Module 4
Market Research
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
Market Research / Marketing
Research Process
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 (De Guzman, 2018,
p. 25)
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
Data Collection
The most valuable tool in
any type of research study.
Inaccurate data collection
may cause mistakes and
ultimately lead to invalid
results. (Edralin, 2016, p. 80)
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
TIPS IN COLLECTING DATA
[Link] collected data
3. Collect more data
as soon as it is available
[Link] what message 4. Create more data
you want to get across 5. Take note of
and then collect data
interesting or
that is relevant to the
message significant data
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
THREE DATA COLLECTION
TECHNIQUES
1. Survey
2. Interview
3. Focus Group Discussion
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
1. SURVEY
The most common way to gather
primary research with the use of
questionnaires or interview
schedule. These can be done via
direct mail, over the phone,
internet (e.g. Google) or email,
face-to-face or on the Web (e.g.
Skype or Viber)
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
When designing or constructing
your own research questionnaire,
remember the following
guidelines. (Edralin, 2016)
[Link] it as simple as possible
[Link] sure it is clearly
appealing and easy to read
[Link] or block related
questions
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
4. Move from complex questions
to more specific questions
5. Make sure questions are
concise and easily understood
6. Avoid questions that are
difficult to answer
7. Make sure response scales used
are consistent with categories
that are mutually exclusive
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
2. INTERVIEW
One of the most reliable and credible
ways of getting relevant information
from target customers. It is typically
done in person between the
researcher/entrepreneur and a
respondent where the researcher asks
pertinent questions that will give
significant pieces of information about
the problem that he will solve.
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
2. INTERVIEW
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.
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
2. INTERVIEW
Interviews normally last from 15 to
40 minutes, but they can last
longer, depending on the
participants’ interest in the topic.
In a structured interview, the
researcher asks a standard set of
questions and nothing more.
(Leedy & Ormrod, 2001, pp.38-39)
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
PERSONAL INTERVIEW
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.
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
PERSONAL INTERVIEW
They also allow the
researcher to clarify
indefinite answers and when
necessary, seek follow-up
information. (Leedy &
Ormrod, 2001, pp.39)
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
TELEPHONE INTERVIEW
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.
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
FOCUS GROUP DISCUSSION
(FGD)
An excellent method for
generating and screening ideas
and concepts. It can be
moderated group interviews and
brainstorming sessions that
provide information on user’s
needs and behaviors.
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
The following are considerations in
the use of focus group discussions in
market research:
[Link] length of the session is
between 90 and 120 minutes.
[Link] focus groups discussion
with 8 to 10 participants per group.
[Link] an expert moderator /
facilitator who can manage group
dynamics
Introduction Business Concept Market Research Development Marketing Financial Plan Challenges Conclusion
4. Use a semi-structured or open-
format discussion.
5. 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)
(Leedy & Ormrod, 2001, pp.40- 41)
Thank You.