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Market Survey Notes

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Swaraj chavan
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999 views3 pages

Market Survey Notes

Uploaded by

Swaraj chavan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Q. N.

1) Define Market Survey (Marks 02)

Ans : A market survey is the collection of first-hand data from customers, vendors, stakeholders, or
the general public.

Market surveys are usually conducted to gather data so that better marketing, growth, and product
decisions can be made.

Q. N. 2) What are the objectives of market survey ? (Marks 05)

Ans : Businesses conduct market surveys for a vast range of reasons. The data during a market survey
can be about:

 Pricing trends

 Customer expectations

 Competitors

 Tastes

 Preferences

 Market trends

 Comparisons

The objective of a market survey is to:

 Understand competitors

 Understand customers and stakeholders

 Gather customer feedback

 Measure market dynamics

 Market trends

Market survey is majorly conducted offline but nowadays businesses also conduct online surveys to
reduce cost and save time.

Q. N. 3) Which are the major benefits of conducting a market survey ? (Marks 06)

Ans : Below are the major benefits of conducting a market survey for business growth:

1) Informed decision-making: Market surveys provide valuable data that help in decision-
making. It also helps reduce the risk of decisions based on incomplete information or
assumptions.
2) Understanding customer needs: A market survey helps gather detailed information about
customer preferences. Understanding customer pain and needs through surveys helps
improve customer loyalty and satisfaction.
3) Evaluate market demand: Market surveys assess the demand for a service/product that
helps businesses evaluate the feasibility of new market entries. It also aids in resource
planning, inventory management, and financial projections.
4) Competitive analysis: Market surveys help provide insights into how your competitors are
performing. It helps businesses to position themselves effectively and differentiate their
offerings.
5) Improving customer experience: One of the major benefits of regularly conducting market
surveys helps businesses understand their customer experiences and expectations. It can
lead to enhancements in customer service and overall experience.
6) Risk management: Market surveys highlight potential risks and challenges in the market,
allowing businesses to develop strategies to mitigate them. It also allows businesses to
proactively address threats from new or existing competitors.

Q. N. 4) How to conduct a market survey ? (Marks 06)

Ans : Conducting a marketing survey is a complex process that starts with the implementation of
following steps:

Steps involved in designing a market survey

 Clearly outlining the survey’s goals or the purpose of the study conducted.

 The next step is to identify the potential audience fulfilling the relevant criteria of the survey.

 Creating a relevant and concise structured questionnaire or survey instrument that captures
the required information.

 Selecting the most appropriate survey method based on the target audience and research
objectives.

 Before launching the survey, it is equally important to conduct a pilot test with a small
sample group to identify any issues with the questionnaire and make the necessary
adjustments.

 Determining the appropriate sample size for the survey.

 Launching the survey to the selected sample group via online survey platforms, email
invitations, phone calls, or in-person interviews, depending on the chosen survey method.

 After launching, it’s time to monitor the progress of data collection, and tracking the
response rate. If required, sending reminders, and following up with non-respondents to
improve participation rates also benefits.

 Finally, once data collection is complete, the collected data is analysed using appropriate
statistical techniques and software tools.

 Summarizing and interpreting the data to identify patterns, trends, and insights that address
the research objectives.

 Last, presenting the findings in a comprehensive report, which includes an executive


summary, methodology, key findings, and recommendations.
Q. N. 5) Which are the different types of market survey methods ? (Marks 04)

Ans :

 Online surveys

 Paper surveys

 Mail surveys

 Telephone surveys

 Face-to-face surveys

 Focus groups surveys

 Panel surveys

 Mobile Surveys

 Mixed methods

When choosing a survey method, it is crucial to align it with research objectives, target audience, and
available resources. Furthermore, factors like sample size, response rates, data quality, and desired
engagement level should also be carefully considered.

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