5 Types of Market Research

What Types of Market Research are there?  

          SURVEYS:  Face-to-face, Email, Telephone, etc…  Businesses can offer samples of their product to evaluate response  (how could you do this with your business?)

          FOCUS GROUPS:  A group of people are brought together to ask questions or lead a discussion which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) .  While this doesn’t give a broad sense of a target market, it can raise issues like what was wrong with previous products in that category… 

OBSERVATION:  Individual responses to surveys and focus groups are sometimes at odds with people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.

FIELD TRIALS:   Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

BELOW, COMMENT ABOUT WHICH FORM OF MARKET RESEARCH YOU COULD USE FOR YOUR BUSINESS IDEA...

What should be in your Business Plan?

1. Name of Business and Business Owners
2. Logo and Slogan (you will tell us how they developed)
3. Target Market
4. How the business idea developed
5. Mission, Goal and Objectives.  Be specific with your goal such as make a certain amount of money, or donate a certain amount of money, etc..
6. SWOT Analysis of your business  (look at Shark Tank worksheet for details)
7. How was the business organized?  (who did what?  What did you have to do beforehand?)
8. Market Research:  What type was it?  If it was a survey, show us some questions, and some answers.  Tell us how the research affected your business decisions
9. Profit Details:  Cost of Goods Total, Cost of Goods per unit
10 Profit Details:  Net Profit and Gross Profit
11.  If you had to pay sales tax on your gross profit--7.5%--how much would that be?
12.  10%:  if you saved 10% in a bank account, what would that amount be?
13.  What percentage of net profit are you donating?  To what organization?  Tell us about it and why you chose it.

Don't Forget These Things!

1. Do you have a sign up sheet for your business?  If it's in the middle school office, negotiate with Mrs. Zuercher how you will pay her as your employee.  A respectful discussion is needed.  Remember, she doesn't HAVE TO do it.

2.  Bring change!  $20 in change should be enough.

3. Get permission IN ADVANCE for you to leave advising early, to set up.  If the teacher says no, then you cannot do it.

4. Entrepreneurship Table is in the Faculty workroom behind the couch.

5. An adult must be with you.  Be sure to tell Mrs. Brake if you need her there.

6.  Clean up!  Put away any equipment (tables, sports things, etc...)

7. Take down posters after the event!

Guidelines for Advertisements

Guidelines for Advertising around Campus:

•  Ads must be approved by teacher.  We check for spelling, grammar, etc...and make sure all the elements are on the Ad.
• Food sales Ads go up one week before event.  Workshop or Party event Ads need to be up 2 weeks in advance.  This is for your success. 
• Ads can only be placed on whiteboards in middle school.  Stairwells and bulletin board in LS are fine, if you talk to the secretary first.  You can create a monitor slide, which your teacher will forward to the correct people.
• Lunchtime "commercials" are an option, but must receive prior approval from Dean Dokken (MS) or Mrs. Eubank (LS). You also must get permission from teacher if you are leaving a class to make the lunchtime announcement.  You cannot say, "Mrs. Brake says I need to..."  If they say no, then you cannot do it. 
• Advertisement poster or monitor slide must contain:

1. Name of Business
2. Logo
3. Slogan
4. WHAT the business is selling (the product or service)
5. Contact Information
6. Date and Time
7. Location
8. Cost
9. Must contain this phrase, for purposes of business office:      "This is an Entrepreneurship class business.  10% of the net profit will go to (fill in name of donation center you chose)"

5 types of Market Research to help choose a good business idea!

What Types of Market Research are there?  

          SURVEYS:  Face-to-face, Email, Telephone, etc…  Businesses can offer samples of their product to evaluate response  (how could you do this with your business?)

          FOCUS GROUPS:  A group of people are brought together to ask questions or lead a discussion which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) .  While this doesn’t give a broad sense of a target market, it can raise issues like what was wrong with previous products in that category… 

OBSERVATION:  Individual responses to surveys and focus groups are sometimes at odds with people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.

FIELD TRIALS:   Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

BELOW, COMMENT ABOUT WHICH FORM OF MARKET RESEARCH YOU COULD USE FOR YOUR BUSINESS IDEA...

What E-Traits do these entrepreneurs possess?

Click here to read about Famous Entrepreneurs

In the comment section below, tell us which entrepreneur you chose, what their E-Traits are, and WHY you think they have those E-Traits

Changing Target Market?

Have you noticed the new yogurt commercials targeted to athletic men, or guys wanting more protein for muscle-building? Yogurt used to be marketed to mostly women, for low-fat or digestive reasons. Lately, they have been expanding their target market! Interesting! Let's see if you think it will work!

Oikos commercial. Click here!

Article about Dannon OIkos yogurt