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 INFORMATION
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
SCHEDULE FOR MARKET SURVEY
A market survey is not restricted to collecting information on the market for a product, but also about marketing infrastructure and existing market conditions. Designing a market survey schedule could fetch a lot of data. Questions may be designed on these areas: * Existence of competitors, their products and marketing strategies * Information on all consumer groups
* Information on competing products/ similar products
* Attitude of existing/potential consumers, including buying preferences, behaviour etc.
MARKET SURVEY REPORT-TIPS TO BE MORE
1. Clearly identify the issue/problem that needs to be investigated. See if any published/secondary sources of information are available for this problem 2. Based on existing information, check if the problem can be defined or narrowed down. Further, with this as your basis, write down “terms of reference” for any subsequent study. 3. Try to look at the problems from different angles:
* your own point of view as producer or seller
* customers/consumers’ viewpoint as buyer and end users of products/services * Competitors’ viewpoint for they may have addressed similar problems 4. Try to remain objective throughout the market research process and check impulses/gut feeling from totally influencing the research. 5. Prepare schedule in as simple and clear a form as possible. 6. Maintain a tight control on the subject. If other subjects surface during the research, give them the attention they deserve. 7. Complete the research promptly and maintain confidentiality lest the competitors hear of it and forge ahead in the market. 8. Be prepared to take necessary action, which the research identifies. 9. Use the research immediately for the good of the enterprise. 10. Review all market research exercise and processes—the lessons learnt and areas to improve next time.