COLLEGE OF ACCOUNTANCY, BUSINESS, ECONOMICS, AND

INTERNATIONAL AND HOSPITALITY MANAGEMENT

ENTREPRENEURSHIP IN TOURISM AND HOSPITALITY

REPORT ABSTRACT

Identify and Meet Market Needs

Submitted by:

De Guzman, Jimbelle A.

Dela Cruz, Kristel Jane D.

Malabanan, Jamaica

Moreno, Maricon C.

Pantanilla, Rica Mae

Ronquillo, Kaycie

BSTM Students

Submitted to:

RHIKIE ROSE P. MARANAN, MBA

Professor

5th of October, 2021

The overall purpose of this report is to identify and meet the needs of the market.

Presentors will discuss about the value of Market Research, the proper way on how to

perform it and identifying the competition between your business and your competitors.

We will also find out the definition of different terminologies regarding business. Market

Research will be highlighted in this report since that it is very useful for every business. It

helps any business to use its resources more efficiently. It is an essential thing to remain

competitive in today’s market so a business should stay up to date than it was ever

before. This topic will benefit the learners who wish to be an entrepreneur. Learnings on

this topic can be their guide in starting their own businesses.

II. Objectives of the report

The following are the objectives of the lesson identifying and meet a market need:

 To identify a target market by understanding your customers.

 Research your market using primary and secondary data.

 Identify the five steps involved in primary data market research.

 Design a questionnaire.

 To determine your direct and indirect competition.

 To analyze the strengths and weaknesses of competitors.

 Establish strategies for maintaining customer loyalty.

III. Detailed Discussion

Topic: IDENTIFY AND MEET A MARKET NEEDS

Lessons

 The Value of Market Research

 How to Perform Market Research

WHAT IS A TARGET MARKET?

The target market is the individuals or companies that are interested in a

particular product or service and are willing and able to pay for it. A target market is a

group of customers within a business's serviceable available market at which a business

aims its marketing efforts and resources. A target market is a subset of the total market

for a product or service.

WHAT IS MARKETING CONCEPT?

The marketing concept uses the needs of customers as the primary focus

during the planning, production, distribution, and promotion of a product or service. The

marketing concept involves identifying consumer needs and wants and then producing

products (which can be goods, services, or ideas) that will satisfy them while making a

profit. Relationship marketing entails forging long-term relationships with customers,

which can lead to repeat sales, reduced costs, and stable relationships.

UNDERSTANDING YOUR CUSTOMERS

Customers

 are the people who buy the products and services companies offer.

Customers buy goods and services to satisfy economic wants and needs.

An economic want is an unfilled desire of a customer.

An economic need is anything that is required to live.

DEMOGRAPHICS AND PSYCHOGRAPHICS

 are data that describe a group of people in terms of their age, marital status,

family size, ethnicity, gender, profession, education, and income. It is usually

used to research a product or service and how well it is selling, who likes it

and/or in what areas it is most popular

Psychographics

 are data that describe a group of people in terms of their tastes, opinions,

personality traits, and lifestyle habits. Psychographics deal primarily with what

are known as IAO variables—interests, activities, and opinions. They attempt

to identify the beliefs and emotions of an audience, not just their age and

gender.

IDENTIFYING YOUR TARGET MARKET

1. Who are my customers: individuals or companies?

2.What needs or wants will my product or service satisfy?

3. How many potential customers live in the area in which I want to operate?

4. What price are they willing to pay for my products or services?

5. What can I do for my customers that other companies are not already doing for them?

DETERMINING YOUR TARGET MARKET

Why is it important to determine who your target market is?

 Unless you understand who your target market is and what types of products

or services they are looking for, you will probably not be able to satisfy their

wants and needs.

THE IMPORTANCE OF CUSTOMER PROFILE

company that is likely to purchase a product or service.

 The importance of a customer profile will help you understand how to meet

customer demand. Understanding your competition will help you identify

unmet needs.

Disadvantage of market segmentation

You might market to a group who is not interested in the product or might

overlook a segment that would be very interested in the product.

Market Segments

Groups of customers within a large market who share common characteristics

are known as market segments.

Market segments are known to respond somewhat predictably to a marketing

strategy, plan, or promotion. This is why marketers use segmentation when deciding on

a target market. As its name suggests, market segmentation is the process of separating

a market into sub-groups, in which its members share common characteristics.

DEMOGRAPHIC SEGMENTATION

Demographic segmentation is one of the most popular and commonly used types

of market segmentation. It refers to statistical data about a group of people.

Demographic Market Segmentation Examples

 Age

 Gender

 Income

 Location

 Family Situation

 Annual Income
  Education

 Ethnicity

Psychographic Segmentation

Psychographic segmentation categorizes audiences and customers by factors

that relate to their personalities and characteristics.

Psychographic Market Segmentation Examples

 Personality traits

 Values

 Attitudes

 Interests

 Lifestyles

 Psychological influences

 Subconscious and conscious beliefs

 Motivations

 Priorities

Behavioral Segmentation

While demographic and psychographic segmentation focus on who a customer

is, behavioral segmentation focuses on how the customer acts.

Behavioral Market Segmentation Examples

 Purchasing habits

 Spending habits

 User status

 Brand interactions
 Behavioral segmentation requires you to know about your customer’s actions.

These activities may relate to how a customer interacts with your brand or to other

activities that happen away from your brand.

Geographic Segmentation

Geographic segmentation is the simplest type of market segmentation. It

categorizes customers based on geographic borders.

Geographic Market Segmentation Examples

 ZIP code

 City

 CountryRadius around a certain location

 Climate

 Urban or rural

Mass Marketing

a market strategy whose aim is to appeal to the largest portion of the market

while ignoring niche demographic differences, in order to reach the highest number of

potential customers possible.

 Mass marketing, also called undifferentiated marketing, involves marketing to the entire

market the same way.

 Mass marketing effectively ignores segmentation and instead generates a single

offer and marketing mix for everyone. The market is treated as a homogeneous

aggregate.

 Mass marketing aims to reach the largest audience possible, and exposure to the

product is maximized.

 Mass marketing tries to spread a marketing message to anyone and everyone willing to

listen.
 Advantages of Mass Marketing

 Easy to prepare advertisements for and reaches many people

 Don’t have to pay for the production of similar products

 Easier to manage, cost effective

 Can send one promotional message to everyone

Disadvantages of Mass Marketing

 Does not target specific needs of customers

 Is not suitable for all products

 Has nothing to make the product stand out from the competition

 High competition

Understand the competition

Knowing about your competition will help you define your target market

Businesses typically enter into areas where there is competition. For this reason, new

businesses need to identify some special customer need or want that is not being met.

Example: Customers may be happy with the product, but may be unhappy with the

prices.

A customer need is going unmet by a competitor, indicating a possible opportunity for an

entrepreneur

Market Research

Market research is a system for collecting, recording, and analyzing information about

customers, competitors, goods, and services.

Market researchers collect primary and secondary data.

If conducted properly, market research will help entrepreneurs understand their target

markets and thus, satisfy the wants and needs of the customers
 Limitations of Market Research

 Can be costly

 Time Consuming

 Must be carefully analyzed so that incorrect decisions are not made.

Market research : The Difference Between Primary and Secondary Source

Primary data is information collected for the very first time to fit a specific purpose.

Questionnaire or survey

 A questionnaire is a structured form, either written or printed, consists of a

formalized set of questions designed to collect information on some subject or

subjects from one or more respondents.

Observation

 Observation is a market research technique in which highly trained researchers

generally watch how people or consumers behave and interact in the market

under natural conditions.

Focus groups

 Focus group, gathering of a small number of individuals who share common

interests in specific issues or events and who are asked to take part in an

interactive discussion.

Secondary Data is data found in already published sources.

Places to find secondary data

 Books about specific industries

 Information on web sites for government and businesses

 Specialized magazines and journals devoted to particular fields

 Newspaper articles and statistics

Information you can find using secondary sources include information on:

Demographics

 Data that describes the group of people in terms of :

age, marital status, family size, ethnicity ,gender , profession , education and

income

Economic trends

 An economic trend is an indicator that shows how a region or country is doing

financially

Industry forecasts

 Forecasting is the process of making predictions based on past and present

data and most commonly by analysis of trends.

DISADVANTAGES OF PRIMARY DATA

 Time consuming

 Expensive

Difference between primary and secondary market research data

 Secondary data is found in published sources.

 Primary data is information that is collected for the first time to fit a specific

purpose.

HOW TO PERFORM MARKET RESEARCH

5 STEPS OF PRIMARY MARKET RESEARCH

problem is you’re trying to figure out. In this first phase of the process, you need to

establish your research objectives. Developing questions that will help you clearly define

your problem is very beneficial during this phase.

Select Method - Once you know what the problem is you’re addressing, it’s time to

develop and design the research plan. There are many methods you can incorporate in

your research plan. To keep your costs down, consider the following techniques for

conducting your research: Interview prospects and customers. This may be a bit

intimidating at first but it’ll start to become second nature. In my opinion, you get the best

feedback by using this tactic. Nothing gives you the information you’re looking for like

going straight to the source. Run testing on your website. You can learn a lot from

simple testing and reviewing your analytics such as Google or HubSpot analytics.

Collect Data - Once you start to collect your data, make sure it’s valid and unbiased.

Use a mixture of the methods mentioned above to get relevant data from all angles. The

ideal type of information to gather would be analytical/scientific as well as emotional data

that you couldn’t get from looking at a graph.

Analyze Data - When doing this, it’s important to look for trends as opposed to specific

pieces of information. As you’re analyzing your data, don’t try to find patterns based off

your previous assumptions prior to collecting the data. It’s okay if your hypothesis is

wrong. That’s why you do the testing and don’t go with assumptions. Just make sure you

don’t twist the results to show that you were right all along if you weren’t. It won’t lead to

any beneficial outcomes.

Draw Conclusion/Take Action - Your research is complete. It’s time to present your

findings and take action. Start developing marketing campaigns. Put your findings to the
test and get going. The biggest takeaway here is that although this round of research is

complete, it’s not over. Your research should never be over. You should always be

analyzing your data on a regular basis to see where you can improve. Trends can

change over time. Just because you found a pattern doesn’t mean it’ll stay that way

forever. Always be doing your research. The more you know about your buyer personas,

industry, and company, the more successful your marketing efforts will be.

THREE (3) WAYS TO COLLECT PRIMARY DATA INCLUDE:

1. SURVEY - In this method a questionnaire is mailed to the person concerned with a

request to answer the questions and return the questionnaire. This method is most

extensively applied in various researches of human and economic geography.

2. OBSERVATION - In observation method, the information is sought by way of investi-

gator’s own direct observation without asking from the respondent. The main advantage

of this method is that it is free from subjective biasness, as it is free from respondent’s

willingness. It is, however, an expensive and time consuming method. Moreover, the

information provided by this method is very limited and some of the more busy people

like executives may not be accessible to direct observation.

3. FOCUS GROUP - Focus group discussion is frequently used as a qualitative

approach to gain an in-depth understanding of social issues. The method aims to obtain

data from a purposely selected group of individuals rather than from a statistically

representative sample of a broader population. Even though the application of this

method in conservation research has been extensive, there are no critical assessment of

the application of the technique. In addition, there are no readily available guidelines for

conservation researchers.

DESIGN A SURVEY
 Length of questionnaire

 Questions

 Clear

 Easy to answer

 Only important questions

QUESTIONNAIRE

A good question is:

 Clear

 Relevant questions that are easy to answer

People are more inclined to answer short questionnaires because they don’t take

much time.

DIRECT AND INDIRECT COMPETITION

 Direct competition is competition from a business that makes most of its money

selling the same or similar products or services as another business.

 Indirect competition is competition from a business that makes only a small

amount of money selling the same or similar products or services as another

business.

 Find your direct competition

 Find your indirect competition

direct and indirect might take customers from them.

COMPETING WITH LARGE BUSINESSES

 Large retailers usually are able to keep larger quantities of products in stock.

 Large retail chains don’t rely on one single product line.

 Large companies usually have more resources to devote to advertising.

Retail Businesses - Retail businesses sell items or services to customers for their

consumption, use, or pleasure.

 Ways you could attract customers to retail businesses may include:

 Extended hours

 Birthday cards

 Frequent buyer programs

 Personal Notes

 Thank you cards

 Store Specific credit cards

 Coupons

 Layaway program

STUDY INDIVIDUAL COMPETITORS

 Location

 Facility

 Strengths

 Weaknesses

 Strategy

Analyzing Competitors - The purpose of a competitor analysis is to understand your

competitors' strengths and weaknesses in comparison to your own and to find a gap in

the market.

 Purpose - To figure out how to get customers to buy from your business

 Why can customer feedback be considered a type of market research? - It

is a valuable type of market research because it is coming from customers who

care enough about your company and product to communicate with you

IV. Conclusion

In conclusion, marketing is the most exciting of all business sports. It is the

heartbeat of every successful business. It is continually changing in response to the

explosion of information, the expansion of technology, and the aggressiveness of

competition, at all levels and everywhere. All business strategy is marketing strategy.

Your ability to think clearly and well about the very best marketing strategies, and to

continually change and upgrade your activities, is the key to the future of your business.

Fortunately, like all business skills, marketing can be learned by practice,

whatever marketing strategy is working for you today, no matter how

To effectively create products and marketing messages, you need to know your

customers' motives for buying. Needs are generally categorized as either functional

or emotional. When the marketplace has a functional need, people want a product or

service that provides rational benefits. Identifying a target market helps your

company develop effective marketing communication strategies. A target market is a

set of individuals sharing similar needs or characteristics that your company hopes to

serve. These individuals are usually the end users most likely to purchase your

product. Correctly identifying customers' needs is essential for ensuring customer

satisfaction and loyalty. Assuming what a customer wants based on previous clients

can drive the customer away. Identifying customers' needs allows representatives to

cross-sell related products or service.

In market research process, the market research process involves researching

your customers, competitors, and industry and market environment. You can

research each of these separately, and then combine the results to get an overall

view of where your business fits in the market. Undertaking your own market

research is generally more cost-effective than hiring someone else to do it for you. It

can also help you build stronger relationships with your customers, and learn

valuable market research skills and knowledge. However, conducting your own

market research can be time-consuming and may require specialized skills to make

informed judgments and objective recommendations.

https://www.conductor.com/blog/2018/02/identify-competitors/?
fbclid=IwAR2bC0kzi5YjK4ibQY9nhzTmHjjuXKsTW7vZB9hORrn-T57s50uPsHY9jF0

https://www.revechat.com/blog/customer-needs/?
fbclid=IwAR240VVKD7abVn2iV_XOOKYGmmFSF3XVjIn9PA7aWNj3XKsvUaz7Nvl-l9E

https://www.youtube.com/watch?v=5bPDNt9463g

https://www.youtube.com/watch?
fbclid=IwAR2bC0kzi5YjK4ibQY9nhzTmHjjuXKsTW7vZB9hORrn-
T57s50uPsHY9jF0&v=5bPDNt9463g&feature=youtu.be

https://blog.marketresearch.com/why-entrepreneurs-must-understand-their-market-
before-entering-it

https://www.shapironegotiations.com/market-segmentation-vs-mass-marketing

https://slideplayer.com/slide/6417547/?
fbclid=IwAR30QVFe9PMj7RZbOc2GDN0xpR0qkGFFMQ1l3C8OwDzT7M_Vo8hZupmCj
R8

https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-
analysis

https://www.business2community.com/inbound-marketing/the-5-step-marketing-
research-process-01269959

https://www.yourarticlelibrary.com/agriculture/different-ways-of-collecting-primary-
data/44384
VI. PPT SLIDES