ENTREP MODULE 3

• Primary research - individuals collect data by doing

  their own surveys or observations.
• Secondary research definition - Exploring existing data from other researchers, such as

  academic journals, government agencies or national statistics.
• Primary research involves two

  forms of data collection:

  1. Exploratory research
  2. Conclusive research
• Exploratory research - used to

  determine the nature of a problem that has yet to

  be fully defined.
• Conclusive research- This type of primary research is conducted to

  solve a problem identified through exploratory

  research or other forms of primary data

  collection.
• Primary research methods

  1. Survey
  2. Interview
  3. Focus Group
• SURVEY- method used to gather information or data from a group of

  individuals about their opinions, experiences, preferences, behaviors, or demographic characteristics.
• Interview- method of data collection in which a researcher engages in a structured conversation with one or more participants to gather information
• • Focus Group - simultaneous interview of multiple participants.
• SOURCES OF SECONDARY DATA

  • Books and Magazines
  • Market Research Reports
  • Scholarly journals
  • Government reports and studies
  • White papers
  • Trade or industry associations
  • Private company data
• A public library can provide a wealth of information in theit costs nothing to consult them.

  A public library can provide a wealth of information in theit costs nothing toA public library can provide a wealth of information in theit costs nothing to

  A public library can provide a wealth of information in theit costs nothing toconsult them.consult them.

  books and magazines
• Secondary research from professional research agencies can

  be highly valuable

  market research reports
• Scholarly journals


  Peer-reviewed journals have been reviewed by experts from

  relevant educational institutions,
• Public domain data, such as census data, can provide useful information for

  a research project, particularly when selecting the appropriate research population

  Government reports and studies
• Businesses frequently create white papers to showcase their expertise

  White papers
• Associations may have secondary data that dates back a long time and provides a

  broad overview of a specific industry.

  Trade or industry associations
• Some businesses may provide company data to researchers in exchange for a fee or

  with prior authorization.

  Private company data
• EXAMPLES OF TRENDS IN THE

  HOSPITALITY AND TOURISM INDUSTRY

  • Workforce empowerment: Transforming challenges into opportunities
  • Artificial intelligence and technology: Choosing the best tech to revolutionize hospitality
  • Fine dining: In need of reinvention but full of potential
• Market segmentation results in more effective and efficient

  marketing, advertising and sales.
• Market segmentation is a marketing strategy that divides a brand's total addressable market

  share into smaller groups based on clearly defined criteria.
• Market segmentation can serve as a competitive differentiator.
• TYPES OF MARKET SEGMENTATION

  • Demographic segmentation
  • Psychographic segmentation
  • Geographic segmentation
  • Behavioral segmentation
• Demographic segmentation is one of the most straightforward

  and effective types of segmentation.
• Psychographic segmentation is the process of grouping people based on shared personal values, political beliefs, aspirations, and psychological characteristics.
• Geographic segmentation is the process of

  grouping customers based on where they live and

  where they shop.
• Behavioral segmentation is the process of grouping customers

  based on common behaviors they exhibit when they interact with

  your brand.
• MARKET TARGETING IS A PROCESS OF

  SELECTING THE TARGET MARKET FROM

  THE ENTIRE MARKET.
• MARKET TARGETING INVOLVES BASICALLY TWO ACTIONS

  1. EVALUATION OF SEGMENTS AND
  2. SELECTION OF THE APPROPRIATE
• The market targeting procedure consists of two steps:

  1. Evaluating market segments
  2. Selecting Market Segments
• A competitive analysis is a strategy that entails

  researching major competitors to gain

  knowledge of their products, sales, and

  marketing strategies.
• IMPORTANCE OF COMPETITIVE ANALYSIS

  1. Strategic business decisions.
  2. Fortifying defenses.
  3. Uncover golden opportunities.
• SECONDARY RESEARCH IS THE PROCESS OF GATHERING AND ANALYZING PREVIOUSLY COLLECTED AND PUBLISHED INFORMATION

  FROM OTHER SOURCES
• Industry Trends refers to the overall direction or pattern of changes that occurs within a specific sector or field over time.
• target market consists of groups or buyers.
• evaluating market segments consists of

  1. attractiveness of segment
  2. objectives and resources lf the company
• BY PERFORMING A COMPETITOR ANALYSIS, BUSINESS WILL BE ABLE TO:

  1. identify the gaps in the ,market
  2. develop new products and services
  3. uncover market trends
  4. market and sell more effectively