LESSON 4 - MARKET RESEARCH
● The MARKET RESEARCH OR MARKETING RESEARCH PROCESS can be 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.
● DATA COLLECTION is the most valuable tool of any type of research study. Inaccurate
data collection may cause mistakes and ultimately lead to invalid results.
METHODS OF COLLECTING DATA
data collection techniques
1. FOCUS GROUP DISCUSSION (FGD)
2. INTERVIEW
3. SURVEY
SURVEYS are the most common with the use of quest resires or interview schedule. These can
be done via
• direct mail
• over the phone
• internet (e.g. Google) or email
• face-to-face
• Messaging and calling apps (Viber, FB Messenger)
• Video Communication app (Zoom, Gmeet)
• Online tool (Google Form)
GUIDELINES IN DESIGNING OR CONSTRUCTING RESEARCH QUESTIONNAIRE
(SURVEY)
• Keep it 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 any response scales used are consistent with categories that are mutually
exclusive.
INTERVIEW
• One of the most reliable and credible ways of getting relevant information from target
customers.
• Typically done in personal between the researcher/entrepreneur and a respondent
• 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
• Personal interviews are the 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.
• 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.
FOCUSED GROUP DISCUSSION (FGD)
● is an excellent method for generating and screening ideas and concepts. It can be a
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.
• Usually, conduct focus groups discussion with 8 to 10 participants per group.
• Assign an expert moderator / facilitator who can manage group dynamics.
The following are considerations in the use of focus group discussions in market research:
• Use a semi-structure 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)