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Market Survey
(Theory)
Gokhale Education Society’s
S.M.R.K. B.K. A.K. Mahila Mahavidyalaya, Nasik-5.
Ms. Geetanjali Gitay
Assistant Professor
Dept. of English
CC English (HL)
T.Y.B.Com. Sem V
Unit 3
Introduction
• Surveys are conducted for the purpose of data collection.
• This method involves a systematic and comprehensive study of a particular community,
organisation, group etc. with a view to analyse their opinion with regards to a specific issue.
• In business , market surveys are conducted as a part of market research to investigate into the state of the
market for a particular product or service, including an analysis of consumers' needs and
preferences.
• Market research is an organized effort to gather information about target markets and
customers: know about them, starting with who they are. It is a very important component of
business strategy and a major factor in maintaining competitiveness.
• The purpose of a market survey is to provide business managers with insight about their target
customers, such as how much money they spend on certain types of products, whether they use
competing products and their interest level for new products.
• The study of the spending characteristics and purchasing power of the consumer who are
within your business's geographic area of operation; a research method for defining the
market parameters of a business.
• Market survey is the survey research and analysis of the market for a particular product
or service which includes the investigation into customer inclinations. A study of
various customer capabilities such as investment attributes and buying potential.
Definition
• Objectives for a Market Survey should be defined for to each specific project.
• Identifying demographic characteristics of a survey group is also very important.
• Some of the objectives of Market Surveys are :
1. Creating brand awareness
2. Gauging Purchase Behaviour of Consumers
3. Gauging the brand image
4. Gauging consumer perception about a product or a service
5. Gauging consumer attitudes regarding a product or service
6. Testing buyer behavior
7. Testing customer satisfaction
8. Testing consumer experience (good and bad)
9. Intent to purchase behavior.
Objectives of Market Survey
1. Mailed Surveys
– Advantages – efficient, inexpensive, easily standardized, easy to score, anonymous or
confidential
– Disadvantages – low response rate, inability to probe
2. E-mailed Surveys /Online Surveys
– Advantages – quick, efficient, inexpensive, easily standardized, easy to score
– Disadvantages – can only assure confidentiality, respondents might not have access to e-mail
3. Telephone Surveys
– Advantages – high response rates, efficient
– Disadvantages – requires lists of telephone numbers, requires training
4. Personal Administration
– Advantages – efficient if respondents are in close proximity to the administrator, allows for
probes
– Disadvantages – time consuming, expensive, requires training
5. Personal Interviews
– Advantages – rich complete responses
– Disadvantages – little standardization, takes time to administer, expensive
Methods of Conducting Survey
1. Helps Develop Better Business Strategies
2. Helps Identify Potential Business Opportunities
3. Gives a Better Understanding of Consumer Preferences and Needs
4. Delivers Accurate Insights About Your Competitors and Their Marketing Approach
5. Lowers Business Risks and Reduces Losses
6. Helps Test Products Before Market Launch
Importance of Market Survey
Questionnaires

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Unit.3.1.surveys

  • 1. Market Survey (Theory) Gokhale Education Society’s S.M.R.K. B.K. A.K. Mahila Mahavidyalaya, Nasik-5. Ms. Geetanjali Gitay Assistant Professor Dept. of English CC English (HL) T.Y.B.Com. Sem V Unit 3
  • 2. Introduction • Surveys are conducted for the purpose of data collection. • This method involves a systematic and comprehensive study of a particular community, organisation, group etc. with a view to analyse their opinion with regards to a specific issue. • In business , market surveys are conducted as a part of market research to investigate into the state of the market for a particular product or service, including an analysis of consumers' needs and preferences. • Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is a very important component of business strategy and a major factor in maintaining competitiveness. • The purpose of a market survey is to provide business managers with insight about their target customers, such as how much money they spend on certain types of products, whether they use competing products and their interest level for new products.
  • 3. • The study of the spending characteristics and purchasing power of the consumer who are within your business's geographic area of operation; a research method for defining the market parameters of a business. • Market survey is the survey research and analysis of the market for a particular product or service which includes the investigation into customer inclinations. A study of various customer capabilities such as investment attributes and buying potential. Definition
  • 4. • Objectives for a Market Survey should be defined for to each specific project. • Identifying demographic characteristics of a survey group is also very important. • Some of the objectives of Market Surveys are : 1. Creating brand awareness 2. Gauging Purchase Behaviour of Consumers 3. Gauging the brand image 4. Gauging consumer perception about a product or a service 5. Gauging consumer attitudes regarding a product or service 6. Testing buyer behavior 7. Testing customer satisfaction 8. Testing consumer experience (good and bad) 9. Intent to purchase behavior. Objectives of Market Survey
  • 5. 1. Mailed Surveys – Advantages – efficient, inexpensive, easily standardized, easy to score, anonymous or confidential – Disadvantages – low response rate, inability to probe 2. E-mailed Surveys /Online Surveys – Advantages – quick, efficient, inexpensive, easily standardized, easy to score – Disadvantages – can only assure confidentiality, respondents might not have access to e-mail 3. Telephone Surveys – Advantages – high response rates, efficient – Disadvantages – requires lists of telephone numbers, requires training 4. Personal Administration – Advantages – efficient if respondents are in close proximity to the administrator, allows for probes – Disadvantages – time consuming, expensive, requires training 5. Personal Interviews – Advantages – rich complete responses – Disadvantages – little standardization, takes time to administer, expensive Methods of Conducting Survey
  • 6. 1. Helps Develop Better Business Strategies 2. Helps Identify Potential Business Opportunities 3. Gives a Better Understanding of Consumer Preferences and Needs 4. Delivers Accurate Insights About Your Competitors and Their Marketing Approach 5. Lowers Business Risks and Reduces Losses 6. Helps Test Products Before Market Launch Importance of Market Survey
  • 7.