own class member submissions for plagiarism. You can see your turn-it-in similarity score when you submit your assignment to the appropriate drop-box. If this is a concern you will have a chance to change your assignment and re-submit. However, re-submission is only allowed prior to the submission due date and time. After the due date and time have elapsed you cannot make re-submissions and you will have to live with the similarity score as there will be no chance for changing. Thus, plan early and submit early to take advantage of this feature. You can make multiple submissions, but please remember we only see the last submission, and the date and time you submitted will be taken from that submission. Your document should be a single word or pdf document containing your report. MITS5004 Assignment 3 3 Copyright © 2015-2018 VIT, All Rights Reserved.
  • 3. Objective(s) This assessment item relates to the unit learning outcomes as in the unit descriptor. This assessment is designed to improve the ability of students to critically analyse security tools and present their findings. This assignment also provides an opportunity to work in a group and to achieve a joint objective. Description Each group is required to critically analyse any 2 security tools from the list and demonstrate the functionality of the tools in a video presentation. The list of tools for the assignment include: • Hydra • Maltego • NMap • Zed Attack Proxy • SqlMap • Metasploit Framework • Burp Suite • Nessus • Nikto • Snort • Wireshark • Siege
  • 4. The tools need to be launched in Linux terminal (a user could be created for any member of the group). Each group is required to: 1. Install and launch the 2 security tools in Linux terminal (a user could be created for any member of the group). Screenshots need to be provided with a brief description. 2. Evaluate 4 features of each tool. Description and screenshots need to be provided for each tool. MITS5004 Assignment 3 4 Copyright © 2015-2018 VIT, All Rights Reserved. 3. Critically analyse each tool in terms of: a) Ease of Use b) Performance c) Scalability d) Availability e) Reporting and analytics 4. Demonstrate the 4 features of the tool in a short video not
  • 5. more than 5 Minutes. Each student is required to demonstrate 1 feature for each tool. If a student does not demonstrate in the video, the student will not be marked for the demonstration marks Instructions These instructions apply to Assignment 3 Group Assignment – Critical Analysis of Network Security Tools. The students are required to form a group comprising of 3 to 4 students from the same session. The group is required to notify the lecturer of the students in the group and the network security tools that they have opted for by the end of week 6. Submissions Each group is required to submit a single report and a video presentation on the given link on Moodle. Each student is required to demonstrate 1 feature of each network security tool in the video presentation. Submit your report to the Moodle drop-box for Assignment 3. Note that this will be a turn-it-in drop box and as such you will be provided with a similarity score. This will be taken into account when grading the assignment. Note that incidents of plagiarism will be penalized. If your
  • 6. similarity score is high you can re-submit your report, but re- submissions are only allowed up to the due date. If you submit your assignment after the due date and time re-submissions will not be allowed. Please Note: All work is due by the due date and time. Late submissions will be penalized at the rate of 10% per day including weekends. Your report should be limited to approx. 2000 words (not including references). Use 1.5 spacing with a 12 point Time New Roman font. Citation of sources is mandatory and must be in the IEEE style. MITS5004 Assignment 3 5 Copyright © 2015-2018 VIT, All Rights Reserved. Marking Guide: 75 Marks Task Description Marks Introduction This section should include a few sentences which provide an outline of the assignment.
  • 7. 5 Report Layout The report style, language and structure should be appropriate. 5 Tool Launch Install and launch the 2 security tools in Linux terminal (a user could be created for any member of the group). Screenshots need to be provided with a brief description. 6 Evaluation Evaluate 4 features of each tool. Description and screenshots need to be provided for each tool. 16 Analysis Critically analyse each tool in terms of: a) Ease of Use b) Performance c) Scalability d) Availability e) Reporting and analytics 20 Demonstration Each group is required to submit a video demonstration of not more than 5 minutes, each member is required to demonstrate 1 feature of each tool. 15 Conclusion Summary of the report. 4
  • 8. References Follow the IEEE style 4 Plagiarism and collusion All students in the groups are warned that VIT takes a serious stand on Plagiarism and collusion. VIT will apply heavy penalties if individuals and groups are caught in academic misconduct. VIT uses sophisticated TURNITIN software built- in the LMS Moodle system for detecting plagiarism and collusion. Note: Turnitin is a text-matching software that checks a student’s written work against electronic texts from the Internet, published works (such as journal articles and books), and assignments/reports/articles previously submitted to Turnitin or otherwise elsewhere by other students. So please be warned! MITS5004 IT Security - 2020S1Critical Analysis of Security ToolsDescriptionInstructionsSubmissionsMarking Guide: 75 Marks Smokeshop same day delivery service app What is market research? Market research is the process of gathering information about your business's buyers personas, target audience, and customers to determine how viable and successful your product or service would be among these people. Market research tells you where these members of your audience and base of customers are conducting their own buyer research about products and services similar to those you sell. It also tells you what's trending in your industry, what your target audience and customers want and need out of products and services like yours, and what's influencing their decisions to
  • 9. convert and buy.Primary vs. Secondary Research There are two main types of market research that your business can conduct to collect actionable information on your products including primary research and secondary research. Primary Research Primary research is the pursuit of firsthand information on your market and its customers. You can use focus groups, online surveys, phone interviews, and more to gather fresh details on the challenges your buyers face and the brand awareness behind your company. Primary research is useful when segmenting your market and establishing your buyer personas, and this research tends to fall into one of two buckets: · Exploratory Research: This kind of primary market research is less concerned with measurable customer trends and more about potential problems that would be worth tackling as a team. It normally takes place as a first step before any specific research has been performed, and can involve open-ended interviews or surveys with small numbers of people. · Specific Research: This kind of primary market research often follows exploratory research, and is used to dive into issues or opportunities the business has already identified as important. In specific research, the business can take a smaller or more precise segment of their audience and ask questions aimed at solving a suspected problem. Secondary Research Secondary research is all the data and public records you have at your disposal to draw conclusions from. This includes trend reports, market statistics, industry content, and sales data you already have on your business. Secondary research is particularly useful for analyzing your competitors. Here are three types of secondary research sources that make this process so beneficial: · Public Sources: These sources are your first and most
  • 10. accessible layer of material when conducting secondary market research. Being free to find and read — usually — they offer the most bang for your buck. Government statistics are arguably your most common public sources, according to Entrepreneur. Two U.S. examples of public market data are the U.S. Census Bureau and the Bureau of Labor & Statistics, both of which offer helpful information on the state of various industries nationwide. · Commercial Sources: These sources often come in the form of market reports, consisting of industry insight compiled by a research agency like Pew, Gartner, or Forrester. Because this info is so portable and distributable, it typically costs money to download and obtain. · Internal Sources: Internal sources deserve more credit for supporting market research than they generally get. Why? This is the market data your organization already has in-house. Average revenue per sale, customer retention rates, and other historical data on the health of old and new accounts can all help you draw conclusions on what your buyers might want right now. Now, let's take a look at how you can conduct your market research.How to Do Market Research Conducting thorough market research can help businesses grow better, but doing it right is just as important. Here's how to do market research step-by-step. 1. Define your buyer persona. Before you dive into how customers in your industry make buying decisions, you must first understand who they are. This is the beginning of your primary market research — where buyer personas come in handy. Buyer personas — sometimes referred to as marketing personas — are fictional, generalized representations of your ideal customers. They help you visualize your audience, streamline your communications, and inform your strategy. Some key
  • 11. characteristics you should be keen on including in your buyer persona are: · Age · Gender · Location · Job title(s) · Job titles · Family size · Income · Major challenges The idea is ultimately to use this persona as a guideline for when you reach and learn about actual customers in your industry (you'll do this in the steps below). To get started with creating your personas, check out these free templates, as well as this helpful tool. These resources are designed to help you organize your audience segments, collect the right information, select the right format, and so on. You may find that your business lends itself to more than one persona — that's fine! You just need to be sure that you're being thoughtful about the specific persona you are optimizing for when planning content and campaigns. Use a free tool to create a buyer persona that your entire company can use to market, sell, and serve better. 2. Identify a portion of that persona to engage. Now that you know who your buyer personas are, you'll need to find a representative sample of your target customers to understand their actual characteristics, challenges, and buying habits. These should be folks who recently made a purchase (or purposefully decided not to make one), and you can meet with them in a number of ways: · In-person via a focus group · Administering an online survey · Individual phone interviews We've developed a few guidelines and tips that'll help you get
  • 12. the right participants for your research. Let's walk through them.Choosing Which Buyers to Survey When choosing whom you want to engage to conduct market research, start with the characteristics that apply to your buyer persona. This will vary for every organization, but here are some additional guidelines that will apply to just about any scenario: · Shoot for 10 participants per buyer persona. We recommend focusing on one persona, but if you feel it's necessary to research multiple personas, be sure to recruit a separate sample group for each one. · Select people who have recently interacted with you. You may want to focus on folks that have completed an evaluation within the past six months — or up to a year if you have a longer sales cycle or niche market. You'll be asking very detailed questions so it's important that their experience is fresh. · Aim for a mix of participants. You want to recruit people who have purchased your product, folks who purchased a competitor's product, and a few who decided not to purchase anything at all. While your own customers will be the easiest to find and recruit, sourcing information from others will help you develop a balanced view. 3. Engage your market research participants. Market research firms have panels of people they can pull from when they want to conduct a study. The trouble is, most individual marketers don't have that luxury — and that's not necessarily a bad thing. In fact, the time you'll spend recruiting exclusively for your study will often lead to better participants. Here's a simple recruiting process to guide your efforts: 1. Pull a list of customers who made a recent purchase. As we mentioned before, this is usually the easiest set of buyers to recruit. If you're using a CRM system, you can run a report of deals that closed within the past six months and filter it for the characteristics you're looking for. Otherwise, you can work with your sales team to get a list of appropriate accounts from them.
  • 13. 2. Pull a list of customers who were in an active evaluation, but didn't make a purchase. You should get a mix of buyers who either purchased from a competitor or decided not to make a purchase. Again, you can get this list from your CRM or from whatever system your Sales team uses to track deals. 3. Call for participants on social media. Try reaching out to the folks that follow you on social media, but decided not to buy from you. There's a chance that some of them will be willing to talk to you and tell you why they ultimately decided not to buy your product. 4. Leverage your own network. Get the word out to your coworkers, former colleagues, and LinkedIn connections that you're conducting a study. Even if your direct connections don't qualify, some of them will likely have a coworker, friend, or family member who does. 5. Choose an incentive. Time is precious, so you'll need to think about how you will motivate someone to spend 30-45 minutes on you and your study. On a tight budget? You can reward participants for free by giving them exclusive access to content. Another option? Send a simple handwritten 'thank you' note once the study is complete. 4. Prepare your research questions. The best way to make sure you get the most out of your conversations is to be prepared. You should always create a discussion guide — whether it's for a focus group, online survey, or a phone interview — to make sure you cover all of the top-of-mind questions and use your time wisely. (Note: This is not intended to be a script. The discussions should be natural and conversational, so we encourage you to go out of order or probe into certain areas as you see fit.) Your discussion guide should be in an outline format, with a time allotment and open-ended questions allotted for each section. Wait, all open-ended questions? Yes — this is a golden rule of market research. You never want
  • 14. to "lead the witness" by asking yes/no questions, as that puts you at risk of unintentionally swaying their thoughts by leading with your own hypothesis. Asking open-ended questions also helps you avoid those painful one-word answers. Here's a general outline for a 30-minute survey of one B2B buyer. You can use these as talking points for an in-person interview, or as questions posed on a digital form to administer as a survey to your target customers.Background Information (5 Minutes) Ask the buyer to give you a little background information (their title, how long they've been with the company, and so on). Then, ask a fun/easy question to warm things up (first concert attended, favorite restaurant in town, last vacation, etc.). Remember, you want to get to know your buyers in pretty specific ways. You might be able to capture basic information such as age, location, and job title from your contact list, there are some personal and professional challenges you can really only learn by asking. Here are some other key background questions to ask your target audience: · Describe to me how your work team is structured. · Tell me about your personal job responsibilities. · What are the team's goals and how do you measure them? · What has been your biggest challenge in the past year? Now, make a transition to acknowledge the specific purchase or interaction they made that led to you including them in the study. The next three stages of the buyer's journey will focus specifically on that purchase.Awareness (5 Minutes) Here, you want to understand how they first realized they had a problem that needed to be solved without getting into whether or not they knew about your brand yet. · Think back to when you first realized you needed a [name the product/service category, but not yours specifically]. What challenges were you facing at the time? · How did you know that something in this category could help you? · How familiar were you with different options on the
  • 15. market?Consideration (10 Minutes) Now you want to get very specific about how and where the buyer researched potential solutions. Plan to interject to ask for more details. · What was the first thing you did to research potential solutions? How helpful was this source? · Where did you go to find more information? If they don't come up organically, ask about search engines, websites visited, people consulted, and so on. Probe, as appropriate, with some of the following questions: · How did you find that source? · How did you use vendor websites? · What words specifically did you search on Google? · How helpful was it? How could it be better? · Who provided the most (and least) helpful information? What did that look like? · Tell me about your experiences with the sales people from each vendor.Decision (10 Minutes) · Which of the sources you described above was the most influential in driving your decision? · What, if any, criteria did you establish to compare the alternatives? · What vendors made it to the short list and what were the pros/cons of each? · Who else was involved in the final decision? What role did each of these people play? · What factors ultimately influenced your final purchasing decision?Closing Here, you want to wrap up and understand what could have been better for the buyer. · Ask them what their ideal buying process would look like. How would it differ from what they experienced? · Allow time for further questions on their end. · Don't forget to thank them for their time and confirm their address to send a thank-you note or incentive.
  • 16. 5. List your primary competitors. Understanding your competitors begins your secondary market research. But keep in mind competition isn't always as simple as Company X versus Company Y. Sometimes, a division of a company might compete with your main product or service, even though that company's brand might put more effort in another area. Apple is known for its laptops and mobile devices, for example, but Apple Music competes with Spotify — which doesn't sell hardware (yet) — over its music streaming service. From a content standpoint, you might compete with a blog, YouTube channel, or similar publication for inbound website visitors — even though their products don't overlap with yours at all. A toothpaste developer, for example, might compete with magazines like Health.com or Prevention on certain blog topics related to nutrition, even though these magazines don't actually sell oral care products.Identifying Industry Competitors To identify competitors whose products or services overlap with yours, determine which industry or industries you're pursuing. Start high-level, using terms like education, construction, media & entertainment, food service, healthcare, retail, financial services, telecommunications, and agriculture. The list goes on, but find an industry term that you identify with, and use it to create a list of companies that also belong to this industry. You can build your list the following ways: · Review your industry quadrant on G2 Crowd. In certain industries, this is your best first step in secondary market research. G2 Crowd aggregates user ratings and social data to create "quadrants," where you can see companies plotted as contenders, leaders, niche, and high performers in their respective industries. G2 Crowd specializes in digital content, IT services, HR, ecommerce, and related business services. · Download a market report. Companies like Forrester and Gartner offer both free and gated market forecasts every year on the vendors who are leading their industry. On Forrester's website, for example, you can select "Latest Research" from the
  • 17. navigation bar and browse Forrester's latest material using a variety of criteria to narrow your search. These reports are good assets to save on your computer. · Search using social media. Believe it or not, social networks make great company directories if you use the search bar correctly. On LinkedIn, for example, select the search bar and enter the name of the industry you're pursuing. Then, under "More," select "Companies" to narrow your results to just the businesses that include this or a similar industry term on their LinkedIn profile.Identifying Content Competitors Search engines are your best friends in this area of secondary market research. To find the online publications with which you compete, take the overarching industry term you identified in the section above, and come up with a handful of more specific industry terms your company identifies with. A catering business, for example, might generally be a "food service" company, but also consider itself a vendor in "event catering," "cake catering," "baked goods," and more. Once you have this list, do the following: · Google it. Don't underestimate the value in seeing which websites come up when you run a search on Google for the industry terms that describe your company. You might find a mix of product developers, blogs, magazines, and more. · Compare your search results against your buyer persona. Remember the buyer persona you created during the primary research stage, earlier in this article? Use it to examine how likely a publication you found through Google could steal website traffic from you. If the content the website publishes seems like the stuff your buyer persona would want to see, it's a potential competitor, and should be added to your list of competitors. After a series of similar Google searches for the industry terms you identify with, look for repetition in the website domains that have come up. Examine the first two or three results pages for each search you conducted. These websites are clearly respected for the content they create in your industry, and
  • 18. should be watched carefully as you build your own library of videos, reports, web pages, and blog posts. 6. Summarize your findings. Feeling overwhelmed by the notes you took? We suggest looking for common themes that will help you tell a story and create a list of action items. To make the process easier, try using your favorite presentation software to make a report, as it will make it easy to add in quotes, diagrams, or call clips. Feel free to add your own flair, but the following outline should help you craft a clear summary: · Background. Your goals and why you conducted this study. · Participants. Who you talked to. A table works well so you can break groups down by persona and customer/prospect. · Executive Summary. What were the most interesting things you learned? What do you plan to do about it? · Awareness. Describe the common triggers that lead someone to enter into an evaluation. Note: Quotes can be very powerful. · Consideration. Provide the main themes you uncovered, as well as the detailed sources buyers use when conducting their evaluation. · Decision. Paint the picture of how a decision is really made by including the people at the center of influence and any product features or information that can make or break a deal. · Action Plan. Your analysis probably uncovered a few campaigns you can run to get your brand in front of buyers earlier and/or more effectively. Provide your list of priorities, a timeline, and the impact it will have on your business.Begin Conducting Market Research