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ENT PS Unit4 Lesson2 Final

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41 views31 pages

ENT PS Unit4 Lesson2 Final

Uploaded by

Majo Enriquez
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Unit 4: Market Need Analysis

Lesson 2
Market Research
Methodologies

Entrepreneurship
Senior High School Applied - Academic
How does market
research helps an
entrepreneur make
smarter decisions for
his business?

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● Learn the different
Learning methodologies used in market
Objective research.
s ● Apply the various market
At the end of the
lesson, you
research methodologies in
should be able to different business contexts.
do the following:

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1. What for you is the best approach in
analyzing the needs of the market?
2. What considerations must be taken in
assessing the viability of a product or
service?
3. How important is market research prior to
executing the desired business?
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Market Research Methodologies
Research methods are
used to get the type of
information about the
consumers, the market,
and even the
competitors, which will
greatly influence the
decisions of the
entrepreneur.
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Market Research Methodologies
Market research methodologies are
advantageous for any business because
these tools are effective at tapping into the
actual needs and wants of the target
market.

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Why are market research
methodologies significant in
building an enterprise?

7
Choosing the Right Market Research
Methodology

1. Pick a method that complements well


with the business’ objectives.
2. Assess the information that is already
available.

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Choosing the Right Market Research
Methodology

3. Compare the various market research


methodologies.
4. Calculate the total time for collecting and
organizing research data.

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Qualitative Research Methods

This type of data-gathering research


method is performed through observation
techniques and unstructured questioning.

It gives answers to the whys and hows of


the decision-making processes of various
consumers.

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Qualitative Research Methods

Interviews
Interviews are conducted in order to give
entrepreneurs or businessmen the chance
to deeply evaluate the areas of interest of
the individuals they want to target.

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Example: Interview
Situationer:
An entrepreneur is planning to provide a ride-hailing
service in a province through the use of a mobile
application. The target market of this project consists
of students, employees, professionals, and other
individuals seeking a convenient mode of
transportation. The following questions were asked
to the respondents through interviews:

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Example: Interview
How do you feel about the current
transportation situation in your
province?

This question aims to understand the


actual feelings of the respondent towards
the transportation situation in his or her
area.
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Example: Interview

What mode of transportation do you


take to and from school or your
workplace?

This question aims to know the type of


transportation that is primarily used in the
province.
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Example: Interview

How much do you spend on


transportation monthly?

This question aims to know the estimated


cost that an individual would likely pay for
his transportation.
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Example: Interview

What changes or improvements would


you like to see in your province in the
aspect of transportation?

This question will help the entrepreneur in


addressing the demands and needs of his
target market.
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Tip

In conducting interviews,
questions to be asked must be
those that are relevant to the
implementation of the proposed
business.

17
Qualitative Research Methods

Focus groups
Focus groups are usually conducted
personally by entrepreneurs or market
researchers. This type of methodology is
meant to bring about a comfortable
environment while discussing with the
consumers their feelings towards a specific
product or service.
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Qualitative Research Methods

Online focus groups


Similar to in-person focus groups, online
focus groups are likewise performed to
understand the thoughts and feelings of
consumers towards a specific product or
service, except that they are more
convenient and cost-efficient to perform.

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Qualitative Research Methods

Observations
The observational approach of conducting
market research comes in different types.
The most common examples of
observational research are usability testing,
in-store observation, and mystery shopping.

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Remember

Qualitative research is a type of data-


gathering research method performed
through observation techniques and
unstructured questioning.

21
Quantitative Research Methods

Quantitative research obtains the


information that can be easily and quickly
counted and statistically analyzed.

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Quantitative Research Methods

Survey research
Surveys are a very popular method in
gathering primary data. This type of
market research methodology enables the
entrepreneur to formulate questions that
cover a variety of topics.
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Quantitative Research Methods

Experiments or Field Trials


This market research approach involves a
scientific approach that includes the testing
of specific variables. Tests can be
performed in controlled environments or
under natural settings.
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Activity
Think of any business that you would want
to pursue. List down the three most
essential market research methodologies
that you will use during the market
research phase of your proposed business,
and give the reason/s why such
methodology is important.
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Questions
Part A. Answer the following questions based
on your understanding of the lesson.

1. What are market research methodologies?


2. What is the relevance of resorting to market
research methodologies in
entrepreneurship?
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Questions

3. What is the difference between a survey and a


questionnaire?
4. How would you define “focus groups?”
5. What is the main idea behind qualitative
research methods?

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Questions
Part B.
Discuss five pros and cons of using
interviews as a market research
methodology.

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Wrap Up

Qualitative research is a type of data-


gathering research method which is
performed through observation techniques
and unstructured questioning.
Quantitative research refers to
information that can be easily and quickly
counted and statistically analyzed.

29
Wrap Up

30
Bibliography
Dollingner, Marc. Entrepreneurship: Strategies and Resources 3rd Edition. New Jersey:
Prentice
Hall, 2003.

FlexMR. “Modern Market Research Methods: A Comprehensive Overview.” Medium.


Accessed
on April 10, 2020.
https://medium.com/@FlexMR/modern-market-research-methods-a-comprehensive
-overview-a0b269356667
.

Kotler, Philip & Gordon McDougall. Marketing Essentials. Prentice-Hall Canada Inc.,
1985.

Kuratko, Donald. Entrepreneurship: Theory, Process, and Practice. Taguig: Cengage,


2017.

Petrescu, Maria, and Brianna Lauer. “Qualitative Marketing Research: The State of
Journal
Publications.” The Qualitative Report, September 2017. Accessed on April 10,
2020. https://nsuworks.nova.edu/tqr/vol22/iss9/1/. 31

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