Market Research Basics

Unit: Entrepreneurship in Action

Lesson 3 of 8

Duration: 45 minutes

Year Level: Year 8

Class Size: 20 students

Learning Area: Economics and Business (Victorian Curriculum)

Lesson Overview

Students will be introduced to the concept and importance of market research in business planning. They will explore methods to gather relevant information about target markets and competitors, focusing on practical skills such as designing surveys and conducting interviews. This lesson develops understanding aligned with the Victorian Curriculum Economics and Business for Year 8.

Victorian Curriculum Alignment

Content Descriptions:

AC9HE8K02: Different ways that businesses adapt to opportunities in the market and respond to the changing nature of work
AC9HE8S03: Interpret information and data to identify economic and business issues, trends and economic cause-and-effect relationships
AC9HE8S05: Create descriptions and explanations, using economic and business knowledge, concepts and terms, and referencing information and data from sources

General Capabilities:

Critical and Creative Thinking
Ethical Understanding
Personal and Social Capability
Intercultural Capability
Literacy (interpreting and creating data presentations)

Learning Objectives (Victorian Curriculum aligned)

By the end of the lesson, students will be able to:

Explain the purpose and importance of market research in business planning (AC9HE8K02, AC9HE8S03).
Identify appropriate methods for collecting market information, including surveys and interviews (AC9HE8S03).
Design basic survey questions to gather information about consumer preferences and competitor analysis (AC9HE8S05).
Interpret simple market data and reflect on how it influences business decisions (AC9HE8S03, AC9HE8S05).

Resources Needed

Whiteboard or projector
Printed worksheet with sample survey questions template
Clipboards and pens for students
Example of a market research survey (printed or digital)
Timer or clock
Student devices or paper for note-taking

Lesson Structure

1. Introduction & Engagement (10 minutes)

Teacher Explanation: Introduce the concept of market research — what it is, why it is critical for business success, and how it helps businesses understand customers and competitors.
Real-world examples: Briefly discuss local small businesses or popular Australian brands that conduct market research before launching new products.
Learning Connection: Link to entrepreneurship and how this knowledge supports young entrepreneurs to make informed decisions.

Teaching Tip: Use interactive questioning to check students’ prior knowledge, e.g., “Can anyone think of how businesses might find out what people want to buy?”

2. Guided Activity: Exploring Market Research Methods (15 minutes)

Class Discussion: Introduce survey and interview as key market research tools. Explain the strengths of each method in gathering consumer and competitor information.
Group Work: Divide class into pairs or small groups. Each group brainstorms 3-5 questions that might be useful for a survey targeting customers interested in a new product (e.g., preferences on flavours, price points, or features).
Teacher Support: Circulate, provide feedback on wording and clarity of questions, ensuring they are open-ended or closed-ended appropriately.

Curriculum Link: This activity builds student capability in designing research tools and interpreting data collection methods (AC9HE8S05).

3. Practical Task: Mini Market Research (15 minutes)

Role Play: Students conduct brief interviews or surveys with classmates, using their designed questions.
Data Collection: Each student collects responses from at least 3 different peers, recording answers neatly. The teacher models respectful interview behaviour and note-taking.

Safety and Respect Note: Remind students about consent and respectful interactions during interviews.

4. Reflection & Interpretation (5 minutes)

Class Reflection: Students share some findings with the whole class — what they learned about peer preferences or competitor ideas.
Teacher-led Discussion: Highlight how this data could influence business decisions, like product features or pricing strategies.
Connect to Business Planning: Emphasise the role of market research data in shaping successful entrepreneurial ventures.

5. Formative Assessment (Ongoing & Exit Ticket)

Worksheet completion: Students submit their survey question list and a brief summary of findings.
Exit Ticket Prompt: “Why is market research important for businesses before they start selling a product?” (Short written response).

Differentiation

Support: Provide a list of question stems for students who need scaffolding.
Extension: Challenge advanced students to design competitor analysis questions or reflect on ethical considerations in market research.

Cross-Curriculum Priorities & General Capabilities

Ethical understanding: emphasise respectful data collection and privacy.
Critical thinking: designing effective questions to gather relevant data.
Literacy: interpreting data and constructing effective communication about findings.
Intercultural capability: respect diversity in responses and consider inclusive market research questions.

Teacher Reflection Points (Post-Lesson)

Were students able to understand and explain the importance of market research?
Did the survey/question design demonstrate understanding of data gathering methods?
Were students able to collect and interpret peer data effectively?
How might this lesson be adapted for different learner needs or extended for wider business planning?

End of Lesson Plan.

This lesson plan aligns with the Victorian Curriculum Economics and Business Year 8 content codes AC9HE8K02, AC9HE8S03, and AC9HE8S05, emphasising practical, inquiry-based learning and fostering entrepreneurial skills through market research activities.

Teaching Instructions