getting to know the market

• Entrepreneur


  Must know the market they want to exploit well
• Knowing the market

  • Allows the entrepreneur to determine customer needs and wants
  • Allows the entrepreneur to reach customers wherever they are
• Market research


  Helps the entrepreneur know the market well
• Basic questions in market research

  • Why (purpose and objective)
  • What (scope and limitations)
  • Which (market segment to study)
  • Who (participants)
  • When (time and timing)
  • Where (location)
  • How (methodology)
• Focus group discussion (FGD)


  A common qualitative research tool to extract consumer and non-consumer experiences regarding products, places, or programs
• Issues FGD can address

  • Understanding consumer perceptions, preferences, and behavior
  • Obtaining impressions on new product concepts
  • Generating new ideas about older products
  • Developing creative concepts and copy material for advertisements
  • Securing price impressions
  • Obtaining preliminary consumer reaction to specific marketing programs
• Data gathering methods in FGD

  • Selection and preparation of venue and equipment
  • Formulation of discussion agenda
  • Skilled facilitator to moderate and draw out insights
• Data analysis in FGD

  • Integration of information gathered
  • Observations on respondent behavior
  • Listing of recommendations and report writing
• Steps in conducting FGD

  • Develop research objectives
  • Determine participant profile
  • Determine participant compensation
  • Develop participant screener questionnaire
  • Recruit participants
  • Select good facilitator
  • Develop facilitator's discussion guide
  • Arrange venue and logistics
  • Analyze results
• Steps in observation research

  • Determine pre-observation objectives
  • Prepare pre-observation tips
  • Focus on what to observe
  • Observation proper
  • Post-observation tips
• Survey research


  Most preferred instrument for in-depth quantitative research, asking respondents about personal information, motivations, and behavior
• Types of survey research

  • Usage, attitude, image survey (to derive market awareness, size, share, product usage and preference, customer interest and image)
• Important concerns in planning a survey

  • Sampling technique
  • Sample size
  • Questionnaire design
• Basic rules for questionnaire design

  • Questions should elicit all necessary information
  • Each question should be clear and definite
  • Each question should cover one topic
  • Each question should be presented in a neutral manner
  • Questions should be translated into respondents' familiar dialect
• Steps in conducting a survey research

  • Develop research objectives
  • Determine sample
  • Choose interviewing methodology
  • Create questionnaire
  • Pre-test questionnaire
  • Conduct interviews and enter data
  • Analyze data