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Entrep_Module4

Module 4 focuses on market research for entrepreneurship, emphasizing the importance of data collection and various techniques such as surveys, interviews, and focus group discussions. It provides guidelines for effective data gathering and encourages participants to assess their entrepreneurial intentions through a scoring system. The module also includes an activity for conducting a focus group discussion to generate new business ideas based on community observations.

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Art Justine
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3 views

Entrep_Module4

Module 4 focuses on market research for entrepreneurship, emphasizing the importance of data collection and various techniques such as surveys, interviews, and focus group discussions. It provides guidelines for effective data gathering and encourages participants to assess their entrepreneurial intentions through a scoring system. The module also includes an activity for conducting a focus group discussion to generate new business ideas based on community observations.

Uploaded by

Art Justine
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Module 4 - Entrepreneurship

Market Research

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

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.

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

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)

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.

ACTIVITY

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.

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