Entrep

• 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


  • It is a vital step in business planning
  • A well crafted market research will significantly help the attainment of business success
• The Need for Market Research


  • Market research findings will give the entrepreneur a good perspective of the changes in consumer tastes on products and services
  • Research findings and results also give an overview of the prevailing economic conditions in the field
  • They serve as a basis for determining whether to push through with the production or launch of the product or service
  • It can also give insight if there is a need for it to be rescheduled at a later time when the demand for it arises
  • It can suggest the total change of the product and come up with a new one that fits the current conditions and demand
• Importance of Market Research


  • Marketing research provides an understanding of consumers' needs
  • Marketing research minimizes the risk of business failure
  • Marketing research gives a forecast of the trends
• Market Research Basic Questions

  • Why conduct market research?
  • What will be the market research?
  • Which part of the market will be researched?
  • Who among the members of the identified market will be researched?
  • When will be the right time to conduct the planned market research?
  • Where will the market research be conducted?
  • How will the market research be carried out?
• Types of Market Research

  • Advertising Research
  • Commercial Eye-Tracking
  • Customer Satisfaction Research
  • Distribution Channel Audit
  • Internet Strategic Intelligence
  • Test Marketing
• Market research is one of the most effective tools to utilize if the entrepreneur wants to undertake the marketing aspect of the business effectively
• Conducting market research doesn't stop at analyzing the needs and demands of the market. It involves complex processes that an entrepreneur must learn how to undertake.
• The various methods as to how market research is to be conducted will depend on the goals of the desired business.
• DepEd Competencies


  • Screen the proposed solution based on viability, profitability, and customer requirements
  • Select the best product or service that will meet the market need
• It is true that vital information related to the market can only be obtained by conducting market research.
• Being able to conduct proper market research would enable the entrepreneur to implement smarter decisions on his own.
• Market research methodologies are advantageous for any business because these tools are effective at tapping into the actual needs and wants of the target market.
• Market research methodologies encourage a healthy exchange of information with the consumers by primarily knowing their likes, preferences, and even their dislikes.
• Choosing the Right Market Research Methodology

  1. Pick a method that complements well with the business' objectives

  2. Assess the information that is already available

  3. Compare the various market research methodologies

  4. Calculate the total time for collecting and organizing research data
• Qualitative research


  An important approach towards understanding the reasons behind the purchasing behavior and decisions of the consumers
• Qualitative Research Methods

  • Interviews
  • Focus groups
  • Online focus groups
  • Observations
• Quantitative research


  Obtains the information that can be easily and quickly counted and statistically analyzed
• Quantitative Research Methods

  • Survey research
  • Experiments or Field Trials
• Qualitative research is a type of data-gathering research method performed through observation techniques and unstructured questioning.
• Quantitative research refers to information that can be easily and quickly counted and statistically analyzed.