Lesson 4: Market Research

Question 1

the process of gathering, analyzing and
interpreting the information about the
products or services to be offered for
sale to the potential consumers in the
market

Answer 1

market research

Question 2

through market research, we can identify

Answer 2

the who, what, how’s of our potential market

Question 3

the who refers to

Answer 3

who will use the product/service

Question 4

the what refers to

Answer 4

what are the current products/services they purchase?

Question 5

the how’s refers to

Answer 5

how much can they afford; how are they buying the product/service

Question 6

the what helps in knowing

Answer 6

who are the competitors in the market

Question 7

the how’s helps in knowing the

Answer 7

price and preferences in terms of packaging/delivery and variants

Question 8

For us to know the who, what, and how’s - we need to

Answer 8

collect data

Question 9

The most valuable tool in any type of research study

Answer 9

data collection

Question 10

inaccuracy in data collection may cause

Answer 10

mistakes and ultimately invalid results

Question 11

tips in collecting data

Answer 11

organize collected data as soon as it is available; know what message you want to get across and then collect data that is relevant to that message; collect more data; create more data; regularly run experiments or collect data; challenge your assumptions; set reasonable expectations; take note of interesting or significnant data

Question 12

The most common way to gather
primary research

Answer 12

use of questionnaires and interview schedule

Question 13

questionnaires and interview schedule can be done through

Answer 13

direct mail, phone, internet/email, f2f, online

Question 14

tips for surveys

Answer 14

keep it as simple as possible; make sure it is clearly appealing and easy to read; cluster or block related questions; move from complex questions to more specific questions; make sure questions are concise and easily understood; avoid questions that are difficult to answer; make sure response scales used are consistent with categories that are mutually exclusive

Question 15

results from surveys will provide the following data

Answer 15

demographic profile of the potential market; benchmark for pricing; total demand (forecast)

Question 16

Which age group are willing to purchase your
product?

Answer 16

demographic profile of the potential market

Question 17

given the demographic profile of the potential market, you will know

Answer 17

whom you will prioritize and exert effort in promotional/marketing activities

Question 18

what questions do you ask in the demographic profile of the potential market

Answer 18

name (optional); gender; age; civil status; location; social status

Question 19

The
amount your potential market is
willing to spend for your product.

Answer 19

benchmark for pricing

Question 20

questions for benchmark for pricing

Answer 20

how much are you willing to spend

Question 21

The tool used
to predict total customer demand will be
for a product or service, with varying levels
of specificity.

Answer 21

total demand (forecast)

Question 22

questions for total demand (forecast)

Answer 22

how often will you buy the products; how many/much will you buy

Question 23

The most reliable and credible ways of getting relevant
information from target customers.

Answer 23

interviews

Question 24

can be used as a guide in conducting
interviews.

Answer 24

survey questionnaires

Question 25

interviews are typically done

Answer 25

in person between the researcher/entrepreneur and a respondent

Question 26

what does the researcher/entrepreneur ask

Answer 26

pertinent questions that will give significant information about the problem that he/she will solve

Question 27

the interview is also helpful even when

Answer 27

the business has already started

Question 28

provides the entrepreneur a glimpse of what customers think about the business.

Answer 28

customer's feedback

Question 29

Interviews may last from

Answer 29

15-40 minutes | but can last longer depending on the participant's interest in the topic

Question 30

two interview methods

Answer 30

personal or telephone interview

Question 31

An excellent method for generating and screening ideas and concepts,

Answer 31

focus group discussions

Question 32

focus group discussions use either or both of the following activities

Answer 32

moderated group interviews; brainstorming session

Question 33

how long is a focus group discussion

Answer 33

90-120 minutes

Question 34

how many participants should there be in a focus group discussion

Answer 34

8-10

Question 35

who should you assign to manage group dynamics in the focus group discussion

Answer 35

expert moderator/facilitator

Question 36

market research uses a

Answer 36

semi-structured or open-format discussion

Question 37

market research should strive for

Answer 37

consistency in the group's composition

Question 38

The process of gathering, analyzing and interpreting the information about the products or services to be offered for sale to the potential consumers in the market

Answer 38

market research

Question 39

the data or information from market research is reflected in the

Answer 39

marketing plan of the business plan

Question 40

sections of the marketing plan

Answer 40

description of the product; comparison of the product; location; market area; main customers; total demand; market share; selling price; sales forecast; promotional measures; marketing budget

Question 41

what sections can we input the data gathered from the survey/interview/FGD?

Answer 41

comparison of the product; location; market area; main customers; total demand; market share; selling price; sales forecast; promotional measures

Question 42

Therefore, survey questionnaires/interview guide questions should be

Answer 42

crafted carefully to avoid erroneous questions/data

Question 43

the number of participants or observations included in the research/study.

Answer 43

sample size

Question 44

The size of a sample influences two statistical properties:

Answer 44

precision of our estimates; the power of the study to draw conclusions

Question 45

how to determine the sample size

Answer 45

slovin's formula

Question 46

consists of members of a group that a researcher is interested in studying the members of a group that usually have common or similar characteristics.

Answer 46

population

Question 47

N stands for

Answer 47

population

Question 48

is the allowable error margin in research.

Answer 48

margin of error

Question 49

confidence interval of 95% gives a margin of error of

Answer 49

5%

Question 50

confidence interval of 98% gives a margin of error of

Answer 50

2%

Question 51

confidence interval of 99% gives a margin of error of

Answer 51

1%

Question 52

the probability that your sample accurately reflects the attitudes of your population.

Answer 52

confidence level/confidence interval

Question 53

industry standard confidence level

Answer 53

95%

Question 54

what is slovin's formula

Answer 54

n = N / 1+Ne²

Question 55

n in slovins formula refers to

Answer 55

sample size

Question 56

N in slovins formula refers to

Answer 56

total population

Question 57

e in slovins formula refers to

Answer 57

margin of error

Question 58

steps in the marketing plan

Answer 58

create the survey questionnaire; identify the sample size; conduct the survey; collection; tallying the data; interpretation of the results

Question 59

delivery options for survey

Answer 59

google forms; printed survey questionnaires

Question 60

refers to the total quantity of a product or service that consumers are willing and able to purchase at a given price and time

Answer 60

total demand

Question 61

formula for market share

Answer 61

total sales of the company / total sales of the entire market x 100

Question 62

the traditional method of conducting an interview.

Answer 62

personal interviews

Question 63

personal interviews allow the research to

Answer 63

establish relationship with potential participants and therefore gain their cooperation

Question 64

personal interviews generate the

Answer 64

highest response rate in survey research

Question 65

personal interviews allow the researcher to

Answer 65

clarify indefinite answers and seek follow-up information

Question 66

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.

Answer 66

telephone interviews