Market Research Unit 4 Lesson 1 PDF

Unit 4: Market Need Analysis Lesson 1 Market Research Entrepreneurship Senior High School Applied - Academic What is market research? Why is there a need to conduct market research? ENGAG EXPLO EXPLAI EXTEN EVALUA 2 Learning Analyze the market need. Objective Determine the possib...

Unit 4: Market Need Analysis Lesson 1 Market Research Entrepreneurship Senior High School Applied - Academic What is market research? Why is there a need to conduct market research? ENGAG EXPLO EXPLAI EXTEN EVALUA 2 Learning Analyze the market need. Objective Determine the possible s product or service that will At the end of the lesson, you meet the need. should be able to do the following: ENGAG EXPLO EXPLAI EXTEN EVALUA 33 Imagine you have a product in mind that you want to sell. How would you know if people would buy your product? ENGAG EXPLO EXPLAI EXTEN EVALUA 4  What kind of customers would you have? ENGAG EXPLO EXPLAI EXTEN EVALUA 5 We can answer those questions through market research. 6  Market Research design, collection, and analysis of relevant data, arranged in a systematic way, aimed at providing a solution to a specific marketing problem ENGAG EXPLO EXPLAI EXTEN EVALUA 7 Why would we need market research? ENGAG EXPLO EXPLAI EXTEN EVALUA 8  The Need for Market Research perspective of the changes in consumer tastes on product and services overview of the prevailing economic conditions ENGAG EXPLO EXPLAI EXTEN EVALUA 9  The Need for Market Research insights if there is a need to reschedule at a later time when the demand arises ENGAG EXPLO EXPLAI EXTEN EVALUA 10 How does market research help entrepreneurs in initiating a business enterprise? 11  Purpose of Market Research understanding of consumers’ needs minimizes the risk of business failure gives a forecast of the trends ENGAG EXPLO EXPLAI EXTEN EVALUA 12 How do we start market research? ENGAG EXPLO EXPLAI EXTEN EVALUA 13  Market Research Basic Questions 1.Why conduct a market research? 2. What will be the market research? 3. Which part of the market will be researched? ENGAG EXPLO EXPLAI EXTEN EVALUA 14 14  Example Question Answer Which part of students from Junior to Senior High School the market will be researched? ENGAG EXPLO EXPLAI EXTEN EVALUA 15 15  Market Research Basic Questions 4.Who among the members of the identified market will be researched? 5. When will be the right time to conduct the planned market research? ENGAG EXPLO EXPLAI EXTEN EVALUA 16 16  Example Question Answer When will be the during lunch break and dismissal right time to conduct the planned market research? ENGAG EXPLO EXPLAI EXTEN EVALUA 17 17  7 Market Research Basic Questions 6.Where will the market research be conducted? 7. How will the market research be carried out? ENGAG EXPLO EXPLAI EXTEN EVALUA 18 18  Example Question Answer How will the market by observation and interview research be carried out? ENGAG EXPLO EXPLAI EXTEN EVALUA 19 19 Tip Among the 7 market research basic questions, the first 2- WHAT and WHY should always be answered first. The rest may be answered in any order. 20 How do we conduct market research? 21  Advertising Research Types of Commercial Eye Tracking Customer Satisfaction Research Market Distribution Channel Audit Research Internet Strategic Intelligence Test Marketing ENGAG EXPLO EXPLAI EXTEN EVALUA 22 Advertising Research predict or trace the effectiveness of an existing or related product or service advertisement ENGAG EXPLO EXPLAI EXTEN EVALUA 23 Commercial Eye Tracking analyzing visual behavior and trends among its target consumers ENGAG EXPLO EXPLAI EXTEN EVALUA 24 Customer Satisfaction Research feedback of customers who already purchased the product, or a related one, to gauge his satisfaction ENGAG EXPLO EXPLAI EXTEN EVALUA 25 Distribution Channel Audit assessing the distributor or retailers’ purchase ordering pattern and levels of a product ENGAG EXPLO EXPLAI EXTEN EVALUA 26 Internet Strategic Intelligence Using the Internet in the form of chats, forums, blogs, etc, the product under review is given an honest experience review. ENGAG EXPLO EXPLAI EXTEN EVALUA 27 Test Marketing a small, controlled quantity of the product is being released to gauge the level of acceptance of the buying public or target market ENGAG EXPLO EXPLAI EXTEN EVALUA 28  Wrap Up Market research refers to the design, collection, and analysis of relevant data, arranged in a systematic way, aimed at providing a solution to a specific marketing problem. Market research is one of the most effective tools to utilize if the entrepreneur wants to undertake the marketing aspect of the business effectively. 29  Wrap Up Market research provides understanding of consumers’ needs, minimizes business risk and failure, and forecast of emerging market trends. 30 Wrap Up 31