Entrepreneurship: Market Research

Question 1

Who stated that “Research is formalized curiosity. It is poking and prying with a purpose.”

Answer 1

Zora Neale Hurston

Question 2

is the process of gathering information that will make the company more aware of how the people the company hopes to sell to will react to the company’s current or potential products or services

Answer 2

Market research

Question 3

is important for every business, and should not be just a one-off activity. Successful businesses conduct research on a continual basis to keep up with market trends and maintain a competitive edge.

Answer 3

Market research

Question 4

Reasons Why Business Owners Conduct Market Research

Answer 4

1. Identify potential customers
2. Understand existing customers
3. Set realistic targets
4. Develop effective strategies
5. Examine and Solve business problems
6. Prepare for business expansion
7. Identify business opportunities

Question 5

is information gathered directly from the respondents who answered a set of questions. This information is usually collected through surveys, observation, focused group discussion, or experimentation.

Answer 5

Primary research

Question 6

What does (FGDs) stands for?

Answer 6

Focus group discussions - are now gaining wider usage in market research due to substantial information gathered given a time limit. It can be moderated group interviews and brainstorming
sessions that provide information on users’ needs and behaviors. As explained in the Guide Market Research and Analysis (2015).

Question 7

FGDs can be useful for the following types of discussions:

Answer 7

Exploratory-Obtain information on general attitudes, understand the circumstances under which customers might require your product or service, and understand their desired outcomes.

Feature prioritization - If trade-offs have to be made among various customer needs, focus groups can be helpful in prioritizing them.

Comparative analysis – Understand where else customers go to get similar information, services or products and what attracts them to those sources.

Trend explanation- If you notice a trend in the way that customers use your website (for example, they always use the research function rather than navigating through the structured product list), then focus groups can be used to better understand why this is happening.

Question 8

gathers data from existing available resources like company records, databases, and research reports published in the media, internet search engines, libraries, and books which answer the question at hand.

Answer 8

Secondary research

Question 9

are a traditional method of data collection which is normally done in a face-to-face manner with the respondents

Answer 9

Personal interviews

Question 10

Another key secondary resource

Answer 10

is statistical data from official statistics providers (like National Statistic Office; NEDA; Department of Trade and Industry) and other organizations (Marketing Associations; Chambers of commerce: Industry Associations)

Question 11

Existing company records such as

Answer 11

sales invoices, receipts, and formal complaints are important secondary resources that businesses can utilize