Entrep 4

Entrepreneurship (Quarter 1 – Module 4)
Market Research
What I Need to Know
Firms and other business companies need to understand their service offerings and
their customers to ensure that their services will be adopted as solutions to consumer needs. In
order for the firms to recognize the needs of the market or the customers, they need to conduct
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,
There are different ways to collect the data. The most important methods you can consider are
surveys, focus group discussion and interviews.
Lesson
Market Research
What’s New
Answer the following statements honestly. There is no right or wrong answer.

Indicate your response to the items by putting a check that best corresponds to your
answer.
Strongly Disagree Neither Agree Strongly
Disagree Agree or Agree
Questions
Disagree
(1) (2) (3) (4) (5)
I always think about having my
own business in the future.
I do activities related to starting
my own business
I have a strong desire to start my
own business
I will make every endeavor to
start my own business
I would like to follow the footsteps
of a successful entrepreneur
I will comply all the requirements

needed to start a business
I will be very happy when I am
able to start my own business
I know my family would support of
my dream to start a business
I would have a great opportunity of
being successful if I try to start a
business while I am still young
When problems come my way, I
will not easily give up while
starting my own business
TOTAL
After answering all the statements, add your score. Refer to the conversion and the verbal
interpretation of your score:
40 – 50 = Very high intention to become an entrepreneur
30 – 39 = High intention to become an entrepreneur
20 – 29 = Average intention to become an entrepreneur
19 & below = Low intention to become an entrepreneur
What Is It
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.
TIPS in GATHERING DATA
 Organize collected data as soon as it is available
 Know what message you want to get across and then collect data that is relevant to the
message
 Collect more data
 Create more data
 Regularly run experiments or collect data
 Challenge your assumptions
 Set reasonable expectations
 Take note of interesting or significant data
In this lesson, we will consider the three different data collection techniques –
SURVEY (Questionnaire), INTERVIEW and FOCUS GROUP DISCUSSION – and evaluate their
suitability under different circumstances
SURVEYS are 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 Web (e.g. Skype or Viber).
When designing or constructing your own research questionnaire, remember the following guidelines.
(Edralin, 2016)
 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 is one of the most reliable and credible ways of getting relevant information from target
customers. It is typically done in personal 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. 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.
In a structured interview, the researcher asks a standard set of questions and nothing more. (Leedey
and Ormrod, 2001)
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.
FOCUS 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..
 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)
What I Have Learned
Identify the following:

1. It is an information gathered directly from the respondents who answered set of
questions.______________________________
2. It is the traditional method of data collection which is normally done on a personal
manner with the respondents.__________________________
3. It obtains information on general attitudes, understand the circumstances under
which customers might require your product or services, understand their desired
outcomes. _______________________
4. It is the most common way to gather primary research with the use of questionnaire
or interview schedule.__________________________
5. It is the most valuable tool of any type of research
study.______________________
6. A data gathering technique where it can be done via direct mail, over the phone,
internet or e-mail.______________________
7. They also allow the researcher to clarify indefinite answers and when necessary,
seek follow-up information. _______________________
8. A data gathering technique where it can be moderated group interviews and
brainstorming sessions that provides information on user’s needs and
behavior.__________________
9. It is typically done in personal 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. _____________________
10. It can be a moderated group interviews and brainstorming sessions that provide
information on user’s needs and behaviors.___________________
11. It normally lasts from 15 to 40 minutes, but they can last longer, depending on the
participants’ interest in the topic._____________________
12. It is a type of interview are less expensive and less time consuming______________
Assessment
Test I. Answer the questions below. Encircle the letter of your choice.
1. It is the process of gathering, analyzing and interpreting the information about the product
or the services to be offered for sale in the market, the market and about past, present
and any potential consumers for the products.
a. Data Gathering
b. Primary Research
c. Secondary Research
d. Market Research
2. A data gathering technique where it can be moderated to group interviews and

brainstorming sessions that provide information on user’s needs and behaviors.
a. Personal Interview
b. Focus Group Discussion
c. Survey
d. Data Gathering
3. A data gathering technique where it can be done via direct mail, over the phone, internet
or e-mail.
a. data gathering
b. survey
c. focus group discussion
d. personal interview
4. It refers to information gathered directly from the respondents who answered set of
questions.
a. Primary Research
b. Secondary Research
c. Survey
d. Data Gathering
5. It is the most common way to gather primary research with the use of questionnaires or
interview schedule.
a. Interview
c. Survey
d. Data Gathering
6. It is the traditional method of data collection which is normally done on a personal manner
with the respondents.
a. Personal Interview
c. Survey
d. Data gathering
7. A data gathering technique where it can be done via direct mail, over the phone, internet
or e-mail.
a. Data Gathering
b. Survey
c. Focus Group Discussion
d. Personal Interview
Test II. Explain briefly but in a concise manner.

1. What is Market Research? (5 pts.)
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
2. Enumerate and discuss the three data gathering techniques (5 pts.)
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
(NOTE: All answers must be written in a separate sheet of papers)

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Entrepreneurship (Quarter 1 – Module 4)

Answer the following statements honestly. There is no right or wrong answer.

I will comply all the requirements

30 – 39 = High intention to become an entrepreneur

20 – 29 = Average intention to become an entrepreneur

19 & below = Low intention to become an entrepreneur

FOCUS GROUP DISCUSSION (FGD) - is an excellent

What I Have Learned

Identify the following:

2. A data gathering technique where it can be moderated to group interviews and

Test II. Explain briefly but in a concise manner.

(NOTE: All answers must be written in a separate sheet of papers)

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