GRADE LEVEL: 12 WEEK: 4

SUBJECT: ENTREPRENEURSHIP LESSON: 3

TOPIC: MARKET ANALYSIS
OBJECTIVES:
1. Determine attractiveness of market
2. Identify the sources of New Product and Services and Generating new products/service for conventional or Innovative
Businesses
3. Making sample product for marketing

LESSON PROPER:

Market Analysis
 The goal of market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and
threats as they relate to the strength and weakness of the firm.

To start a business, the first thing to do is to find out what is the demand for the product by conducting a short market
survey.
Market Survey
 An investigation into the state of the market for a particular product or service, including an analysis of
customers’ needs and preferences. It is important to get the information from the people because you will properly
understand the customers’ needs and how would you operate your business.

Sample questionnaire for a new product (Tomato Jam)

1. Do you eat other types of Jam? Yes
2. Which types of jam do you like best? List the types
3. Do you think you would like tomato jam? Yes No Maybe
1 2 3 4 5
Very Good Good Average Bad Very Bad
4. What do you think of the color of this tomato
jam?
5. Do you like having the seed in the jam?
6. What do you think about the flavour of this jam?
7. Do you like the texture of the jam?
8. What do you think about the jar?
9. What do you think about the label?
10. What else do you like about this jam?
11. Is there anything I can do to improve this jam?

Sources of New Product/Service

1. Consumer – monitor potential ideas and needs from customers and formally arrange consumers to express their opinions.
2. Existing Products and Services – analysis of products and services uncovers ways to improve offerings that may result in a
new product or service.
3. Distribution Channels – channel members can help suggest new product
4. Government (Patent Office) – files from the patent office can suggest new product possibilities. New product ideas can
come in response to government regulations.
5. Research and Development – conduct research on your market and your customer needs. This results to the development
and identification of a new and improved product and services.

Generating New Product/Service for Conventional or Innovative Businesses

1. Conventional Business scenario

Here are the ways to start a conventional business.
 Start a business that you are familiar with.
 Start a business due to the existing business contacts.
 Gain business inspiration from your hobby or
interest.
 Gain inspiration from an imported item.
 Explore the possibility of import business.
2. Innovative business scenario
Here are ways to introduce an innovative business
 Gain inspiration from the wants and needs of the
customers.
 Gain an inspiration from the problems and issues
that bothered you and your peers.
 Study the usual or the existing solutions and
venture in the alternative solution.
 List down existing products and find out their
other uses aside from what was stated.