Market survey for business

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. Sometimes market survey data can be taken from any other resource due to lack of time and persons working in a firm. Primary survey data is the data collected by self and secondary market survey is the data collected from any other resource. After studying primary data, secondary resource data is referred and report is to be prepared. This report gives us details of inclination of customers towards a product. Market survey can be taken by varieties of ways and those ways are to be selected as per convenient method of market survey.  So market survey and market report have more weightage in business development.