Republic of the Philippines

DAVAO DE ORO STATE COLLEGE

Maragusan, Davao de Oro
www.cvsc.edu.ph | cobe.maragusan@ddosc.edu.ph

ENTREPRENEURSHIP DEPARTMENT

Midterm Examination

NAME OF STUDENT:__Balais , Princes Joy M.

Instructor: Rachelle S. Mulato
Email: rachelle.mulato@ddosc.edu.ph

A. Course Code and Title: ENT 104: MARKET RESEARCH AND CONSUMER
BEHAVIOR

B. Instructions: ( Essay Writing ) Write your answer at the space provided.

1. Define Market Research and discuss how it is importance to conduct this before
put into reality.
Market research is an effective tool for you to assist your business planning. It is
also about collecting information that provides an insight into your customers
thinking, buying patterns and locations. The importance to conduct this before
put into reality is it also assist you to monitor market trends and keep an eye on
what your competition is doing.

2. Explain the importance of market research and the methods needs to use.
Market research helps marketers access the market identify the key competitors.
It also help us to identify or get insights of the strategies of our competitors and
identify the loopholes in them. It can be useful of increasing business and
ensuring that we do not make the same mistakes. The methods we need to use is
surveys, interviews, focus groups and customer observation.

3. What have you learned in the market research process and its methodologies?
I have learned in market research that it will provide a spotlight on consumer
concerns and you will get insight on consumer behavior, what motivates them
and challenges they are facing. In addition, it allows you to test your assumptions
without taking time, energy and expense of launching. Also helps you to reduce
risk and enables you to work quickly and confidently.
 Republic of the Philippines
DAVAO DE ORO STATE COLLEGE
Maragusan, Davao de Oro
www.cvsc.edu.ph | cobe.maragusan@ddosc.edu.ph

ENTREPRENEURSHIP DEPARTMENT

4. In your own understanding, discuss the market research process step-by-step.

In my own understanding, the first step we must to do is to define the problem

that you are aiming to solve. Asking specific questions will help to pinpoint the
most pressing needs opportunities to reach your research objectives. Second the
Develop a research plan because it can help a business outline how to find the
ways to address the questions it seeks to answer the problem that wishes to
solve. Third is to collect the data, when you after identifying objectives it is
important to start collecting information or data. We can collect data through
having conducted surveys, social media polling, interviews and focus groups.
Fourth, analyze your data is the way to uncover trends within the business or
company or in the market place that can affect a business market performance.
Fifth, present the results, once you have done the research and analyzed the data,
you can build a research report to present your key findings. Lastly, incorporate
your findings, once you have done or you have already presented your data, it is
time to develop or make actionable plans to put your findings into play, whether
it is developing brand new strategies or improving existing ones.

Prepared by:

RACHELLE S. MULATO
Instructor