UNIT V
MARKET RESEARCH
MODULE 5
(DAY 6)
MARKET RESEARCH
Knowing the market well is a sure fire way of succeeding
in your chosen business endeavor. The more the
entrepreneur knows about his or her market, the more
customers can be segmented and reached, products can
be positioned, price can be set. We ask the questions
What, Why, Which, Who, When, Where and How. The
breadth of the market research defines its coverage or
how extensive the research would be. The depth of
market research defines the level or degree of insight
required or how intensive the research will be.
MARKET RESEARCH
Market Research Methodologies
Sales Data Mining - Perhaps the most convenient
way of coming up with an organized set of data,
where data is readily available.
Focus Group Discussion (FGD) - One of the
most common qualitative research tools. It is
effective in extracting consumer and non-consumer
experiences regarding products, places or
programs. FGD is an interview by a facilitator of a
small group of people that normally lasts for an
hour and a half up to three hours
MARKET RESEARCH
Market Research Methodologies
Observation Technique - probably one of the best ways of gathering data about
customers in their natural setting without having to interact or talk to them. Recording
the event as it happens may be the best means to capture the information.
Survey Research - the most preferred instrument for in-depth quantitative
research. Probably the most popular type of survey research is the Usage, Attitude
and Image (UAI) survey.
MARKET RESEARCH
Market Research Methodologies
In planning a survey, there are three
important concerns that one has to
look into:
1. Sampling technique
2. Getting the sample size
3. Designing the questionnaire - the
most sensitive phase.