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101ENTREP > Lesson 4: Market Research > Flashcards

Lesson 4: Market Research Flashcards

1
Q

the process of gathering, analyzing and
interpreting the information about the
products or services to be offered for
sale to the potential consumers in the
market

A

market research

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2
Q

through market research, we can identify

A

the who, what, how’s of our potential market

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3
Q

the who refers to

A

who will use the product/service

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4
Q

the what refers to

A

what are the current products/services they purchase?

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5
Q

the how’s refers to

A

how much can they afford; how are they buying the product/service

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6
Q

the what helps in knowing

A

who are the competitors in the market

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7
Q

the how’s helps in knowing the

A

price and preferences in terms of packaging/delivery and variants

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8
Q

For us to know the who, what, and how’s - we need to

A

collect data

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9
Q

The most valuable tool in any type of research study

A

data collection

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10
Q

inaccuracy in data collection may cause

A

mistakes and ultimately invalid results

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11
Q

tips in collecting data

A

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 that message; collect more data; create more data; regularly run experiments or collect data; challenge your assumptions; set reasonable expectations; take note of interesting or significnant data

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12
Q

The most common way to gather
primary research

A

use of questionnaires and interview schedule

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13
Q

questionnaires and interview schedule can be done through

A

direct mail, phone, internet/email, f2f, online

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14
Q

tips for surveys

A

keep it as 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 response scales used are consistent with categories that are mutually exclusive

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15
Q

results from surveys will provide the following data

A

demographic profile of the potential market; benchmark for pricing; total demand (forecast)

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16
Q

Which age group are willing to purchase your
product?

A

demographic profile of the potential market

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17
Q

given the demographic profile of the potential market, you will know

A

whom you will prioritize and exert effort in promotional/marketing activities

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18
Q

what questions do you ask in the demographic profile of the potential market

A

name (optional); gender; age; civil status; location; social status

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19
Q

The
amount your potential market is
willing to spend for your product.

A

benchmark for pricing

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20
Q

questions for benchmark for pricing

A

how much are you willing to spend

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21
Q

The tool used
to predict total customer demand will be
for a product or service, with varying levels
of specificity.

A

total demand (forecast)

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22
Q

questions for total demand (forecast)

A

how often will you buy the products; how many/much will you buy

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23
Q

The most reliable and credible ways of getting relevant
information from target customers.

A

interviews

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24
Q

can be used as a guide in conducting
interviews.

A

survey questionnaires

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25
Q

interviews are typically done

A

in person between the researcher/entrepreneur and a respondent

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26
Q

what does the researcher/entrepreneur ask

A

pertinent questions that will give significant information about the problem that he/she will solve

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27
Q

the interview is also helpful even when

A

the business has already started

28
Q

provides the entrepreneur a glimpse of what customers
think about the business.

A

customer’s feedback

29
Q

Interviews may last from

A

15-40 minutes

but can last longer depending on the participant’s interest in the topic

30
Q

two interview methods

A

personal or telephone interview

31
Q

An excellent method for generating and screening ideas and concepts,

A

focus group discussions

32
Q

focus group discussions use either or both of the following activities

A

moderated group interviews; brainstorming session

33
Q

how long is a focus group discussion

A

90-120 minutes

34
Q

how many participants should there be in a focus group discussion

A

8-10

35
Q

who should you assign to manage group dynamics in the focus group discussion

A

expert moderator/facilitator

36
Q

market research uses a

A

semi-structured or open-format discussion

37
Q

market research should strive for

A

consistency in the group’s composition

38
Q

The process of gathering, analyzing and interpreting the information about the products or services to be offered for sale to the potential consumers in the market

A

market research

39
Q

the data or information from market research is reflected in the

A

marketing plan of the business plan

40
Q

sections of the marketing plan

A

description of the product; comparison of the product; location; market area; main customers; total demand; market share; selling price; sales forecast; promotional measures; marketing budget

41
Q

what sections can we input the data gathered from the survey/interview/FGD?

A

comparison of the product; location; market area; main customers; total demand; market share; selling price; sales forecast; promotional measures

42
Q

Therefore, survey questionnaires/interview
guide questions should be

A

crafted carefully to avoid erroneous questions/data

43
Q

the number of participants or
observations included in the
research/study.

A

sample size

44
Q

The size of a
sample influences two statistical
properties:

A

precision of our estimates; the power of the study to draw conclusions

45
Q

how to determine the sample size

A

slovin’s formula

46
Q

consists of members of a group that a researcher is interested in studying the members of a group that usually have common or similar characteristics.

A

population

47
Q

N stands for

A

population

48
Q

is the allowable error margin in research.

A

margin of error

49
Q

confidence interval of 95% gives a margin of error of

A

5%

50
Q

confidence interval of 98% gives a margin of error of

A

2%

51
Q

confidence interval of 99% gives a margin of error of

A

1%

52
Q

the probability that your sample accurately reflects the attitudes of your population.

A

confidence level/confidence interval

53
Q

industry standard confidence level

A

95%

54
Q

what is slovin’s formula

A

n = N / 1+Ne²

55
Q

n in slovins formula refers to

A

sample size

56
Q

N in slovins formula refers to

A

total population

57
Q

e in slovins formula refers to

A

margin of error

58
Q

steps in the marketing plan

A

create the survey questionnaire; identify the sample size; conduct the survey; collection; tallying the data; interpretation of the results

59
Q

delivery options for survey

A

google forms; printed survey questionnaires

60
Q

refers to the total quantity of a product or
service that consumers are willing and able
to purchase at a given price and time

A

total demand

61
Q

formula for market share

A

total sales of the company / total sales of the entire market x 100

62
Q

the traditional method of conducting an
interview.

A

personal interviews

63
Q

personal interviews allow the research to

A

establish relationship with potential participants and therefore gain their cooperation

64
Q

personal interviews generate the

A

highest response rate in survey research

65
Q

personal interviews allow the researcher to

A

clarify indefinite answers and seek follow-up information

66
Q

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.

A

telephone interviews

101ENTREP (9 decks)

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