Active learning ideas
Identifying Needs and Market Research is the starting point for any successful business venture. Students learn how businesses move from a vague idea to a data-driven strategy by investigating consumer behavior. This topic covers the distinction between desk research (secondary) and field research (primary), as well as the importance of market segmentation.
Activity 01
Groups design a 5-question survey to identify a 'gap' in the school's food offerings. They collect data from other students, analyze the results using charts, and present a recommendation for a new product to the 'canteen manager'.
What is the difference between field and desk research?
Activity 02
Images of diverse products (e.g., a high-end electric car, a budget airline ticket, a luxury watch) are posted. Students move around and identify the target market for each based on demographic, geographic, and psychological factors.
How do businesses use market segmentation?
Activity 03
Students are given a business idea (e.g., a new gym in Dublin). They brainstorm three pieces of information they could find online (desk) and three they would need to ask people directly (field), then compare lists with a partner.
Why is market research crucial before launching a product?
A few notes on teaching this unit
Watch Out for These Misconceptions
Market research is too expensive for small businesses.
Desk research and social media polls are low-cost ways to gather data. A 'Think-Pair-Share' on free research tools helps students see that information is accessible to everyone, not just big corporations.
If I like the product, everyone else will too.
Personal bias is a major risk in business. Conducting a 'Blind Taste Test' or a survey helps students realize that their own preferences may not reflect the wider market's needs.
Methods used in this brief
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This topic delves into the four Ps of marketing: Product, Price, Place, and Promotion. Students apply these concepts to develop comprehensive marketing strategies for hypothetical products.
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