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Market Research Survey

Market research is the process of gathering information about potential customers to determine if a product or service is viable. It involves studying specific market segments to understand customer needs and reactions. Basic questions in market research include the purpose, target market, and timing of the research. Entrepreneurs conduct market research to identify and understand customers, set realistic targets, develop effective strategies, examine problems, and identify opportunities. Common research methods include surveys, focus groups, personal interviews, and observation.

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125 views17 pages

Market Research Survey

Market research is the process of gathering information about potential customers to determine if a product or service is viable. It involves studying specific market segments to understand customer needs and reactions. Basic questions in market research include the purpose, target market, and timing of the research. Entrepreneurs conduct market research to identify and understand customers, set realistic targets, develop effective strategies, examine problems, and identify opportunities. Common research methods include surveys, focus groups, personal interviews, and observation.

Uploaded by

Queen Azur
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Market Research

Market research is the process of gathering


information which will make the company more
aware of how the people and company hopes to sell
to, will react to the company’s current or potential
products or services. It is an information gathering
exercise to determine the viability or acceptability
of a product or service an entrepreneur intends to
offer in the market.
Basic Question in Market Research
WHY?
PURPOSE AND OBJECTIVE FOR CONDUCTING THE
MARKET RESEARCH

WHAT?
DETERMINE WHICH SEGMENT OF THE MARKET MUST
BE STUDIED; THIS MUST BE STUDIED; THIS MARKET
SEGMENT THAT THE ENTREPRENEUR IS EYEING

WHICH?
DETERMINES THE TIME AND TIMING OF RESEARCH.
THIS IS CRITICAL FOR ENTREPRENUEURS WHOSE
PRODUCT OR SERVICE WILL BE OFFERED TO A TIME
CONSTRAINED MARKET SUCH AS OFFICE WORKERS
REASONS WHY ENTREPRENEURS
CONDUCT MARKET RESEARCH
Identify potential customers – who is going to use your product/service?
Understand existing customers – why do customers choose your product over competitors?
Set realistic targets – from data gathered, set targets such as growth, sales and the
introduction of new products/services
Develop effective strategies – from your research you can make marketing decisions about
how to price your product/service as well as how to distribute it.
Examine and solve business problems – if you have identified a business problem, research
will help you work out what is happening.
Prepare for business expansion - research will help you identify areas for expansion and test
the market’s readiness for a new product/service
Identify business opportunities – by identifying un-serviced or under-serviced market, you
could identify changing market trends.
RESEARCH METHODS
Primary research is information gathered directly from the respondents who
answered set of questions. This information is usually collected through
surveys, observation, focused group discussion and personal interview.
1. Survey – the most common way to gather primary research with the use
of questionnaire or interview schedule. These can be done via direct mail,
over the phone, internet or email, face to face or on web. Guidelines in
making questionnaire:
Keep it as short and simple as possible.
Make sure it is visually appealing and easy to read.
Cluster or blocked related questions.
Move from general questions to more specific questions
Surveys are fixed sets of questions, which are usually used to collect quantifiable
information (e.g. the percentage of people happy with a particular product). Questions
in surveys are usually:
-multiple choice
-true/false or yes/no
-rankings or ratings (e.g. 1-5, or strongly agree/disagree scales).
You can also include open-ended questions that give people the chance to answer a
question with a statement; however, these tend to be better suited to qualitative research
methods such as focus groups and interviews where you can ask follow-up questions to
get more information.
Surveys are usually most effective when carried out face-to-face, but can also be
completed over the phone, online, or through the post.
Keep your surveys short by not asking too many questions. Make sure your questions
are clear and easy to understand. This will help you get more useful information and
reduce the chances of participants losing interest or giving misleading answers. Test
your questions on friends or family to make sure they are easy to answer.
Surveys are best for situations such as the following:
• identifying factual data such as the person’s age, gender, level or education, place of
residence, occupation, hobbies, etc.
• knowing a person’s likes and dislikes
• determining a person’s likes and dislikes

Note that while it is also possible to use a survey to ask questions such as “Which
section of a supermarket do you visit first?” “How much toothpaste do you apply per
use” or “How long do you typically stay in fastfood outlet?”
Consumers may simply resort to guessing. Therefor, the proof is in their actual
behavior.
FOCUS GROUP
DISCUSSION
Composed of a set of people (belonging to the same target market)
Get the group to discuss and critique their own opinions
The resulting answers to questions would more reliably reflect their
reality as compared to answers obtained via surveys or interviews.
FOCUS GROUP
DISCUSSION
Gains wider usage in market due to substantial information gathered in
given time limit.
It can be moderated group interviews and brainstorming sessions that
provide information on users’ needs and behaviors.
Generally conduct focus group with 8 to 10 participants
Use knowledge moderator
Use semi-structured or open format discussion
Strive for uniformity in the group’s composition

Note: if the group influence is likely to be strong factor participants


will be influenced greatly by what other are saying, then Personal
interviews or smaller group maybe an option to consider than FGD
PERSONAL INTERVIEW
TRADITIONAL METHOD OF DATA WHICH NORMALLY
DONE FACE TO FACE MANNER WITH THE RESPONDENTS
EITHER BE SEMI-STRUCTURED DISCUSSION WITH
INDIVIDUAL OR OPEN-ENDED QUESTIONS.
IF TOO PERSONAL OR SENSITIVE TO BE DISCUSSED IN A
GROUP CONFIDENTIALITY OF THE PARTICPANTS IS
REQUIRED
INTERVIEW RESPONDENTS ARE EXECUTIVES FROM
COMPETING FIRMS WOULD BE RELUCTANT TO OPEN UP
IN A GROUP SITUATION
INTERVIEW RESPONDENTS ARE BUSY AND IT IS
DIFFICULT TO SCHEDULE GROUP SESSIONS, OR IT IS
IMPORTANT TO VISIT INTERVIEW RESPONDENTS
INDIVIDUALLY AT THEIR CONVENIENCE.
OBSERVATION
It is best to use when trying to answer questions involving how a market behaves.
Thus, observation works for situations such as the ff.
1. Identifying which section of a supermarket a shopper typically visits first;
2. Determining how long a type of customer typically stays in a quick-service food
outlet
The Observation Exercise
Each group shall identify a retail establishment and seek to answer the question of
“How do people buy _____.” each group will determine what product or service
they will want as the subject of their observation.

The group will then observe the way that customers shop, taking note of interesting
behaviors and observable patterns. Possible questions to resolve include: How old
is the typical shopper? Who do they tend to shop with? How do they typically shop
and select? How do they pay? What is their mood based on their facial
expressions?

Presentation time: an estimate of 5 to 10 minutes per group


Criteria Details Total Pts Your Pts
Quality of Findings How interesting and 30
substantial were the
observations?
Number of Findings How many findings were 20
unearthed by the group?

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