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Lesson Plan for a Market Research Activity

Instructor: Tammy Galloway

Tammy teaches business courses at the post-secondary and secondary level and has a master's of business administration in finance.

This lesson will assist teachers in introducing the importance and function of market research. A video and discussion questions are included to increase students' understanding; while the quiz and activity will demonstrate their learning.

Learning Objectives

After this lesson, students will be able to:

  • Define external market research
  • Discuss statistical data relevant to organizations
  • Describe sources of data
  • Explain the usefulness of market research firms
  • Share the purpose and relevance of consumer supplied data

Length

60 minutes

Curriculum Standards

  • CCSS.ELA-LITERACY.W.11-12.2.A

Introduce a topic; organize complex ideas, concepts, and information so that each new element builds on that which precedes it to create a unified whole; include formatting (e.g., headings), graphics (e.g., figures, tables), and multimedia when useful to aiding comprehension.

  • CCSS.ELA-LITERACY.W.11-12.2.B

Develop the topic thoroughly by selecting the most significant and relevant facts, extended definitions, concrete details, quotations, or other information and examples appropriate to the audience's knowledge of the topic.

  • CCSS.ELA-LITERACY.W.11-12.2.C

Use appropriate and varied transitions and syntax to link the major sections of the text, create cohesion, and clarify the relationships among complex ideas and concepts.

Materials

Instructions

  • Begin by asking students to discuss techniques and methods a business might utilize to make informed decisions.
  • Share with students that this lesson explores external market research techniques and sources that help businesses remain competitive and relevant.
  • Distribute External Market Research: Definition & Sources lesson, start the video, pause at 2:03 and present the following discussion prompts to the class:
    • Define external market research in your own words.
    • Provide examples of market research not listed in the video.
    • List and describe specific statistics organizations utilize in market research.
    • Explain competitor intelligence and discuss its benefits.
  • Restart the video, play in its entirety, then pose these discussion questions:
    • Explain the usefulness of market research firms.
    • How is customer supplied information captured?
    • Describe other customer touch points to gather consumer buying habits.
  • Afterwards distribute the External Market Research: Definition & Sources lesson quiz, shoulder pair students and allow them to complete together.
  • Review for accuracy.

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