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!!!!