Grade: XI Com/Hum
(ENTREPRENEURSHIP)
CH-05 CONCEPT OF
MARKET
Market research
Market research is referred as the systematic study and evaluation of all
factors bearing on any business operations which involves the transfer of
goods from a producer to a consumer.
- A.G.R. Deiens
Marketing research
Marketing research is a wide term and includes the following-
Market research
Product research
Consumer research
Role of Marketing Research
• Planning and execution of marketing plan
• Quick and correct decision-making
• Effective solutions of marketing problems
• Social significance
Characteristics of good
Marketing Information
•Relevance
• Clarity
• Completeness
• Precision
• Accuracy
• Objective
Characteristics of good
Marketing Information
•Confidentiality
• Strategic value
• Reliability
• Punctuality
• Authenticity
• Economy
Market Research Process
1
• Defining the market problem
2
• Specifying the information requirement
3
• Developing the research design
4
• Select the research instrument
5
• Analyzing and interpretation
6
• Summarize the findings
7
• Preparing the research report
Research Instruments
1. Aggregate data analysis
2. Content analysis
3. Observations
4. Experimental research
5. Organisational analysis
6. Case studies
7. Interviewing
8. Market surveys
Market Survey
Market survey is an organised and in-depth approach, which
includes all the research activities involved with extracting out the
information for not only the first time, but also directly from the
sources.
Common Methods used for
surveying
1. Personal interviews
2. Telephonic interviews
3. Direct mail interviews
4. Fax/E-mail interviews
5. Online interviews
6. Questionnaire Development
7. Field work
Steps in a Market Survey
1. Planning the survey
2. Field work
3. Analysis and interpretation of data
4. Report making
Importance of Market
Survey/Research
• Customer is the King
• Risk reduction
• Helps attaining objectives
• Market overview
• Forecast
• Facilitates Decision - Making
TYPES OF MARKET
SURVEY
The Census
The Sample
Market, Market, Where Are You!
(A)
• Q.1. Answer each of these questions in about fifteen words:
• (i) What is meant by E-Commerce?
• Q.2. Answer each of these questions in about fifty words:
• (i) Define 'Market'?
• (ii) Define 'Traditional Markets'?
• (iii) In what terms, with passage of time, did the industrial activity intensified?
• Q.3. Answer each of these questions in about seventy five words:
• (i) Give 3 points of difference between the Traditional Market and Modern Markets.
• (ii) Discuss the role of E-Business in promoting the business community.
• (iii) Differentiate between E-Commerce and E-Business.
Analysing Market Environment
(B)
• Q.1. Answer each of these questions in about fifteen words:
• (i) What is Micro Environment?
• (ii) Give one point of difference between the Primary forces and secondary
forces.
• (iii) Who is a producer?
• (iv) What is meant by the term Demographic Forces.
• Q.2. Answer each of these questions in about fifty words:
• (i) Define 'Market Environment'.
• (ii) Define 'Macro Environment'?
• (iii) Define customers.
Analysing Market Environment
(B)
• Q.3. Answer each of these questions in about seventy five words:
• (i) „Performing Sellers‟ sustain and succeed in the market. How?
• Q.4. Answer each of these questions in about one hundred and fifty words:
• (i) Differentiate between competitors and suppliers as primary forces of market.
• (ii) 'Customer is the King'. Do you agree? Justify your answer.
• Q.5. Answer each of these questions in about two hundred and fifty words:
• (i) Discuss the primary forces that comprise the internal environment of the
market.
• (ii) Explain the term Secondary Forces. What all external environment comprise
of? Explain with suitable examples.
• (iii) Differentiate between the Micro and Macro environment.
Researching the Market (C)
• Q.1. Answer each of these questions in about fifteen words:
• (i) What is 'Market research'?
• (ii) What is 'Market Survey‟?
• Q.2. Answer each of these questions in about fifty words:
• (i) To be characterized as ‟good‟ market information, enlist any four essential
• characteristics to be possessed by it.
• (ii) Define 'Research Instruments'.
• (iii) Give one major difference between 'Market Research and Market Survey'.
• (iv) List the types of market survey conducted to extent information.
• Q.3. Answer each of these questions in about one hundred and fifty words:
• (i) State the main steps involved in Marketing Research.
• (ii) Explain Marketing survey along with the methods of conducting the same.
• (iii) What role is played by 'Marketing Research'?
• (iv) Market survey can be used as a tool for betterment of Society. To conduct a fair
• survey, list 4 strong values of a surveyor.
Researching the Market (C)
• Q.4. Answer each of these questions in about two hundred and fifty
words:
• (i) Discuss the steps involved in conducting the market survey.
• (ii) "Market Survey" is an useless expensive tool". – Do you agree with the
statement? Should it be dispense away with? Support you answer with
reasons.
• (iii) Lalit Mesgs is planning to launch a new female clothing store. Draft a
survey, not exceeding 10 questions as to collect some information that
will be helpful in launching of this store.
• (iv) “'Survey is a customized technique.” Which technique is generally
used for it?
• Throw some light on the importance and precautions of these techniques.
