What is Market size?
How will you determine
the market size?
Have you ever dreamed of becoming the
next multi-millionaire?
If you’re thinking that winning the lottery is
the only way to become one, well, think
again. It is not chance that gives you
millions, instead being a millionaire is a
result of hard work and determination.
Starting your own business is a good
beginning towards fulfilling your dreams.
Entrepreneurship
is the way!
Market Research
OBJECTIVES
1. Explain what market research is
2. Understand the meaning of data
gathering
3. Identify the different data gathering
techniques
4. Appreciate the importance of market
research
What is Unique selling
proposition (USP) ?
refers to how you sell your
product or services to your
customers and how you will
address the wants and desires
of your customers.
Some tips for the entrepreneur on how to
create an effective unique selling
proposition to the target customers are:
1. Identify and rank the uniqueness of the
product or services character
2. Be Very Specific
3. Keep it short and simple (KISS)
What is Market Research
or Marketing Research
Process ?
defined as the process of gathering,
analyzing and interpreting the
information about the products or the
services to be offered for sale to the
potential consumers in the market
(De Guzman, 2018, p. 25)
What is DATA COLLECTION ?
is the most valuable tool in any
type of research study. Inaccurate
data collection may cause mistakes
and ultimately lead to invalid results.
(Edralin, 2016, p. 80)
TIPS in COLLECTING 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
Take note of interesting or significant
data
Three different data collection
techniques
[Link] (Questionnaire),
2. INTERVIEW
3. FOCUS GROUP DISCUSSION
evaluate their suitability under
different circumstances
SURVEYS
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 the Web (e.g.
Skype or Viber).
When designing or constructing your own research
questionnaire, remember the following guidelines.
(Edralin, 2016)
Keep it as 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 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 person 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 & Ormrod,
2001, pp.38-39)
Personal interviews
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. (Leedy & Ormrod, 2001,
pp.39)
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
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.
Conduct focus groups discussion with 8 to 10 participants
per group.
Assign an expert moderator / facilitator who can manage
group dynamics.
Use a semi-structured 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) (Leedy & Ormrod, 2001,
pp.40-41
GUIDED PRACTICE /
ACTIVITY:
Conduct a survey among 15
high school students in our
school about “Milk Tea”. Use
the survey form below:
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 for you? Yes No
QUIZ
