A
market for a business is all the people within a specific geographical
area, who need a product or service and are willing and able to buy it.
You may have an excellent product or service to offer to the public;
however you have to determine whether there are enough customers willing
to buy your product or service on a regular basis. The price of the product or service must give you an adequate margin of profit to allow you to survive and further develop the business. The survey is conducted in order to establish demand and supply gap.
For new entrepreneurs, the process of conducting a market survey involves the following steps;
(1) Defining objectives of the market survey and specifying what information is
required.
(2) Working out the details of the study, such as;
Identifying sources of obtaining information.
Time and cost involvement for the study.
Methodology to be used in gathering information.
Developing a plan of action.
(3) Selecting samples and deciding what contacts and visit should be made.
(4) Preparing questionnaire and plans for surveys and interviews.
(5) Collating and analyzing data.
(6) Preparing a report of findings.
The above steps are necessary before taking the step of setting up any business.
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