MARKET RESEARCH
Role of Market research
Learning objective
◦To be able to understand the role of
market research and the methods
used
Learning Outcome
At the end of lesson – you will Know about:
◦The role of market research
◦Product orientation and market orientation
◦Quantitative and qualitative research
Role of market research
The role of market research is to try to find out answers to these questions :
◦ Would customers be willing to buy my product?
◦ What price would they be prepared to pay?
◦ Where would they be most likely to buy my product?
◦ What type of customer would buy my product?
◦ How strong is the competition and who are the main competing businesses?
Think, pair and Share
Lets Solve!
Joshua invents a new tool for planting seeds.it is much easier to use than existing tools. However, it has high
manufacturing costs, twice as much as existing tools.
1.Is Joshua’s business product – oriented or market oriented? Give reasons for your answer.
2.What would you advise Joshua to do before he starts to manufacture the new tool? Explain your answer.
Differentiation Grid
Group 1 :How do businesses collect information
from customers? Give one example.
Hawra, Taha Hasan,,Fatematussugra, Hussaina
Group 2 : Give an example of a company that
you think is Market oriented. Why do you think
so?
Arwa, Mohammad shabbir,
Sherabanu,Umaima,Insiya,Mariya
Group 3 :What are some challenges companies might face when
conducting international market research, and how can they
overcome these challenges?
Abbas, insiya dholfad, Hamza, Mustansir
Plenary
Market research helps businesses to :
a)
Increase production cost
b)
Improve decision-making
c)
Ignore market trends
2.Market-oriented companies tend to :
a)
Ignore customer feedback
b)
Focus solely on product Features
c)
Adapt products to meet customer demands