Market Survey Reports Elucidate the Present Market Potential as well as future scope of the product. It is an objective and systematic collection, recording, analysis and interpretation of data about existing or potential markets for a product/service. During a market survey report, one needs to focus on:
* Size of the market and the anticipated market share in terms of volume and value * Pattern of demand—seasonal or fluctuating in time (in a month, day, etc) * Market structure.
* Buying habits and motives of buyers
* Unique selling proposition of certain products/services. * Past and present trends affecting the selected product or similar product.
PROCESS OF CONDUCTING A MARKET SURVEY
A systematic 5-point process is involved in a market survey: 1. Defining objectives and specific information needed:
* Identifying source to obtain information
* Assessing time and cost for the study
* Working methodology and action plan
2. Selecting a sample size by determining whom to
contact and when 3. Preparing questionnaires for the survey
4. Collecting data and analysing it
5. Preparing a report, based on analysed data
PRIMARY AND SECONDARY SOURCES OF
Conducting a market survey does not always mean contacting people directly. There may be information in the form of reports, published material or documents of trade/industry associations. Data may be collected from two sources:
* Primary data sources: Information coming straight from those in the specified market, e.g. in the toy market, information obtained from toy manufacturers and traders. * Secondary data sources: Data existing in reports or in a published form and may not have been collected for specific purpose. Such information can also be had from census office, banks, traders and manufacturers’ association or published anywhere...