MARKET RESEARCH (Entrep)

MARKET RESEARCH
• is the systematic gathering, recording and analysing of data

about problems relating to the marketing of goods and
services.
• Market research will give you the data you need to identify
and reach your target market at a price customers are willing
to pay.
Marketing research focuses and organizes marketing information. It
permits entrepreneurs to:
• Spot current and upcoming problems in the current market
• Reduce business risks
• Identify sales opportunities
• Develop plans of action
Successful marketing requires timely and relevant market information.

An inexpensive research program, based on questionnaires given to
current or prospective customers, can uncover dissatisfaction or
possible new products or services.
Every small business owner must ask the following
questions to devise effective marketing strategies:
• Who are my customers and
• potential customers?
• What kind of people are they?
• Where do they live?
• Can and will they buy?
Why do market research?
• People will not buy products or services they do not want.
• Learning what customers want and how to present it drives the need
for marketing research.
• Small business has an edge over larger businesses in this regard.
Small business owners have a sense of their customers' needs from
years of experience, but this informal information may not be timely or
relevant to the current market.
How to do market research
• Analyze returned items.
• Ask former customers why they've switched.
• Look at competitors’ prices.
• Formal marketing research simply makes this familiar process orderly.
It provides a framework to organize market information.
Market research - the process
Market research can be simple or complex.
• You might conduct simple market research.
Example: Questionnaire in your customer bills to gather
demographic information about your customers
• You might conduct complex research.
Example: Hiring a professional market research firm to
conduct primary research to aid in developing a
marketing strategy to launch a new product
7 Basic Questions in Market Research
1. WHY
• purpose and objective for conducting the market research.
2. WHAT
• determines the scope and the limitations of the market research to be conducted.
3. WHICH
• determines which segment of the market must be studied; this must be the market segment that the
entrepreneur is eyeing.
4. WHO
• identifies who among themembers of the selected market segment will participate in the market research.
5. WHEN
• determines the time and timing of the research. this is critical for entrepreneurs whose product or service will be offered to
a time-constrained market such as office workers.
6. WHERE
• pinpoints the relevant location of the market research.
7. HOW
• determines the methodology to be used for the market research.
Market Research Methodologies
FOCUS GROUP DISCUSSION
• is one of the most common qualitative research tools.
Key Decisions FGD
1. respondent selection 3. data gathering
2. sample size 4. data analysis
OBSERVATION TECHNIQUE
 is probably one of the best ways of gathering data about customers in their
natural setting without having to interact or talk to them.
Advantages of observation Research
1. It allows the reseacrher to see what customers actually do rather than rely
on what they say they do.
2. It allows the researcher to observe customers in their natural setting.
3. It does not subject the researcher to the unwillingness of customers or their
inability to reply to certains questions.
4. Some information are better gathered quickly and accurately through
observation.
Disadvantages of observation Research

1. The researcher cannot get the reason behind the behavior.
2. The researcher can only focus on the “here and now.” It cannot cover the
past nor cover the future.
3. Finally, the observation technique may border on the unethical because the
respondents have not agreed to be observed.
SURVEY RESEARCH
• is the most preferred instrument for in-depth quantitative
research.
Sampling Technique
• are classified into probability and non-probability
sampling.
Probability Sampling - is where the respondents are randomly
selected from a population such as in the lottery method.
Non-probability Sampling - refers to the technique that is

resorted to “when it is difficult to estimate the
population of the study because they are mobile or transitory in
a given location.”
CUSTOMER PROFILING
Methods of Customer Profiling
1. Demographics
• age
• income classes
• social classes/reference groups
• ethnic backgrounds
• religous beliefs
• occupations
• domiciles
2. Psychographics - defines the customer's motivations, perceptions,
preferences, and lifestyle.
• Motivation - provides the drive for action, perception defines
exactly what that person will do.
• Physiological needs and wants - refer to the customer's
personal likes and dislikes and include the satisfaction of thirst,
hunger, and shelter.
• Perception - is the way a person chooses to receive or interpret
information from the external world.
3. Technographics - classifies people according to their level of

expertise in using a product or a service.

MARKET RESEARCH (Entrep)

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MARKET RESEARCH

• is the systematic gathering, recording and analysing of data

Successful marketing requires timely and relevant market information.

Disadvantages of observation Research

Non-probability Sampling - refers to the technique that is

3. Technographics - classifies people according to their level of

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