MARKET-RESEARCH_PPT-FOR-SHARING

Agusan National High School

  • Senior High Accountancy, Business and Management Strand

  • Topic: Recognize & Understand the Market, Week 5 Market Research

  • Prepared by: RFAT

Lesson Objectives

  • Explain what market research is

  • Understand the meaning of data gathering

  • Identify different data gathering techniques

  • Appreciate the importance of market research

Activities

Activity 1: Picture Tell

  • An activity aimed at associating pictures with terms (Survey, Interview, Focus Group Discussion)

Data Collection Techniques

  • Surveys

    • Common method for primary research.

    • Can be conducted through various means (mail, phone, online).

  • Interviews

    • Direct method to gather credible information from customers.

    • Can be personal or over the phone.

  • Focus Group Discussions

    • Group interviews or brainstorming sessions to generate ideas.

    • Should include 8-10 participants and be moderated effectively.

Importance of Market Research

  • Gathering information about products/services beneficial for understanding potential consumers.

  • Identifies market dynamics by assessing:

    1. Who will use the product/service.

    2. What products/services they currently purchase.

    3. How much they can afford and how they buy them.

Data Collection Tips

  1. Organize data promptly.

  2. Collect relevant data aligned with the intended message.

  3. Gather and create additional data where necessary.

  4. Take note of significant findings.

Data Collection Techniques - Surveys

  • Examples of survey question types:

    • Demographic information (gender, age, preferences).

    • Consumption habits and frequency.

    • Willingness to spend on products.

Market Research in Business Planning

  • Sections of Marketing Plan:

    1. Description of the Product

    2. Comparison of the product

    3. Location

    4. Market Area

    5. Main Customers

    6. Total Demand

    7. Market Share

    8. Selling Price

    9. Sales Forecast

    10. Promotional Measures

    11. Marketing Budget

  • Data collected through surveys could inform multiple sections of the marketing plan.

Sample Market Research Scenario

  • Ms. Kristina's iced coffee business:

    • Needs sample size of 400 survey responses for accurate data.

    • Use of Slovin’s formula to determine sample size considering population and margin of error.

Final Notes

  • Results from market research directly impact the marketing plan, informing the entrepreneurial venture's strategies and decision-making.