Research the Market Entrepreneurship Unit 11, Lesson 2 Copyright © Texas Education Agency, All Rights Reserved.

Copyright Copyright © Texas Education Agency. The materials found on this website are copyrighted © and trademarked ™ as the property of the Texas Education Agency and may not be reproduced without the express written permission of the Texas Education Agency, except under the following conditions: 1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts’ and schools’ educational use without obtaining permission from the Texas Education Agency; 2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only without obtaining written permission of the Texas Education Agency; 3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way; 4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged. Private entities or persons located in Texas that are not Texas public school districts or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from the Texas Education Agency and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty fee. Copyright © Texas Education Agency, All Rights Reserved. 2

Role of Market Research  A system for collecting, recording, and analyzing information about customers, competitors, goods, and services  Used to determine which marketing strategies will be most effective and most profitable Copyright © Texas Education Agency, All Rights Reserved. 3

Advantages/Disadvantages of Market Research  Advantages  Draw on primary and secondary data  Identify ways to meet customer needs  Disadvantages  Expensive  Time-consuming Copyright © Texas Education Agency, All Rights Reserved. 4

Primary Data  Survey  Observation  Focus Groups Copyright © Texas Education Agency, All Rights Reserved. 5

Disadvantages of Primary Data  Time-consuming  Expensive Copyright © Texas Education Agency, All Rights Reserved. 6

Secondary Data  Found in already-published sources  Data –population –family size –household income –economic trends –industry forecasts –other information Copyright © Texas Education Agency, All Rights Reserved. 7

Six Steps of Market Research 1.Define the question. 2.Determine the data needed. 3.Collect the data. 4.Analyze the data. 5.Take action. 6.Evaluate the results. Copyright © Texas Education Agency, All Rights Reserved. 8

Assignments  Possible New Product Success : Divide the class into teams (two students per team). Ask teams to develop a new product that members believe will be very useful for students at their school. Each team must develop a questionnaire for potential consumers of this product to gauge their interest. The teams must survey at least 50 students from their school to complete the questionnaire. Each team must tabulate the results to determine if the product is a good idea and write a report to support the idea. This project will be evaluated using a related rubric.  Business Expansion Decision: Tell students that their family owned business processes and sells grape juice to food distributors. In order to grow, the business needs to expand its product line. Apply the six market research steps to help determine an additional product for your business. Record the market research steps with text and illustrations on a decision making mural. This project will be evaluated using a related rubric.  Zip Code Life Styles : Select a zip code in the United States. Then conduct research about the demographics for that zip code. Write a paper that describes the demographics and lifestyles for the zip code. The report should also include pictures to further describe the population and the related lifestyle for the zip code. This project will be evaluated using a related rubric. Copyright © Texas Education Agency, All Rights Reserved. 9