MARKET

RESEARCH
 W H AT A R E
CHARACTERISTIC TRAITS
COMMON TO SUCCESSFUL
ENTREPRENEURS?
ENTREPRENEURIAL CHARACTER
TRAITS

•Achievement Cluster
•Planning Cluster
•Power Cluster
ACHIEVEMENT CLUSTER
• Opportunity – seeker
• Committed
• Persistent
• Risk – taker
• Efficient and quality – oriented
PLANNING CLUSTER
•Goal – setter
•Information – seeker
•Systematic in planning and
monitoring
POWER CLUSTER
•Persuasive and positive networker
•Self – confident
ENTREPRENEUR,
KNOW THY
MARKET WELL
MARKET RESEARCH
• The process of gathering, analyzing and interpreting information
about a market, about a product or service to be offered for
sale in that market, and about the past, present and potential
customers for the product or service; research into the
characteristics, spending habits, location and needs of your
business's target market, the industry as a whole, and the
particular competitors you face.
(https://www.entrepreneur.com/encyclopedia/market-
research)
BASIC QUESTIONS IN MARKET
RESEARCH
WHY Purpose and objective for conducting the market research
WHAT Determines the scope and the limitations of the market research to be conducted

WHICH Determines which segment of the market must be studied; this must be the market
segment that the entrepreneur is eyeing.
WHO Identifies who among the members of the selected market segment will participate in
the market research.
WHEN Determines the time and timing of the research. This is critical for entrepreneurs
whose product or service will be offered to a time – constrained market such as
office workers.
WHERE Pinpoints the relevant location of the market research.
HOW Determines the methodology to be used for the market research (e.g., survey, focus
group discussion, observation, etc)
MARKET RESEARCH
METHODOLOGIES
•Sales Data Mining
•Focus Group Discussion
•Observation Technique
•Survey Research
SALES DATA MINING

• This refers to the organization of raw data into

tabular and graphical form in order for the
researcher to easily make sense of the
collected information.
CASE EXAMPLE: SELLING HOTDOGS
• A researcher observed and recorded the following data in a store
selling hotdogs:
– Boy, aged 10, bought two hotdogs at 2 pm
– Girl, aged 8, bought one hotdog at 4 pm
– Man, aged 26, bought three hotdogs at 1 pm.
– Couple, man and wife, aged about 30, bought two hotdogs at 8 am
– Boy, aged 14, bought five hotdogs for friends at 3 pm
– Three girls, aged about 18, bought six hotdogs at 6 pm
– Girl, aged 5, asked mom to buy her one hotdog at 11 am. Mom aged 27,
bought one for herself.
CASE EXAMPLE: SELLING HOTDOGS
– Twin boys, aged 7, asked their older brother to buy them four hotdogs
at 12 noon. Older brother, aged 14, bought two hotdogs for himself.
– Two teenagers, boy and girl, aged about 15, bought two hotdogs at 1
pm.
– Five children (two girls, three boys), about nine years old, bought five
hotdogs at 12 noon.
– Man, aged 27, bought two hotdogs at 9 am.
– Woman, aged 30, bought three hotdogs at 10 am
– Three boys, aged 13, bought five hotdogs at 4 pm.
FREQUENCY DISTRIBUTION
TIME HOTDOGS BOUGHT
7 – 8 AM 2
9 – 10 AM 5
11 – 12 NN 13
1 – 2 PM 7
3 – 4 PM 11
5 – 6 PM 6
 HOTDOG SALES SUMMARY
MALE FEMALE
HOTDOGS
TIME
BOUGHT
12 Below 13 - 19 20 above 12 Below 13 - 19 20 above

7 – 8 AM 2 1 1

9 – 10 AM 5 2 3

11 – 12 NN 13 7 2 3 1

1 – 2 PM 7 2 1 3 1

3 – 4 PM 11 10 1

5 – 6 PM 6

TOTAL 44 9 13 6 4 7 5
HISTOGRAM

NUMBER OF HOTDOGS BOUGHT IN

DIFFERENT TIME INTERVALS
HOTDOGS BOUGHT

30
20
10
0
7 - 10 AM 11 - 2 PM 3 - 6 PM
TIME
HISTOGRAM

• Also called bar graph.

• It consists of series of rectangles or bars. Each bar is
proportional in width to the range of values within a
class and proportional in height to the number of
items falling in a class.
FREQUENCY POLYGON
NUMBER OF HOTDOGS BOUGHT IN
DIFFERENT TIME INTERVALS
25
HOTDOGS BOUGHT

20
15
10
5
0
7 - 10 AM 11 - 2 PM 3 - 6 PM
TIME
FREQUENCY POLYGON

• It is constructed by marking the frequencies on the

vertical axis with a dot corresponding to the values
on the horizontal axis.
• These dots are then connected with a straight line
to form a polygon.
PIE CHART
HOTDOGS BOUGHT IN DIFFERENT TIME
INTERVALS
7 - 10 AM 11 - 2 PM 3 - 6 PM

16%
39%

45%
FOCUS GROUP DISCUSSION

• One of the most common qualitative research tools.

• It is effective in extracting consumer and non –
consumer experiences regarding products, places, or
programs.
• This method can be used for generating initial
insights.
FOCUS GROUP DISCUSSION
• It can be used to address substantive issues such as:
– Understanding consumers’ perceptions, preferences, and behavior
concerning a product category.
– Obtaining impressions on new product concepts.
– Generating new ideas about older products
– Developing creative concepts and copy material for advertisements
– Securing price impressions
– Obtaining preliminary consumer reaction to specific marketing programs
FOCUS GROUP DISCUSSION
• An interview by a facilitator of a small group of
people that normally lasts for an hour and a half up
to three hours. The participants are selected
because of their knowledge about the topic.
• The objectives must be clear and precise. It takes a
great deal of planning from the researchers’ end to
ensure that objectives set are met.
FOCUS GROUP DISCUSSION

•There are four key decisions to be made:

–Respondent selection
–Sample size
–Data gathering
–Data analysis
RESPONDENT SELECTION

•Definition of the respondents

•Classification of the respondents
•Screening of respondents
RESPONDENT SELECTION
• The number of respondents per group should range from
six to eight, depending on the skill of the facilitator and the
topic being discussed.
• If the number falls below six, the likelihood of generating a
momentum and group dynamics necessary for a good
discussion will not happen.
• However, if the group exceeds eight, it may be too
crowded, resulting in the passive participation of some
respondents and a discussion that is not as cohesive.
DATA GATHERING
• The selection and preparation of the venue and
equipment.
• The formulation of the discussion agenda; and
• A facilitator who is very skilled in moderating and
possesses the ability to draw out significant insights
from the participants.
DATA ANALYSIS

•Integration of the information gathered.

•Some observations on respondent
behavior
•Listing of recommendations and report
writing
DATA ANALYSIS
• The researcher should compare and contrast all points raised by
the different respondents and note from what point of view they
are coming from.
• The researcher must summarize the points where the participants
strongly agreed upon or disagreed on about an issue.
• The researcher must also write down quotations that seem
particularly relevant to his or her identified objectives and must
group similar comments together in order to identify participants’
preferences.
STEPS IN CONDUCTING FOCUS
GROUP DISCUSSION
• Develop the research objectives.
• Determine the participant’s profile
• Determine the appropriate token or compensation for the
participants
• Develop a participant screener questionnaire
• Recruit the participants
STEPS IN CONDUCTING FOCUS
GROUP DISCUSSION
• Select a good facilitator. The key qualities of a good
facilitator are:
–Kindness with firmness
–Involvement and encouragement
–Complete understanding
–Flexibility
–Sensitivity
STEPS IN CONDUCTING FOCUS
GROUP DISCUSSION
•Develop a facilitator’s discussion guide.
•Arrange for the venue and logistics
•Analyze the results of the focus group
discussion.