Unit 4: Market Need Analysis

Lesson 1
Market Research

Entrepreneurship
Senior High School Applied - Academic
What is market research?

Why is there a need to

conduct market
research?

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Learning ● Analyze the market need.
Objectives ● Determine the possible product
or service that will meet the
At the end of the need.
lesson, you should be
able to do the
following:

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Imagine you have a
product in mind that you
want to sell. How would
you know if people
would buy your product?

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 What kind of
customers
would you
have?

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 Market Research
design, collection, and
analysis of relevant data,
arranged in a systematic
way, aimed at
providing a solution to
a specific marketing
problem
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Why would we
need market
research?

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 The Need for Market Research

● perspective of the changes in consumer

tastes on product and services

● overview of the prevailing economic

conditions

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 The Need for Market Research

● insights if there is a need to reschedule

at a later time when the demand arises

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How does market research help
entrepreneurs in initiating a business
enterprise?

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 The Need for Market Research

● insights if there is a need to reschedule

at a later time when the demand arises

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 Purpose of Market Research
● understanding of
consumers’ needs

● minimizes the risk of

business failure

● gives a forecast of the

trends
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How do we start market
research?

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 Market Research Basic Questions
1. Why conduct a market research?

2. What will be the market research?

3. Which part of the market will be

researched?

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 Example
Question Answer

Which part of the students from Junior to

Senior High School
market will be
researched?

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 Example
Question Answer

Which part of the students from Junior to

Senior High School
market will be
researched?

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 Market Research Basic Questions

4. Who among the members of the identified

market will be researched?

5. When will be the right time to

conduct the planned market research?

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 Example
Question Answer

When will be the during lunch break and

dismissal
right time to
conduct the
planned market
research?
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 7 Market Research Basic Questions

6. Where will the market research be

conducted?

7. How will the market research be carried

out?

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 Example
Question Answer

How will the market by observation and

interview
research be carried
out?

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 Market Research Basic Questions

4. Who among the members of the identified

market will be researched?

5. When will be the right time to

conduct the planned market research?

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 Example
Question Answer

When will be the during lunch break and

dismissal
right time to
conduct the
planned market
research?
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 7 Market Research Basic Questions

6. Where will the market research be

conducted?

7. How will the market research be carried

out?

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 Example
Question Answer

How will the market by observation and

interview
research be carried
out?

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Tip

Among the 7 market research basic

questions, the first 2- WHAT and
WHY should always be answered
first. The rest may be answered in
any order.

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How do we conduct market
research?

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 ● Advertising Research
Types of ● Commercial Eye Tracking
● Customer Satisfaction Research
Market ● Distribution Channel Audit
Research ● Internet Strategic Intelligence
● Test Marketing

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Advertising Research

predict or trace the

effectiveness of an
existing or related
product or service
advertisement

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Commercial Eye Tracking

analyzing visual
behavior and trends
among its target
consumers

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Customer Satisfaction Research

feedback of customers
who already purchased
the product, or a related
one, to gauge his
satisfaction

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Distribution Channel Audit

assessing the distributor

or retailers’ purchase
ordering pattern and
levels of a product

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Internet Strategic Intelligence

Using the Internet in the

form of chats, forums,
blogs, etc, the product
under review is given an
honest experience
review.

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Test Marketing

a small, controlled
quantity of the product
is being released to
gauge the level of
acceptance of the
buying public or target
market
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