L5: Market Research

• MARKET RESEARCH

  • the process of gathering, analyzing and interpreting the information about the products or the services to be, offered for sale to the potential consumers in the market (De Guzman, 2018, p. 25)
• DATA COLLECTION

  • most valuable tool in any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results. (Edralin, 2016, p. 80)
• Three different data collection techniques

  1. Survey
  2. Interview
  3. Focus Group Discussion
• SURVEYS

  • most common way to gather primary research with the use of questionnaires or interview schedule. These can be done via direct mail, over the phone, internet (e.g. Google) or email, face-to-face or on the Web (e.g. Skype or Viber).
• INTERVIEW

  • one of the most reliable and credible ways of getting relevant information from target customers. It is typically done in person between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information.
• INTERVIEW

  1. Personal Interview
  2. Telephone Interview
• Personal Interviews

  • the traditional method of conducting an interview. It allows the researcher to establish relationship with potential participants and therefore gain their cooperation. It generates highest response rates in survey research. They also allow the researcher to clarify indefinite answers and when necessary, seek follow-up information. (Leedy & Ormrod, 2001)
• Telephone Interviews

  • less expensive and less time-consuming, but the disadvantages are that the response rate is not as high as the face-to-face interview, but considerably higher than the mailed questionnaire.
• FOCUS GROUP DISCUSSION

  • is an excellent method for generating and screening ideas and concepts. It can be moderated group interviews and brainstorming sessions that provide information on user's needs and behaviors.