ENTREP MODULE 3

Cards (36)

  • 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