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Getting To Know Market

1. Market research is the process of determining the viability of a new product or service through direct research with potential customers. It allows companies to discover target markets and obtain feedback. 2. The document discusses market research methodologies and basic questions in market research like why, what, which, who, when, where, and how. It also covers sales data mining which involves analyzing data from various sources. 3. Sales data mining can provide insights to detect and predict customer behavior enabling companies to better meet customer needs.

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Tj Magpantay
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35 views20 pages

Getting To Know Market

1. Market research is the process of determining the viability of a new product or service through direct research with potential customers. It allows companies to discover target markets and obtain feedback. 2. The document discusses market research methodologies and basic questions in market research like why, what, which, who, when, where, and how. It also covers sales data mining which involves analyzing data from various sources. 3. Sales data mining can provide insights to detect and predict customer behavior enabling companies to better meet customer needs.

Uploaded by

Tj Magpantay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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GETTING TO

KNOW THE
MARKET
ENTREPRENEURSHIP
TABLE OF CONTENTS

1 MARKET RESEARCH

BASIC QUESTION IN
2 MARKET RESEARCH
MARKET RESEARCH
3
METHODOLOGY

4 SALES DATA MINING


LEARNING OBJECTIVES

01 02 03 04

To learn about To learn the different To know the different To learn Sales Data
Market Research basic questions in market research Mining
Market Research methodologies
1
MARKET
RESEARCH
MARKET RESEARCH

Market research is the process of determining the viability of a new service or


product through research conducted directly with potential customers. Market
research allows a company to discover the target market and get opinions and other
feedback from consumers about their interest in the product or service.

The process of market research can be done through deploying surveys,


interacting with a group of people also known as sample, conducting interviews and
other similar processes.
MARKET RESEARCH

Market Research can help in:

• Find the right product-market fit


• Design better products
• Plan your marketing campaigns
• Bring in quality leads
• Improve customer relationships
• Provide the best possible customer experience
Entrepreneur, know thy market well! This simple reminder must keep
the entrepreneur alert all the time. The entrepreneur should exert all
efforts to know the market he or she wants to exploit. The more you
know about your market, the better you will be able to determine
customer needs and wants. You will be able to reach them wherever they
are. This can possible through conducting a good market research.
BASIC QUESTIONS IN MARKET RESEARCH

WHY WHAT
Purpose and Objective for conducting Determine the scope and the
the Market research. limitations of the market research to
be conducted.
BASIC QUESTIONS

WHICH WHO WHEN


Determine which segment of Identifies who among the Determines the time and timing
the market must be studied; members of the selected of the research. This is critical for
this must be the market market segment will entrepreneurs whose product or
segment that the entrepreneur participate in the market service will be offered to a time
is eyeing. research. constrained market such as office
workers
BASIC QUESTIONS

WHERE HOW
Pinpoints the relevant location Determines the methodology to
of the market research be used for the market research
(e.g., survey, focus group
discussion, observation, etc.).
METHODOLOGIES

SALES DATA FOCUS GROUP


MINING DISCUSSION

OBSERVATION SURVEY
TECHNIQUE RESEARCH
SALES DATA
MINING
DATA MINING?

Data mining is essential to the success of many different


types of organizations. From healthcare to retail, nearly
all industries can benefit from data mining.
80%
According to an article by Iberdrola, 80% of organizations
that apply business intelligence find the process of data
mining important. Organization
What is Data Mining?
Data mining is both a practice and a process of gathering
information from a variety of data sources. After raw data is gathered,
professionals analyze it and turn it into usable knowledge. Once the
data makes sense, it can be represented through data visualization
tools, such as graphs, maps or charts.
 EXAMPLE OF DATA MINING

Marketing - Data mining is used to explore increasingly large databases


and to improve market segmentation. By analyzing the relationships between
parameters such as customer age, gender, tastes, etc., it is possible to guess their
behavior in order to direct personalized loyalty campaigns.
Data mining in marketing also predicts which users are likely to
unsubscribe from a service, what interests them based on their searches, or
what a mailing list should include to achieve a higher response rate.
DATA MINING IS IMPORTANT
The reason why data mining is valuable is because it can generate new market
opportunities for organizations. It does this by giving businesses the insights they need to
detect and predict the behavior of consumers. This enables them to better meet customers’
needs.
Q&A
To review what you have learned for this lesson
1. What are the 4 Market Research Methodologies?
2. What market research methodology is tackled in this
lesson?
3. It is the process of determining the viability of a new
service or product through research conducted directly
with potential customers?
4. Market research can help in (give one)?
SUMMARY
GETTING TO KNOW THE MARKET:
1. Market research is the process of determining the viability of a new service or product through research conducted
directly with potential customers. Market research allows a company to discover the target market and get opinions and
other feedback from consumers about their interest in the product or service.
2. Basic Questions
• Why
• What
• Which
• Who
• When
• Where
• How
3. Market Research Methodologies
4. Data mining is both a practice and a process of gathering information from a variety of data sources. These sources hold
millions of pieces of isolated data. Data can be mined from large databases, such as a CRM, e-commerce websites, social
media platforms like LinkedIn and a plethora of other sources..
THANK YOU
FOR
LISTENING

PRESENTED BY: MAGPANTAY, TAMMY JANE M.

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