Prerequisite Content-Knowledge: Prerequisite Skill: Prerequisites Assessment
Prerequisite Content-Knowledge: Prerequisite Skill: Prerequisites Assessment
Prerequisite Content-Knowledge: Prerequisite Skill: Prerequisites Assessment
Prerequisites Assessment:
Fill in the blanks:
Entrepreneurs will take a look at each customer’s demand in the market. Understanding your market will help reach your goal to
compete with bigger competitors. Building positive relationships with customers require more understanding in customers’
purchasing motivations and habits. __________________ and ______________________ basically join hand in
hand to promote its product and services. ____________________is a sage in market identification process that aims to
determine the buyers’ common needs and behavior. There are four (4) methods for segmentation, ____________________,
____________________, ______________________, and _____________________. There are two types of customer
requirements, the ___________________ and _________________, the tangible and intangible things. Understanding your
market will help reach your goal to compete with bigger competitors.
Formative Question 4: In creating a survey, how will you design or construct you questions?
Keep it as 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 response scales used are consistent with categories that are mutually exclusive
Formative Question 3: What is the most reliable in gathering data?
2. INTERVIEW is one of the most reliable and credible ways of getting relevant information from target customers. It is
typically done in person 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.
3.FOCUS GROUP DISCUSSION (FGD) - is an excellent method for generating and screening ideas and concepts. It can be 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.
Conduct focus groups discussion with 8 to 10 participants per group.
Assign an expert moderator / facilitator who can manage group dynamics.
Use a semi-structured or open-format discussion
Strive for consistency in the group’s composition
Synthesis:
Market Research is __________
Data collection is __________
Market Research plays a vital role in gaining an understanding of customers- their needs, preferences and behaviors that
affect the way they make purchases and build loyalty to a brand. There are several research methodologies that an
entrepreneur may employ to able to perform market research. Data collection s the process of gathering and measuring
information on variables of interest, in an established systematic fashion that enables one to answer stated research
questions, test hypotheses, and evaluate outcomes. The interview is one of the most reliable and credible ways getting
relevant information from target customers. Focus Group Discussion is commonly used by market researchers to capture
qualitative results from target customer. And Survey is the most commonly use to gathered information.