Entrepreneurship Quarter 1 – Module 4 Market Research

What I Know
Before starting with this module, let us see what you already know about market research and data
gathering techniques. Answer the questions below by encircling the letter of the correct answer.
1. It is the most common way to gather primary research with the use of questionnaires or interview
schedule. A. Interview B. Focus Group Discussion C. Survey D. Data Gathering
2. It is the traditional method of data collection which is normally done on personal manner with the
respondents. A. Personal Interview B. Focus Group Discussion C. Survey D. Data gathering
3. A data gathering technique where it can be moderated to group interviews and brainstorming sessions
that provide information on user’s needs and behaviors. A. Personal Interview B. Focus Group
Discussion C. Survey D. Data Gathering
4. It refers to information gathered directly from the respondents who answered set of questions. A.
Primary Research B. Secondary Research C. Survey D. Data Gathering
5. A data gathering technique where it can be done via direct mail, over the phone, internet or e-mail. A.
Data Gathering B. Survey C. Focus Group Discussion D. Interview
6. It refers to the process of gathering, analyzing and interpreting the information about the product or
the services to be offered for sale in the market. A. Primary Research B. Secondary Research C. Data
Gathering D. Market Research
7 – 9 In your own opinion what is Market Research?
___________________________________________________________________
___________________________________________________________________
10 – 15 Give at least three data gathering techniques and explain.
What’s In
In the previous lesson, you learned the following:
✓ How to recognize and understand potential market ✓ How to determine who the customers are in
terms of A. target market B. customer requirement, and C. market size
What’s New
Answer the following statements honestly. There is no right or wrong answer. Indicate your response to
the items by putting a check that best corresponds to your answer.
Questions
Strongly Disagree (1) Disagree (2) Neither Agree or Disagree (3) Agree (4) Strongly Agree (5)
____I always think about having my own business in the future.
____I do activities related to starting my own business
____I have a strong desire to start my own business
____I will make every endeavor to start my own business
Market Research
I would like to follow the footsteps of a successful entrepreneur
I will comply all the requirements needed to start a business
I will be very happy when I am able to start my own business
I know my family would support of my dream to start a business
I would have a great opportunity of being successful if I try to start a business while I am still young
When problems come my way, I will not easily give up while starting my own business
TOTAL
After answering all the statements, add your score. Refer to the conversion and the verbal interpretation of
your score:
40 – 50 = Very high intention to become an entrepreneur
30 – 39 = High intention to become an entrepreneur
20 – 29 = Average intention to become an entrepreneur
19 & below = Low intention to become an entrepreneur
 What Is It
DATA COLLECTION is the most valuable tool of any type of research study. Inaccurate data collection
may cause mistakes and ultimately lead to invalid results.
TIPS in GATHERING DATA
• 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 the message
• Collect more data • Create more data • Regularly run experiments or collect data
• Challenge your assumptions • Set reasonable expectations • Take note of interesting or significant data
In this lesson, we will consider the three different data collection techniques – SURVEY (Questionnaire),
INTERVIEW and FOCUS GROUP DISCUSSION – and evaluate their suitability under different circumstances
SURVEYS are the most common way to gather primary research with the use of questionnaires or interview
schedule. These can be done via direct mail, over the phone, internet
(e.g. Google) or email, face-to-face or on Web (e.g. Skype or Viber).
When designing or constructing your own research questionnaire, remember the following guidelines.
(Edralin, 2016)
• Keep it 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 any response scales used
are consistent with categories that are mutually exclusive.
INTERVIEW is one of the most reliable and credible ways of getting relevant information from target
customers. It is typically done in personal between the researcher/entrepreneur and a respondent where
the researcher asks pertinent questions that will give significant pieces of information about the problem
that he will solve. The interview is also helpful even when the business has already started because the
customers’ feedback provides the entrepreneur a glimpse of what the customers think about the business.
Interviews normally last from 15 to 40 minutes, but they can last longer, depending on the participants’
interest in the topic.
In a structured interview, the researcher asks a standard set of questions and nothing more.(Leedy and
Ormrod, 2001)
• Personal interviews are the traditional method of conducting an interview. It allows the researcher to
establish relationship with potential participants and therefore gain their cooperation. It generates highest
response rates in survey research. They also allow the researcher to clarify indefinite answers and when
necessary, seek follow-up information. • Telephone interviews are 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.
FOCUS GROUP DISCUSSION (FGD) - is an excellent method for generating and screening ideas and concepts.
It can be a moderated group interviews and brainstorming sessions that provide information on user’s
needs and behaviors.
The following are considerations in the use of focus group discussions in market research:
• The length of the session is between 90 and 120 minutes. • Usually, conduct focus groups discussion with
8 to 10 participants per group. • Assign an expert moderator / facilitator who can manage group dynamics..
• Use a semi-structure or open-format discussion
• Strive for consistency in the group’s composition (for example, it may not be advisable to have business
customers and retail customers in the same focus group, their needs are very different)
What’s More
Aside from the main basic groups of research methods (quantitative, qualitative and mixed), there are
different tools that can be used to collect data. Interviews can be done either in personal or over the
phone. Surveys/questionnaires can be paper or web based. Focus Group Discussions can be moderated
group interviews and brainstorming sessions that provide information on user’s needs and behaviors.
GUIDED PRACTICE / ACTIVITY:
Conduct a survey among 15 high school students in our school about “Milk Tea”. Use the survey form
below:
SURVEY FORM
Name of Respondent (optional): ______________________________________________ Age
_______________ Gender:  Male  Female Grade Level__________
What are your reasons for buying the product?
__________________________________________________________________________
__________________________________________________________________________
Where do you buy the product?________________________________________________
__________________________________________________________________________
Is it available when you need it?  Yes Sometimes  No
What do you use as a substitute if it is not available?
__________________________________________________________________________
__________________________________________________________________________
Is the price affordable to you?  Yes  No
Identify the following:
1. It is an information gathered directly from the respondents who answered set of
questions.______________________________ 2. It is the traditional method of data collection which is
normally done on a personal manner with the respondents.__________________________ 3. It obtains
information on general attitudes, understand the circumstances under which customers might require
your product or services, understand their desired outcomes. _______________________ 4. It is the most
common way to gather primary research with the use of questionnaire or interview
schedule.__________________________ 5. It is the most valuable tool of any type of research
study.______________________ 6. A data gathering technique where it can be done via direct mail, over
the phone, internet or e-mail.______________________ 7. They also allow the researcher to clarify
indefinite answers and when necessary, seek follow-up information. _______________________ 8. A data
gathering technique where it can be moderated group interviews and brainstorming sessions that provides
information on user’s needs and behavior._________________________ 9. It is typically done in personal
between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions
that will give significant pieces of information about the problem that he will solve.
_____________________ 10. It can be a moderated group interviews and brainstorming sessions that
provide information on user’s needs and behaviors.___________________ 11. It normally lasts from 15 to
40 minutes, but they can last longer, depending on the participants’ interest in the
topic._____________________ 12. It is a type of interview are less expensive and less time consuming
______________________
Give at least one guideline or consideration in the use of the following data gathering techniques in market
research:
13. Surveys ___________________________________________________ 14. Focus Group Discussion
_________________________________________ 15. Interview________________________________
What I Can Do
Conduct a Focus Group Discussion (FGD) among five of your friends in your neighborhood who are
interested to have their own business in the future. The goal of your FGD is to generate new business
ideas. Ask them what they have observed in the community or in other places that they have gone to so
that they may have prospects on what are the products being bought or patronized which are not yet
offered by other entrepreneurs in our locality.
The learners’ output will be evaluated according to the
rubrics: Creativity
, 20 points Content/ Accuracy , 20 points Timeliness , 10 points Total = 50 points

Assessment
Test I. Answer the questions below. Encircle the letter of your choice.
1. It is the process of gathering, analyzing and interpreting the information about the product or the
services to be offered for sale in the market, the market and about past, present and any potential
consumers for the products.
a. Data Gathering b. Primary Research c. Secondary Research d. Market Research 2. A data gathering
technique where it can be moderated to group interviews and brainstorming sessions that provide
information on user’s needs and behaviors. a. Personal Interview b. Focus Group Discussion c. Survey
d. Data Gathering 3. A data gathering technique where it can be done via direct mail, over the phone,
internet or e-mail. a. data gathering b. survey c. focus group discussion d. personal interview 4. It
refers to information gathered directly from the respondents who answered set of questions. a. Primary
Research b. Secondary Research c. Survey d. Data Gathering 5. It is the most common way to gather
primary research with the use of questionnaires or interview schedule. a. Interview b. Focus Group
Discussion c. Survey d. Data Gathering 6. It is the traditional method of data collection which is normally
done on a personal manner with the respondents. a. Personal Interview b. Focus Group Discussion c.
Survey d. Data gathering
7. A data gathering technique where it can be done via direct mail, over the phone, internet or e-mail. a.
Data Gathering b. Survey c. Focus Group Discussion d. Personal Interview
Test II. Explain briefly but in a concise manner.
1. What is Market Research? (3 pts.)
___________________________________________________________________
___________________________________________________________________
2. Enumerate and discuss the three data gathering techniques (5 pts.)
___________________________________________________________________
___________________________________________________________________
Additional Activities
You are to open a “Lemon Juice And Shake” business in your neighborhood. Conduct a simple market
research to know if it is acceptable or not.
The learners’ output will be evaluated according to the rubrics: Creativity
20 points Content / Information , 20 points Timeliness ,10 pointS, Total = 50 points