CASTILLO, RICA MAE G.

ENTREPRENEURSHIP
STEM 12. B JUNE 11, 2022
03 ELMS ACTIVITY 1 ARG
Choose one (1) or a combination of market research methodologies and accomplish the
following:
MARKET RESEARCH METHODOLOGIES: Survey Research
SERVICE: Product Customization Services
1. List down the concerns of your target market that you want your product/service
offering to address.

 Target market geographic (needs, wants, and cultural considerations)

 Target market demographic (age, gender, and location)
 Target market psychographics (likes, dislikes, opinions, lifestyle, and social status)

2. Explain how the new or improved features of your product/service offering can
address these concerns.

 Analyze customer information. While it may be tempting to dive right in and

attempt anything to boost sales, first conduct a survey of your customers.
Creating customer happiness survey or a consumer product survey that can
help you learn more about what matters to your customers and collect their
feedback.

 New products and services. Your customers might be looking for something
new pr unique. Be sure to undertake thorough research before expanding
your product lines or offering extra services.

 Find new markets. Look for emerging markets that might be interested in
your products or services. You must be open to change in order to break into
more profitable areas. To generate market ideas, ask “what if” pr “in what
ways” queries.

 Increase distribution channels. You can use distribution to broaden your

reach and increase revenue. Consider the following distribution channels:
wholesale/distributor; direct marketing by mail, internet, email, catalog, or
sales manufacturer. There are endless options.