MARKET RESEARCH METHODS Day 2 Schedule ◦ Check-In ◦ Guiding Question ◦ Objective ◦ Learning Outcome ◦ Vocabulary Quiz ◦ Designing Market Research Surveys ◦ Independent Activity ◦ Bad Joke of the Day Guiding Question ◦How do entrepreneurs collect data for their business? ◦ Why is Market Research Important? OBJECTIVE Explain the Importance of Market Research in Entrepreneurship. Learning Outcome ◦Students will create a new product based on market research. VOCABULARY REVIEW MATCH-UP Market Marketing Market Research Video: 5 Steps of Market Research Market Research Study-Overview ◦This two-part activity is designed to familiarize you with basic market research. The purpose of the activity is to give you an opportunity to, in Part 1, design a simple market research survey. In Part 2, you will work independently on product development of a new chocolate bar based upon what you think customers your age might want or enjoy. ◦ Hershey’s Chocolate Bars have the lowest market share in the chocolate industry. More and more consumers choose Hershey’s competitors’ products over the simple Hershey’s Milk Chocolate Bar. Once the leader in the chocolate industry, Hershey’s has lost considerable popularity among the fastest growing population, youth ages 12-18. Youth prefer Reese’s, Snickers, Twix, Kit Kat and other more innovative chocolate bars. ◦ Still, Hershey’s Milk Chocolate Bar is considered top quality and has 100% mind share. Everyone knows and recognizes the Hershey’s Milk Chocolate Bar brand. The problem: no one in the youth market buys them. ◦ Hershey’s is looking to invest in a new chocolate bar company owned and operated by young entrepreneurs. However, it has yet to find a young entrepreneur that has an innovative and exciting new product and brand that caters specifically to the market of youth ages 12-18. Market Research Study-Intro Here’s the Skinny….. ◦ Hershey’s has hired you to conduct market research to identify the tastes of young consumers of chocolate ages 12-18. You must complete the following. ◦ Part One: We will walk through the process of creating a Market Research Survey in a Google form. ◦ Here are some possible questions to include in our survey. Remember we are conducting market research. We are looking to obtain feedback on how customers feel about chocolate selection from ingredients, price, quality, and packaging. ◦ What are your top 3 favorite ingredients? ◦ 100 ◦ How often do you purchase chocolate bars? ◦ What is the price you are willing to pay for a chocolate bar? Survey Creation Demonstration ◦ How to Create a Google Form-Video ◦ Click the link below https://www.youtube.com/watch?v=fhA1A5T-Zc8 ◦ Click the link below-Google Doc Creation Demonstration https://docs.google.com/forms/u/0/?tgif=c ◦ Completed Survey https://forms.gle/NUuhzJzNEaoCNVvb6 Independent Assignment-Design Your New Chocolate Bar ◦ This Should Include: Product Name Logo Tagline Packaging Bad Joke of the Day ◦What is a pirate's favorite piece of marketing content? ◦A webinAAAAR! ◦Tweet This Joke! ◦Have a Great Rest of the DAY!!!!