Market survey for business
Market survey is studying an
existing market for knowing customer’s needs and wants. Main objective of
market survey is finding an opportunity for a business to work on a particular product.
Market survey gives detail information about any product. This information is
in the form of descriptive manner and with statistical data. For easy
understanding there is need of formatting this data in standard forms like;
tabular form, graphical representation, etc. It gives clear market’s scenario.
When products are to be manufactured
first time, a market survey is very important for forecasting demands of
customer. Forecasting is a technique in which prediction of demand is to be
calculated by referring existing data. Market
survey is helpful in development of existing product also. Any company’s development
of product shows company’s efforts to enhance quality features of a product or
service.
Objectives of market survey:
- To study market
- To know customer’s needs and wants
- To forecast demand
- To compete with others
- To fulfill demand customer’s demand.
- To compare quality features with other products
Even though the market
survey technique takes more time to show results, we cannot skip this
technique. Market survey can be done on basic level then after increasing
business market research and its techniques must be implemented. This technique
is very useful to grow business.
We will see some examples of
market survey in next content.
Market survey can be done
for two different purposes; one is for launching new product and second is for existing
product’s development. If any company wants to launch a new product then in
market survey various parameters are to be studied and those parameters are
availability of similar products in market, competitor’s focused customer zone,
offered product’s price, use of raw material, quality etc.
Market survey for existing
products involves parameters like competitor’s products features, existing
product design, customers view for existing products and suggestions for
modifying product, aesthetic and ergonomic requirement in existing product,
increase performance with effect of cost etc.
Example of market survey/How
to do market survey:
A group of four to five
members should work on market survey and each member should be allotted at
specific location. Finally information or data should be collected by leader
for further market analysis. Following is one example of market survey:
To start market survey we
require format first and format is based on new product launching- A basic
study-market survey
Description
|
Availability
|
% of demand
of a product
|
Price
Range
|
Quality
|
Pros
|
Cons
|
Suggestion from Customers
|
Product A
|
High
|
Excellent
|
|||||
Moderate
|
Good
|
||||||
Poor
|
Poor
|
||||||
Product B
|
High
|
Excellent
|
|||||
Moderate
|
Good
|
||||||
Poor
|
Poor
|
In above table first column is
description of a product where product’s name and type can be written. Next
column includes availability in which products availability in market is indicated.
Availability can be counted in quantity and accordingly show as high, moderate
and poor. Column of % of demand of a product should be written with periodic
demand of a product. Price range is also important parameter because it decides
customers approach towards product and is that product affordable or not. Quality
is also important to study; it helps to decide selection of raw material and processes.
Pros and cons will add value to market survey and here it is possible to find
gap of business. Suggestions will inputs to your business for finding right
path. Therefore following such a format for market study is very important.
2. Second example of market
survey:
For market survey a
descriptive type of form can be considered, in which information of seller,
products details are to be mentioned. Following is a type form which describes
survey details. New type of form can be developed as per required data by
adding points.
Retailer’s
Survey
Name of company: ___________________________________________________________
Name of Product: ____________________________________________________________
Retailers Name:
______________________________________________________________
Contact Number:
________________________
Email ID:
______________________________
Address:
_______________________________
Signature:_____________________________
Quantity required per day: ______
Quantity sold per day: ______
Expected demand in future: ______
Type of customer approached:
______
Survey by:
Name: ______________________________________________________
Date:
______________________________________________________
Signature ___________________.
3. Third example of
market survey:
As per the type of market
survey, customer’s market survey is important because he is the end user of a
product. Here is another type of form is given, in which customer’s details are
included. Customer’s information should be always with the company database.
This information gives additional data for the development of product and
forecasting of the product. Product development department always sees inputs
given by customers and accordingly products are to be developed.
Name of the customer:_________________________________________
Gender: ______
Age: ______
Income:_______
Address:
______________________
Contact
No.:______________________
Email ID: ________________________
Product using
Since:________________
Strong reason of referring product:___________________________________
Limitations found in
product:_______________________________________
Aesthetic & Ergonomics
related views: _______________________________
Performance_____________________________________________________
Will you refer your friend
to use this product: Y/N
Suggestions:______________________________
Rating: One star to five
star.
Signature of
customer:_________________
Name & signature of
Surveyor :
Customer’s survey is mostly
taken by online mode. Because of more number of users are there as compared
with retailers and wholesalers online mode is always preferable for market
survey. This type of survey is beneficial for both customers as well as
company. It is time saving activity and gives quick and summarized result for
survey conclusion. After getting summarized result of market survey and
analysis of these results a plan is to be prepared for next production target.
So survey is an unavoidable part of the business.
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