How to better conduct a one’s own market research

 

1. Some of the most important information you need will not be available from any published source, particularly information that is quite specific to your market or new product. To obtain this data, you will have to undertake your own research. For most businesses, even very large businesses, this research needn't be expensive or *prohibitively time-consuming¹.

 

2. Personal observation is one of the easiest methods. One fundamental way to gather information – and also one of the easiest – is through personal observation. Watching what goes on in other businesses or the way people shop gives you insight into factors affecting your own business. You can observe *auto- and foot-traffic patterns²near a selected location, how customers behave when shopping in businesses similar to yours or for similar products, and how competitors market or merchandise their products or services. Personal observation is a vital tool in your planning process and applicable for almost every business.

 

3. Informational interviews can be structured or informal. The second principal method of market research is informational interviewing. Since the amount of information you can garner from personal observation is limited and colored by your own perceptions, you should talk with as many people as possible who can provide you with information relating to your business.

4. Some of these interviews may be highly structured. For instance, you might make personal appointments with those you want to interview and have a prepared list of questions. In other cases, such as when you go into a competitor’s store and chat with a salesperson, your questions will appear to be more casual.

5. Surveys will help to spot the trends. If you decide you need information from a large number of people, you may want to conduct a survey, either by phone or by mail. Surveys are a good way to spot trends and are particularly useful in assessing customer satisfaction and desires.

6. Mail surveys have a notoriously low response, so if you conduct one, it is a good idea to include some kind of incentive (e. g., discounts, free gifts) to encourage people to respond. But don’t depend on a mail survey alone to provide you with information.

 

7. Focus groups offer candid opinions. A popular form of market research is the focus group, a small group of people brought together to discuss a product,

business concern, or service in great detail. For example, a few joggers might

be brought in to examine and evaluate a new pair of running shoes. Focus group participants are often paid a small fee. Market research firms conduct focus groups for businesses, bringing together the participants and leading the group discussion in a room with a one-way mirror, so that the businessperson involved can observe.

8. However, if you do not have the funds to hire a market research firm, you might still consider assembling a focus group of your own, perhaps a group of potential consumers. Try, however, to find focus group participants you do not know personally.

2. Explanations to the text

1... or prohibitively time-consuming – …зaнимaющим cлишкoм мнoгo вpeмeни.

2... auto - and foot-traffic patterns– примеры автомобильного и пешеходного

движения

3. Key vocabulary / expressions

(the) amount [ә´maunt] of – количество

candid [´kændid] – adj. искренний, пpямoй, чecтный

casual [´kæʒuәl ] – adj. oпpeдeлeнный, пoдxoдящий к cлyчaю

discount [dis´kaunt] – n cкидкa

incentive [in'sentiv] – n поощрение, побудительный мотив

insight [´insait] – n (внyтpeнний) взгляд

jog – v бегать трусцой

merchandise [´mз:t∫∂ndaiz] – v торгoвaть

market [´mα:kit] – v продaвaть нa pынкe, cбывaть, нaxoдить pынoк cбытa

notoriously [nә´to:riәsli] – adv. монотонно; печально

spot trends – oпpeдeлить нaпpaвлeния

salesperson – n продaвeц

Prepositional phrasal verbs

Translate the sentences keeping in mind that the prepositions after the verbs change their usual meaning.

Look

1. The people must be taught to look after their own property.

2. I looked for my keys everywhere but I couldn’t find them.

3. The scientists are looking into this phenomenon for some years now.

4. You should better look up the spelling of the word in the dictionary.

5. He’s always looked up to his elder brother.

6. Look through the contract carefully before signing it.

7. I’ll look in to see you next week.

8. Look out! There is a taxi coming.

 

_____________________________________________________Lesson 10. HOW TO BETTER CONDUCT A MARKET RESEARCH

 

5. Phonetic drill.

Read the words paying attention to the pronunciation of the italicized letters

qu [kw] e qu al, s qu are, s qu irrel, re qu ire, qu een, qu arrel, qu antity, qu estion

gu [g] gu y, gu arantee, gu ard, gu ess, gu est, gu erilla, gu ide, gu itar

Find Russian equivalents to the words in the table

potential [pә 'tenòәl] geography [ʤi'ogrәfi] agent ['eiʤәnt] university [ֽjuni΄vз:siti] ethics ['eqiks] surveyor [sз:΄veiә] trainer [΄treinә]

interview ['intз:vju] economy [i:'konәmi] profession [prә'feòәn] regional ['ri:ʤәnl] original [ə'ri:ʤәnl] period ['piәriәd] provider [prә΄vaidә] warrant [΄worәnt]

discounter [ dis΄kauntә] spelling [΄speliη] underwriter [΄Ùndәֽraitә] marketing [΄ma:ketiη] manager [΄mænәʤә] traffic [΄træfik] conductor [kәn΄dÙktә]

7. Test your attention. Complete the sentences with the information from the text

1. _________________________, you will have to undertake your own research.

2. Watching what goes on in other businesses____________________________.

3. ____________________________, and how competitors market or merchandise their products or services.

4. Since the amount of information you can garner_______________________.

5. ________, bringing together the participants and leading the group discussion

________________________________________________________________

8. Find in the text synonyms to the following words:

gather_______________________ individual_________________________

fundamental__________________ chat______________________________

for instance___________________ way______________________________

data_________________________ observe___________________________

Translate from Russian into English

1. Имеет ли то или иное капиталовложение смысл в текущих условиях

рынка?

2. Есть разница между бедностью и банкротством. Второе временно, а

первое – на всю жизнь.

3. Профессия и бизнес – две разные вещи.

4. Финансовый талант есть у каждого, и он ждет своего часа.

5. Чтобы стать успешным предпринимателем, необходимо овладеть

процессом создания денежного потока.

 

Word formation

Translate the following words with the Participles II

well-known, well-read, well-armed, well-bred, well-done, well-educated,

well-tried, well-founded, well-grounded, well-fed.

Speaking practice.

Discuss the topic with your partner using the vocabulary of the lesson

You start your own business. How will you conduct your market research?

What methods will you use?

 

ADVERBIAL CLAUSES(essential Grammar Appendix)

Translate the sentences paying attention to ADVERBIAL MODIFIERS

1. Quite possibly, you’re developing plan because someone else wants you to do

so.

2. Perhaps the bank is requiring a business plan before granting you a loan.

3. As you start developing your business plan keep in mind that it takes a lot of

time to do it.

4. When you start your business you risk your dreams as well.

5. It is fruitless to write a business plan to raise the funds you want if the

enterprise is so poorly conceived that it is bound to fail.

6. It is you who is the greatest beneficiary of the project. You must remember

about it wherever you are.

7. As he has finished his work, he may go home.

8. However busy he may be, he will help you do it.

9. The more thoroughly you understand the various factors that affect your

market the more likely you are to succeed.

10. Though conducted with great care, the market research did not give the

expected results.

11. While developing your business plan, you will increase your understanding

of the many forces that have an impact on your company’s success.

12. If properly developed the business plan would be your roadmap to success.

13. If starting or expanding a business, you are likely to be a problem-solver and

risk-taker.

Self-Study

 

Cumulative Review Exercises