Market Analysis

Entrepreneurship AY 2019-2020
Why is it essential to understand the needs of
the market?

DEMAND
 MARKET SURVEY
To start a business, the first thing to
do is to find out what is the demand for
the product by conducting a short
market survey.
Things to consider in drafting a market
survey questionnaire:

• It is important to think in advance the type of

information that is needed;
• Ask all respondents the same questions each
time, so that their answers can be compared
and summarized.
 Sample Questionnaire
Questions Answers
1. Do you eat other types of Jam? Yes: _______________ No: __________
2. Which type of jam do you like best? List: ___________________________________________
3. Do you think would like tomato jam? Yes: _______ No:____ Not Sure:___________________
1 2 3 4 5
(Very Good) (Good) (Average) (Bad) (Very Bad)
4. What do you think of the color of this
tomato jam?
5. Do you like having the seeds in the
jam?
6. What do you think about the flavor of
this jam?
7. Do you like the texture of the jam?
8. What do you think about the jam?
 Activity

Write a Survey Questionnaire for a new

product you want to introduce.
*Only ten (10) questions.
*Conduct a survey to ten (10) UNORians
using convenience sampling method.
SOURCES OF NEW PRODUCT/SERVICE

• Consumer
• Existing Products and Services
• Distribution Channels
• Government (Patent Office)
• Research and Development
 METHODS OF GENERATING NEW
PRODUCTS/SERVICES

1.Focus Group
This is an excellent method for generating and
screening ideas and concepts. It allows people to
be stimulated to greater creativity.
 METHODS OF GENERATING NEW
PRODUCTS/SERVICES

2. Brainstorming
Good ideas emerge when the brainstorming
effort focuses on a specific product or market
area.
Rules of brainstorming:

a.No criticism of ideas or suggestions. Every idea even the

wildest, non-feasible idea is accepted.
b.Freewheeling discussion is encouraged.
c. Quantity of idea is denied.
d.Combinations and improvements of ideas are encouraged.
 METHODS OF GENERATING NEW
PRODUCTS/SERVICES

3. Problem Inventory Analysis

Consumers are provided with a list of problems
and are asked to identify products that have
those problems.
Generating New Product/Service for
Conventional or Innovative Business
Conventional ideas can be taken from tried and tested
business models like opening up a snack bar in competition with
almost 100 others in a particular city. For the innovative
businesses, however, a product can be introduced that is not yet
known to the market.
Generating New Product/Service for
Conventional or Innovative Business
1. Conventional business scenario
Below are ways to start conventional business.
a. Start a business that you are familiar with.
b. Start a business due to the needs of existing business
contacts.
c. Gain business inspiration from your hobby or interest.
d. Gain inspiration from an imported item.
e. Explore the possibility of import business.
Generating New Product/Service for
Conventional or Innovative Business
2. Innovative business scenario
Here are some ways to introduce an innovative business.
a. Gain inspiration from the needs and wants of customers.
b. Gain an inspiration from the problems and issues that
bothered you and your peers.
c. Study the usual or existing solutions and venture in the
alternative solution.
d. List down existing products and find out their other uses aside
from what was stated.