6 Processes Of Conducting A Market Survey In Business

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.

Business Opportunities (Using SWOT Analysis)

Opportunities occur when people discover a problem of some kind that can be helped with product or services, or when people decide they have certain needs or want to satisfy. Opportunities may also arise from change. Entrepreneurial activity itself causes change to occur as well.

Sources of opportunities could also be an observed demand and supply gap arising from society’s needs and function, growing and evolving economies and economic niches, technological change, social change, demographic change, political changes such as war, tariff and embargoes or artificial scarcities.
Other conditions that may create opportunities include shortages, surpluses, price response, and shifts in demand. 

Entrepreneurs should try to identify, evaluate, select and capture opportunities which can be operated, managed and realized as successful ventures (productive services). Young entrepreneurs need assistance through advice, not only in the areas of profitable investment identification and selection, but also in the field of management, technical know-how, project evaluation, financing, location of suitable sources of appropriate technology, establishment of enterprise services, growth alternatives and adjustments to boundary threats. Assistance in the above areas helps the entrepreneur to establish profitable ideas, capture, activate and actualize them. It helps the entrepreneur uncover his interest and abilities through expert assessment of environment, industry and capabilities of the entrepreneur.

SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats) will enable the student mirror himself in relation to identification and assessment of business opportunities. Strengths are his stronghold, Weaknesses imply shortcomings, and Opportunities are possible areas of exploration, while Threats are those things that are cogs in the wheel of progress, such as competitors. Have a nice day.