Unit 4: Market Need Analysis

Lesson 2
Market Research Methodologies

Entrepreneurship
Senior High School Applied - Academic
How does market
research helps an
entrepreneur make
smarter decisions for his
business?

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 ● Learn the different
Learning methodologies used in market
Objectives research.
● Apply the various market
At the end of the research methodologies in
lesson, you should be
able to do the different business contexts.
following:

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1. What for you is the best approach in
analyzing the needs of the market?
2. What considerations must be taken in
assessing the viability of a product or
service?
3. How important is market research prior to
executing the desired business?
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 Market Research Methodologies
Research methods are
used to get the type of
information about the
consumers, the market,
and even the competitors,
which will greatly
influence the decisions of
the entrepreneur.
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 Market Research Methodologies

Market research methodologies are

advantageous for any business because these
tools are effective at tapping into the actual
needs and wants of the target market.

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Why are market research
methodologies significant in building
an enterprise?

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 Choosing the Right Market Research Methodology

1. Pick a method that complements well with

the business’ objectives.
2. Assess the information that is already
available.

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 Choosing the Right Market Research Methodology

3. Compare the various market research

methodologies.
4. Calculate the total time for collecting and
organizing research data.

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 Qualitative Research Methods

This type of data-gathering research method is

performed through observation techniques
and unstructured questioning.

It gives answers to the whys and hows of the

decision-making processes of various
consumers.

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 Qualitative Research Methods

Interviews
Interviews are conducted in order to give
entrepreneurs or businessmen the chance to
deeply evaluate the areas of interest of the
individuals they want to target.

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 Example: Interview
Situationer:
An entrepreneur is planning to provide a ride-hailing
service in a province through the use of a mobile
application. The target market of this project consists of
students, employees, professionals, and other individuals
seeking a convenient mode of transportation. The
following questions were asked to the respondents
through interviews:

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 Example: Interview

How do you feel about the current

transportation situation in your province?

This question aims to understand the actual

feelings of the respondent towards the
transportation situation in his or her area.

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 Example: Interview

What mode of transportation do you take

to and from school or your workplace?

This question aims to know the type of

transportation that is primarily used in the
province.
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 Example: Interview

How much do you spend on transportation

monthly?

This question aims to know the estimated cost

that an individual would likely pay for his
transportation.
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 Qualitative Research Methods

Interviews
Interviews are conducted in order to give
entrepreneurs or businessmen the chance to
deeply evaluate the areas of interest of the
individuals they want to target.

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 Example: Interview
Situationer:
An entrepreneur is planning to provide a ride-hailing
service in a province through the use of a mobile
application. The target market of this project consists of
students, employees, professionals, and other individuals
seeking a convenient mode of transportation. The
following questions were asked to the respondents
through interviews:

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 Example: Interview

How do you feel about the current

transportation situation in your province?

This question aims to understand the actual

feelings of the respondent towards the
transportation situation in his or her area.

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 Example: Interview

What mode of transportation do you take

to and from school or your workplace?

This question aims to know the type of

transportation that is primarily used in the
province.
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 Example: Interview

How much do you spend on transportation

monthly?

This question aims to know the estimated cost

that an individual would likely pay for his
transportation.
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 Example: Interview

What changes or improvements would you

like to see in your province in the aspect of
transportation?

This question will help the entrepreneur in

addressing the demands and needs of his
target market.
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Tip

In conducting interviews, questions

to be asked must be those that are
relevant to the implementation of
the proposed business.

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 Qualitative Research Methods

Focus groups
Focus groups are usually conducted personally
by entrepreneurs or market researchers. This
type of methodology is meant to bring about a
comfortable environment while discussing with
the consumers their feelings towards a specific
product or service.

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 Qualitative Research Methods

Online focus groups

Similar to in-person focus groups, online focus
groups are likewise performed to understand
the thoughts and feelings of consumers
towards a specific product or service, except
that they are more convenient and cost-
efficient to perform.

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 Qualitative Research Methods

Observations
The observational approach of conducting
market research comes in different types. The
most common examples of observational
research are usability testing, in-store
observation, and mystery shopping.

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Remember

Qualitative research is a type of data-

gathering research method performed
through observation techniques and
unstructured questioning.

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 Quantitative Research Methods

Quantitative research obtains the information

that can be easily and quickly counted and
statistically analyzed.

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 Quantitative Research Methods

Survey research
Surveys are a very popular method in
gathering primary data. This type of market
research methodology enables the
entrepreneur to formulate questions that
cover a variety of topics.
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 Quantitative Research Methods

Experiments or Field Trials

This market research approach involves a
scientific approach that includes the testing of
specific variables. Tests can be performed in
controlled environments or under natural
settings.
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Remember

Qualitative research is a type of data-

gathering research method performed
through observation techniques and
unstructured questioning.

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 Quantitative Research Methods

Quantitative research obtains the information

that can be easily and quickly counted and
statistically analyzed.

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 Quantitative Research Methods

Survey research
Surveys are a very popular method in
gathering primary data. This type of market
research methodology enables the
entrepreneur to formulate questions that
cover a variety of topics.
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 Quantitative Research Methods

Experiments or Field Trials

This market research approach involves a
scientific approach that includes the testing of
specific variables. Tests can be performed in
controlled environments or under natural
settings.
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 Wrap Up

Qualitative research is a type of data-gathering

research method which is performed through
observation techniques and unstructured
questioning.
Quantitative research refers to information
that can be easily and quickly counted and
statistically analyzed.

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Wrap Up

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