Active learning ideas
Market research is the process of gathering and analysing information about customers and competitors to reduce business risk. This topic covers primary research (surveys, interviews, focus groups) and secondary research (using existing data from reports or the internet). Students learn how to identify their target market and understand customer pain points.
Activity 01
Groups choose a product (e.g., a new type of healthy snack). They design a 5-question survey and interview 10 other students during break to find out about their preferences and price sensitivity.
Why is market research critical for a new business?
Activity 02
Students pick two competing brands (e.g., Pepsi vs. Coca-Cola). They discuss with a partner how these brands use different 'Promotions' or 'Prices' to attract different types of customers.
What is the difference between primary and secondary research?
Activity 03
Groups create a 'Marketing Mix' poster for a famous Indian brand. They must show how the Product, Price, Place, and Promotion are all tailored to a specific target customer.
How do we analyze competitor strategies?
A few notes on teaching this unit
Watch Out for These Misconceptions
Market research is only for big companies with big budgets.
Small businesses can do effective research through simple observation and talking to customers. The 'Mini-Survey' activity shows students that valuable data can be gathered for free with just a little effort.
Secondary research is 'cheating' or less valuable than primary research.
Secondary research is a vital first step that saves time and money. Peer discussion about where to find free government or industry reports helps students value existing data.
Methods used in this brief
Market Environment
Introduces the micro and macro environmental factors that affect a business. Students will learn to conduct a PESTLE analysis to understand market dynamics.
8 methodologies
E-commerce and Digital Markets
Explores the rise of e-commerce and digital marketing in the modern business landscape. Discusses how startups leverage social media and online platforms for growth.
8 methodologies