English for Career Development (Coursera, week 2)

 English for Business and Entrepreneurship (week 2)

 

What I learned about the course:

English for Business and Entrepreneurship (week 2)

 

Market Research and Testing to Identify Opportunities 

Let's review market analysis swiftly. Market research is the compilation and analysis of knowledge about what people want to purchase, as you might recall from Unit 1. An significant aspect of new product creation is market analysis. It allows the entrepreneur to test how individuals before making an investment will respond to a new product. If people respond positively, the data can be used by an entrepreneur to help reassure investors that the new product will be successful.

Market research is important for collecting product knowledge, but learning more about consumers is also important. The following questions can be answered through market research.

·      What are their past and current preferences? 

·      What are their future needs? 

·      What features and benefits from product do they want?

 

To decide whether a product is really an opportunity, all of this information is important. Now let's turn to looking at Informal and Formal, the two methods for doing market research. Casual conversations often occur through informal research. Formal research calls for specific questions to be used. Formal research usually takes place through a survey or through a focus group.

 

A Focus group is a group of individuals who are brought together to address a specific subject. In order to solve an issue or suggest ideas, they do this.

 

Any discussions about a new product involve informal studies. Local business people, but also relatives, friends and acquaintances, may be part of the people.

 

It's easy because family, friends, and 

acquaintances are often willing to give opinions.

 

It's inexpensive because the time away from paying jobs to do it is always the greatest expense of doing research. If the researcher is interacting with people they meet, lodging, refreshments and other expenses should be lower. It's quick, not much preparation is required and it can be short for conversations.

 

Family and friends, relatives and acquaintances will want to be supportive. When they do not really like a new product at all, they may say positive things.

 

 

 

Surveys.

Try making a list of some terms relevant to the subject based on your context information. As you listen, having these predictions in mind will help you remain involved and concentrated. Listen to repetitive words and ideas to recognize significant details. 

 

The aim of structured market research surveys is to obtain objective data on respondents and their habits and opinions, mainly quantitative data.

 

Owing to this challenge, formal market research surveys typically use very few, if any, open-ended questions. Focus groups are called structured market research and market research firms that recruit or select the participants are usually led by them and formally prepare the questions and lead the discussions.

 

Data.

Collecting data is finding and choosing respondents can be challenging because respondents have to give their time to answer the survey questions. There are two important things to consider when choosing respondents, number and variety. The more people, the better. 75% of respondents would be interested in buying my product is a more persuasive statement when there are 100 respondents instead of four. 75% of a hundred is 75 but 75% of four is only three.

 

Currently, the least significant aspect is the new product definition. If it's not very innovative, try to keep the product concept as easy as possible and don't worry. The purpose of this task is not to develop new goods. Instead through clear survey design and study, the objectives are to practice your English and to demonstrate your knowledge of business and entrepreneurship.

In conclusion, here are five important points to remember:

     ·              Informal research is helpful in the beginning of the new product development process because    it is cheap, quick, and easy.

 

·      Formal research requires much more planning but usually provides objective, reliable data that can also be used to help persuade investors.

 

·      New product surveys often ask questions in three parts, demographic profile, past and current experience, and future needs. 

 

·      When researchers evaluate data, extreme results help provide clear evidence, while scattered results are unclear and often need more research. We hope you enjoy interacting with your local community about your new product

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