The objective, advantages and different ways of market survey

According to American Marketing Association, marketing research is defined as “the gathering, recording and analysing of all facts about prob­lems relating to transfer and sale of goods and service from producer to consumer”.

Objective of Market Survey:

Market survey is done to know the following important facts:

(a) Persons who buy products i.e., consumers.

(b) Impact of promotional efforts i.e., the result of the efforts made by a firm to promote, boost or increase the sale of an item.

(c) To know response of the consumers to a new item.

(d) To assess or forecast sales.

(e) To know the goodwill the firm has as compared to the other firms in the market.

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Advantages of Market Survey:

There are a good number of uses of a market survey. Important among these are :

(a) It tells us demand for the product. It is helpful in framing produc­tion schedules.

(b) We come to know the requirement and likeness and dislike ness of consumers. This can help lo introduce the necessary changes in the product.

(c) We can know how far-the channels of distribution, sales promotion activities and advertising is effective.

(d) We can also know the new markets for our products.

Different Ways of Market Survey:

Sources of market survey are:

(a) Through Salesmen

(b) Through Dealers

(c) Through Consumers

Market survey is conducted either by personal interviews, mail (by sending printed questions and requesting for replies), telephone, or door-to- door survey.