Grade: 10 Subject: Business Studies Topic: Market Research
Objectives: 1. Remembering: Recall the definition and key terms related to market research. 2. Understanding: Understand the role and importance of market research in business. 3. Applying: Apply different methods used for market research. 4. Analyzing: Analyze the data collected through market research. 5. Evaluating: Evaluate the effectiveness of market research in making informed business decisions. 6. Creating: Create a market research plan for a given business scenario. 7. Values: Recognize the ethical considerations in conducting market research.
Learners and Classroom Readiness: - Grade 10 students with basic knowledge of business concepts. - Classroom equipped with a projector or smartboard for multimedia resources. - Access to the internet for online resources. - Handouts and worksheets for individual and group activities.
Introduction: 1. Begin the lesson by asking students if they have ever wondered how businesses decide what products to sell or how they determine the price of a product. 2. Explain that market research is the process of gathering information about customers, competitors, and the market to make informed business decisions. 3. Discuss the importance of market research in understanding customer needs, identifying market trends, and gaining a competitive advantage.
5 E Model: Engage: - Show a short video on the importance of market research in business. (Example: https://www.youtube.com/watch?v=3v9r7zKzKXs) - Facilitate a class discussion on the video, asking students to share their thoughts and insights.
Explore: - Introduce different methods used for market research, such as surveys, interviews, focus groups, and observation. - Divide students into small groups and provide them with a worksheet to brainstorm potential market research questions for a given business scenario. - Each group presents their questions to the class, and the class provides feedback on the effectiveness of the questions.
Explain: - Provide a detailed explanation of each market research method, including its advantages, disadvantages, and when it is most appropriate to use. - Use visual aids, such as charts or diagrams, to help students understand the process of data collection and analysis.
Elaborate: - Divide students into pairs and assign them a case study where they need to conduct market research for a fictional business. - Provide them with a worksheet to guide their research process, including data collection methods, sample size, and data analysis techniques. - Each pair presents their findings to the class, highlighting the key insights and recommendations based on their research.
Evaluate: - Conduct a class discussion on the effectiveness of market research in making informed business decisions. - Ask students to reflect on the ethical considerations in conducting market research and discuss the importance of maintaining customer privacy and confidentiality.
Differentiation: - For students who need additional support, provide simplified definitions and examples of market research methods. - For students who need a challenge, assign them a more complex case study or ask them to analyze real-world market research reports.
Resources: 1. Video: “The Importance of Market Research” - https://www.youtube.com/watch?v=3v9r7zKzKXs 2. Worksheet: Sample Market Research Questions - Example: https://www.teach-nology.com/worksheets/graphic/marketresearch/ 3. Case Study: Conducting Market Research for a Fictional Business - Example: https://www.teach-nology.com/worksheets/graphic/marketresearch/ 4. Online articles on market research methods and ethical considerations: - Example: https://www.marketing91.com/market-research-methods/ - Example: https://www.researchrockstar.com/ethical-considerations-in-market-research/