BASIC EDUCATION DEPARTMENT

ENTREPRENEURSHIP MODULE
SY 2022-2023 I SECOND QUARTER

Date:

I. LEARNING OUTCOMES

At the end of this module, you should be able to:

1. Discuss the Meaning of Market Research.
2. Identify and Discuss the Market Research Methodologies.
3. Identify and Discuss the Customer Profiling Methodologies.
4. Discuss the Meaning of Market Mapping.

II. TOPICS

A. Market Research
B. Market Research Methodologies.
C. Customer Profiling
D. Market Mapping

III. RESOURCES
 Textbook
 Powerpoint Presentation

IV. VALUES/CHARACTER INTEGRATION

“Success is not final; failure is not fatal: it is the courage to continue that counts.”
- Winston Churchill
"It is well with the man who deals generously and lends; who conducts his affairs with justice.”
- Psalm 112:5

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 V. INTRODUCTION

Market research is critical for the development and launch of any business, whether it be
a product or a service. It is crucial anytime a new product is brought to the market or an existing
service's quality is upgraded. Before making a new product or service available to the general
public, it is usually a good idea to see if it is acceptable to the target demographic. As a result, we
can claim that market research keeps businesspeople from losing a lot of money. Market research
helps to record people's reactions to the product or service that is being presented to them, which
saves money and avoids the embarrassment of giving a subpar product or service to the market. It
also aids marketers in determining whether or not the product is reaching the intended target.

VI. BODY

 Market Research - The process of gathering, analyzing, and interpreting information about a
market, about a product or service to be offered for sale in that market, and about the past,
present, and potential customers for the product or service.
 Market Research Methodologies:
I. Sales Data Mining - A process used by businesses to turn raw data of other
businesses into useful information.
 Data Array - Grouped data that has been 'classified' and thus some
level of data analysis has taken place, which means that the data is no
longer raw.
 Commonly Used Graphs for Sales Data Mining:
a. Histogram or Bar Graph – Consists of series of
rectangles or bars.
b. Frequency Polygon – Constructed by making
frequencies on the vertical axis with a dot corresponding
to the value on the horizontal axis.
c. Pie Chart – Circular graph divided into sections that
represent the relative frequencies or magnitude of the
grouped values.
 Cross-Tabulation - Data tables that present the results of the entire
group of respondents, as well as results from subgroups of survey
respondents.

II. Focus Group Discussion - Gathering information together with people from
similar backgrounds or experiences to discuss a specific topic of interest.
 Steps in Conducting Focus Group Discussion:

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 1. Develop Research Objectives
2. Determine Participant Profile
3. Determine Appropriate Compensation for Participants
4. Develop Participant Screener Questionnaire
5. Recruit Participants
6. Select Good Facilitator
7. Develop a Facilitator’s Discussion Guide
8. Arrange for Venue and Logistics
9. Analyze the Results of the FGD.
III. Observation Techniques - The process of observing people as they go about
their usual activities such as buying and using products and services and
assessing how they behave.
 Conditions for Conducting Observation Techniques:
1. The needed information must be observable or inferable
from the behavior that can be observed.
2. The subject matter contains some sensitivity needing
detached observation.
3. The behavior of interest must be repetitive, frequent, or
predictable in some manner.
4. The behavior of interest must be of relatively short duration.
 Types of Observation Techniques:
a. Human Observation - Using human observers to collect data
in the study.
b. Mechanical Observation - Involves using various types of
machines to collect the data, which is then interpreted by
researchers.
IV. Survey Research - The most preferred research methodology is where the
respondents are asked a variety of questions which are often about their personal
information, motivation, and behavior.
 Important Concerns for Survey Research:
1. Sampling Techniques - Identification of the specific process by
which the entities of the sample have been selected.
a. Probability Sampling - The selection of a sample from
a population, when this selection is based on the
principle of randomization, that is, random selection or
chance.
b. Non-Probability Sampling - A method of selecting
units from a population using a subjective.

2. Sampling Size - The number of participants or observations

included in a study.
3. Questionnaire Design - The practice of organizing customers
into specific groups possessing similar goals or characteristics.
 Steps in Conducting Survey Research:
1. Develop Research Objectives
2. Determine your sample size.

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 3. Choose the interviewing methodology.
4. Create your questionnaire.
5. Pre-test the questionnaire.
6. Conduct interviews and enter data.
7. Analyze the data.
 Customer Profiling - The process of designing the format and questions in the survey
instrument will be used to collect data about a particular phenomenon.
 Methods of Customer Profiling:
1. Demographics – The customer were categorized based on the following:
a. Age
b. Social Classes
c. Income Classes
d. Reference Group
e. Ethnic Backgrounds
f. Religious Beliefs
g. Occupations
h. Domiciles
2. Psychographics – Defines the customer’s motivation, perceptions, preferences, and
lifestyle.
a. Motivation – Roots of the customers’ needs and wants.
b. Perception – Refers to the way a person chooses to receive or interpret
information from the external world.
c. Preferences - Refers to certain characteristics any consumer wants to have in
a good or service to make it preferable to him.
d. Lifestyle - The typical way of life of an individual, group, or culture.
3. Technographics – Classifies people according to their level of expertise in using a
product or service.
 Application of Customer Profiling:
1. Develop a product or service to test out in the marketplace.
2. Profile the different types of customers in a given industry or area as to their needs and
wants.
 Market Segmentation - Refers to aggregating prospective buyers into groups or segments with
common needs and who respond similarly to a marketing action.
 Market Aggregation – This refers to the concept of market segmentation that assumes that most
consumers are alike.

 Market Mapping - Refer to the process of using a graph to plot competitors and their products to
understand competitor behavior and spot a gap in the market.

VII. SUMMARY/CONCLUSION

In terms of conceiving concepts that would help the organization to discover crucial areas
such as trends, segmentation, and behavior, market research is considered a critical component of
corporate strategy. The study, on the other hand, covers a wide range of activities, which defines its
relevance to the company’s decision-making process. Because market research identifies the precise

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state of a market, the findings of a market study are critical in developing a marketing mix that is
appropriate for the market being studied.

VIII. ASSESSMENT

Recitation

IX. REFERENCES
A. Textbook
Entrepreneurship: Starting an Enterprise. Having an Innovative Mindset by Joey
Concepsipn and Ramon Lopez pages 117-126
Entrepreneurship by Eduardo A. Morato, Jr., DPA
Pages 67 - 86.
B. Video Presentation

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