Posted in Marketing and Strategy Terms, Total Reads: 376
A market survey can be defined as a detailed study of a geographical area or a market to gather data to understand about consumers’ interests, opinions, attitudes and also the satisfaction level of consumer using different products. Survey is a crucial part of market research in which evaluation and gathering of data is done regarding consumers’ preferences for services and products provided by a company.
In a survey normally researchers select a set of potential customers from the population or target group. The information collected is used to assess beliefs and attitudes of consumers and in turn can predict market behavior like buying intention of people. The main purpose of a market survey is to provide marketers of a company insights about their target groups like how much money consumers in the target group like to spend on certain products, whether they use products of competitors and also to know about the interest level for new products in the market. Market surveys are administered by marketers in different ways. Generally, surveys on paper and questionnaires are handed out to public by businesses. Also direct mail is common way used by marketers to collect information.
Sometimes companies also conduct oral surveys over the phone or meeting directly with the target audience. The major benefit provided by surveys to businesses is that they help them to make better and informed decisions about the type of services and products they are offering, price which needs to be set and also provide insights to help them figure out how to deal with competitors and whether it is a good time to enter a market or take an exit from it. Also, many times market surveys prevent companies from making mistakes which might cost them a lot like launching a new product in the market which consumers might not prefer or making entry into already saturated market.