Module 4 Entrepreneur (Marketing Research) PDF

MODULE4 ENTREPRENEUR (MARKETING RESEARCH) Before starting with this module, let us see what you already know about market research and data gathering techniques. Answer the questions below by encircling the letter of the correct answer. 1. It is the most common way to gather prim...

MODULE4 ENTREPRENEUR (MARKETING RESEARCH) Before starting with this module, let us see what you already know about market research and data gathering techniques. Answer the questions below by encircling the letter of the correct answer. 1. It is the most common way to gather primary research with the use of questionnaires or interview schedule. A. Interview B. Focus Group Discussion C. Survey D. Data Gathering 2. It is the traditional method of data collection which is normally done on personal manner with the respondents. A. Personal Interview B. Focus Group Discussion C. Survey D. Data gathering 3. A data gathering technique where it can be moderated to group interviews and brainstorming sessions that provide information on user’s needs and behaviors. A. Personal Interview B. Focus Group Discussion C. Survey D. Data Gathering 4. It refers to information gathered directly from the respondents who answered set of questions. A. Primary Research B. Secondary Research C. Survey D. Data Gathering 5. A data gathering technique where it can be done via direct mail, over the phone, internet or e-mail. A. Data Gathering B. Survey C. Focus Group Discussion D. Interview 6. It refers to the process of gathering, analyzing and interpreting the information about the product or the services to be offered for sale in the market. A. Primary Research B. Secondary Research C. Data Gathering D. Market Research 7 – 9 In your own opinion what is Market Research? ___________________________________________________________________ ___________________________________________________________________ 10 – 15 Give at least three data gathering techniques and explain. DATA COLLECTION is the most valuable tool of any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results. TIPS in GATHERING DATA Organize collected data as soon as it is available Know what message you want to get across and then collect data that is relevant to the message Collect more data Create more data Regularly run experiments or collect data Challenge your assumptions Set reasonable expectations Take note of interesting or significant data In this lesson, we will consider the three different data collection techniques – SURVEY (Questionnaire), INTERVIEW and FOCUS GROUP DISCUSSION – and evaluate their suitability under different circumstances  SURVEYS are the most common way to gather primary research with the use of questionnaires or interview schedule. These can be done via direct mail, over the phone, internet (e.g. Google) or email, face-to-face or on Web (e.g. Skype or Viber). When designing or constructing your own research questionnaire, remember the following guidelines. (Edralin, 2016) Keep it simple as possible. Make sure it is clearly appealing and easy to read. Cluster or block related questions. Move from complex questions to more specific questions. Make sure questions are concise and easily understood. Avoid questions that are difficult to answer. Make sure any response scales used are consistent with categories that are mutually exclusive. INTERVIEW is one of the most reliable and credible ways of getting relevant information from target customers. It is typically done in personal between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve. The interview is also helpful even when the business has already started because the customers’ feedback provides the entrepreneur a glimpse of what the customers think about the business. Interviews normally last from 15 to 40 minutes, but they can last longer, depending on the participants’ interest in the topic. In a structured interview, the researcher asks a standard set of questions and nothing more.(Leedy and Ormrod, 2001) Personal interviews are the traditional method of conducting an interview. It allows the researcher to establish relationship with potential participants and therefore gain their cooperation. It generates highest response rates in survey research. They also allow the researcher to clarify indefinite answers and when necessary, seek follow-up information. Telephone interviews are less expensive and less time consuming, but the disadvantages are that the response rate is not as high as the face-to- face interview, but considerably higher than the mailed questionnaire. FOCUS GROUP DISCUSSION (FGD) - is an excellent method for generating and screening ideas and concepts. It can be a moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors. The following are considerations in the use of focus group discussions in market research: The length of the session is between 90 and 120 minutes. Usually, conduct focus groups discussion with 8 to 10 participants per group. Assign an expert moderator / facilitator who can manage group dynamics.. Use a semi-structure or open-format discussion Strive for consistency in the group’s composition (for example, it may not be advisable to have business customers and retail customers in the same focus group, their needs are very different) SURVEY FORM Name of Respondent (optional): ______________________________________________ Age _______________ Gender: Male Female Grade Level__________ What are your reasons for buying the product? __________________________________________________________________________ __________________________________________________________________________ Where do you buy the product?________________________________________________ __________________________________________________________________________ Is it available when you need it? Yes Sometimes No What do you use as a substitute if it is not available? __________________________________________________________________________ __________________________________________________________________________ Is the price affordable to you? Yes No What I Have Learned Identify the following: 1. It is an information gathered directly from the respondents who answered set of questions.______________________________ 2. It is the traditional method of data collection which is normally done on a personal manner with the respondents.__________________________ 3. It obtains information on general attitudes, understand the circumstances under which customers might require your product or services, understand their desired outcomes. _______________________ 4. It is the most common way to gather primary research with the use of questionnaire or interview schedule.__________________________ 5. It is the most valuable tool of any type of research study.______________________ 6. A data gathering technique where it can be done via direct mail, over the phone, internet or e-mail.______________________ 7. They also allow the researcher to clarify indefinite answers and when necessary, seek follow-up information. _______________________ 8. A data gathering technique where it can be moderated group interviews and brainstorming sessions that provides information on user’s needs and behavior._________________________ 9. It is typically done in personal between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve. _____________________ 10. It can be a moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors.___________________ 11. It normally lasts from 15 to 40 minutes, but they can last longer, depending on the participants’ interest in the topic._____________________ 12. It is a type of interview are less expensive and less time consuming ______________. Assessment Test I. Answer the 4. It refers to information gathered directly questions below. Encircle the letter of from the respondents who answered set your choice. of questions. a. Primary Research 1. It is the process of gathering, analyzing b. Secondary Research and interpreting the information about c. Survey the product or the services to be offered d. Data Gathering for sale in the market, the market and 5. It is the most common way to gather about past, present and any potential primary research with the use of consumers for the products. questionnaires or interview schedule. a. Interview a. Data Gathering b. Focus Group Discussion b. Primary Research c. Survey c. Secondary Research d. Data Gathering d. Market Research 6. It is the traditional method of data 2. A data gathering technique where it can collection which is normally done on a be moderated to group interviews and personal manner with the respondents. brainstorming sessions that provide a. Personal Interview information on user’s needs and b. Focus Group Discussion behaviors. c. Survey a. Personal Interview d. Data gathering b. Focus Group Discussion 7. A data gathering technique where it can c. Survey be done via direct mail, over the phone, d. Data Gathering internet or e-mail. 3. A data gathering technique where it can a. Data Gathering be done via direct mail, over the phone, b. Survey internet or e-mail. c. Focus Group Discussion a. data gathering d. Personal Interview b. survey Test II. Explain briefly but in a concise c. focus group discussion manner. d. personal interview 1. What is Market Research? (3 pts.) 2.Enumerate and discuss the three data gathering techniques (5 pts.)