Market Study

Market study is the gathering and analyzing of data relating to consumer preferences, purchasing power
usually done prior to marketing a new product (Riebe, 2014). It specifies the information required to
address issues like designs, the method for collecting information, manages and implements the data
collection process, analyzes the results, and communicates the findings and their implications. SWOT
analysis should be tackled in order ti servr s information about business situation. The business should
use their strengths and opportunities to cover up weaknesses and threats when entering the business
world.

Methodology

When we talk of research methodology, we do not talk only of the research method but it also consider
the logic behind the method we use in the context of our research study and explain why we are using a
particular method or technique and why we are not using others so that research results are capable of
being evaluated either by the research himself or by others (Kumar, 2008). It encompasses research
design, subject of the study, data gathering instrument, data gathering procedure, and statistical
treatment applied by the proponents in order to determine and obtain the necessary information about
the proposed product.

Research Design

Research design is the most vital part of the research as it lays down the manner in which the researcher
will manipulate the situation in order to study the desired effect and this in itself leads to problem or
control over the phenomenon (Gupta, 2010).

The proponents used descriptive method to gather data and information through survey investigation.
The descriptive method was an advantage to the proponents due to its flexibility and easiest method.
Through this method, proponents will easily determine whether the proposed product will be feasible
when introduced in the market.

Subject of the Study

The subject of the study covered individuals in the city of lipa based on the computation of
___________. The total computation of individuals who have tricycle is _____ (_____, 2016). And the
sample size computed is 363 individuals to be surveyed. The proponents chose tricycle drivers living in
the urban barangays of Lipa City as their subject of the study. Tricycle drivers are considered as the target
market of the study they are the best and potential target market that can relate to the proposed
product.
The proponents also conducted survey to 11 retailers that sells related products. The information
gathered from the retailers survey were used to know if the target market is willing to buy or purchase
the proposed product.