Entrepreneurship (Quarter 3-Module 4)

What I Need to Know
Firms and other business companies need to understand their service

offerings and their customers to ensure that their services will be adopted as solutions to
consumer needs. In order for the firms to recognize the needs of the market or the
customers, they need to conduct market research.
The Market Research or Marketing Research Process can be defined as the

process of gathering, analyzing and interpreting the information about the products or the
services to be offered for sale to the potential consumers in the market,
There are different ways to collect the data. The most important methods you can
consider are surveys, focus group discussion and interviews.
Students are expected to:
1. Discuss market research

2. Know the meaning of data gathering
3. Identify the different data gathering techniques
Lesson
1
Market Research
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
 target market
 customer requirement, and
2
 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.
Strongly Disagree Neither Agree Strongly
Disagree Agree or Agree
Questions Disagree
(1) (2) (3) (4) (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
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
3
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.
4
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).
5
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: (PERFORMANCE TASK)
Conduct a survey among 5 people in your neighborhood or family about “Milk Tea”.
Use the survey form below:
SURVEY FORM
Name of student: ________________________________
Name of respondent: _____________________________
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
6
What I Have Learned
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:
7
13. Surveys - ___________________________________________________
14. Focus Group Discussion _________________________________________
15. Interviews ___________________________________________________

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What I Need to Know

Firms and other business companies need to understand their service

The Market Research or Marketing Research Process can be defined as the

Students are expected to:

1. Discuss market research

In the previous lesson, you learned the following:

✓ How to recognize and understand potential market

Answer the following statements honestly. There is no right or wrong answer.

I will comply all the requirements

30 – 39 = High intention to become an entrepreneur

20 – 29 = Average intention to become an entrepreneur

19 & below = Low intention to become an entrepreneur

TIPS in GATHERING DATA

• Organize collected data as soon as it is available

When designing or constructing your own research questionnaire, remember the

• Keep it simple as possible.

• Personal interviews are the traditional method of conducting an interview. It

FOCUS GROUP DISCUSSION (FGD) - is an

• The length of the session is between 90 and 120 minutes.

GUIDED PRACTICE / ACTIVITY: (PERFORMANCE TASK)

Name of student: ________________________________

Name of respondent: _____________________________

Age _______________ Gender: Male Female

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

5. It is the most valuable tool of any type of research study.

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