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Market Research

Market research is the process of gathering information to better understand potential customers and how to effectively sell to them. It involves primary and secondary research. Primary research collects original data through surveys, observations, or focus groups. Secondary research analyzes already existing information. Focus groups in particular are useful for exploratory discussions, feature prioritization, comparative analysis, and trend explanations. They work best with 8-10 participants of similar backgrounds and last 90-120 minutes with a skilled moderator.

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Kimberly Anne Villanueva
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140 views16 pages

Market Research

Market research is the process of gathering information to better understand potential customers and how to effectively sell to them. It involves primary and secondary research. Primary research collects original data through surveys, observations, or focus groups. Secondary research analyzes already existing information. Focus groups in particular are useful for exploratory discussions, feature prioritization, comparative analysis, and trend explanations. They work best with 8-10 participants of similar backgrounds and last 90-120 minutes with a skilled moderator.

Uploaded by

Kimberly Anne Villanueva
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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MARKETING

MARKET RESEARCH
“RESEARCH IS FORMALIZED CURIOSITY. IT IS
POKING AND PRYING WITH A PURPOSE.” (ZORA
NEALE HURSTON)
Market Research

research is the process of


gathering information which will
make the company more aware
of how the people and company
hopes to sell to.
REASONS WHY ENTREPRENEURS
CONDUCT MARKET RESEARCH
1. Identify potential customers 5. Examine and solve business problems

2. Understand existing customers 6. Prepare for business expansion

7. Identify business opportunities


3. Set realistic targets

4. Develop effective strategies


PRIMARY AND SECONDARY
RESEARCH
Primary research is information
gathered directly from the respondents
who answered set of questions. This
information is usually collected through
surveys, observation, focused group
discussion or experimentation.
Survey
the most common way to gather
primary research with the use of
questionnaire or interview
schedule.
Guidelines in making
questionnaire:
 Keep it as short and simple as possible.
 Make sure it is visually appealing and easy
to read.
 Cluster or blocked related questions.
 Move from general questions to more
specific questions
Guidelines in making
questionnaire:
 Move from easy to answer questions to more
difficult to answer questions
 Make sure questions are brief and easily
understood
 Avoid leading questions, questions with
ambiguous words, questions that are too
difficult to answer
Guidelines in making
questionnaire:
 Make sure any response scales used are logical
with categories that are mutually exclusive.
 Always pre-test the questionnaire to establish its
reliability and validity as well as identity potential
problems like length of answering and the use of
the language of understanding.
Focused Group Discussion

 Gains wider usage in market research due


to substantial information gathered given
a time limit.
 Itcan be moderated group interviews and
brainstorming sessions that provide
information on users’ needs and
behaviors.
FOCUSED GROUP DISCUSSIONS
CAN BE USED FOR THE FOLLOWING
TYPE OF DISCUSSIONS:
 Exploratory – obtain information on
general attitudes, understand the
circumstances under which
customers might require your product
or service, understand their desired
outcomes.
Feature prioritization – if trade-offs
have to be made among various
customer needs, focus groups
can be helpful in prioritizing them.
Comparative analysis -
understand where else customer
to go get similar information,
services or product and what
attracts them to those sources.
Trend explanation - If you
notice a trend in the way that
customer use your website, then
focus groups can be used to
better understand why this is
happening.
CONSIDERATION IN THE USE OF
FGDs IN MARKET RESEARCH:

 Limit
the length of the session to between
90 and 120 minutes.
 Generally,conduct focus groups with 8 to
10 participants per group (recruit 10 to 12
participants to ensure that 8 to 10 show
up).
 Use a knowledgeable moderator/
facilitator who can manage group
dynamics, probe skillfully to obtain
deeper understanding to issues and
capture a broad spectrum of options.
 Use a semi-structured or open-format
discussion.
 Strive
for uniformity in the group’s
composition.
 Ifyou feel that group influence is likely to
be a strong factor participants will be
influenced greatly by what other are
saying), then personal interviews or smaller
groups may be an option to consider than
FGD.

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