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DISCUSS THE STEPS INVOLVED IN MARKET SURVEY

Answer» \xa0A survey procedure comprises the following steps:Step 1: Planning the Survey:\xa0In this step, the entrepreneur to deal with the following:(a)\xa0Define:\xa0Define the problem clearly and accurately.(b)\xa0Method:\xa0Select the most appropriate method to conduct the survey from the various methods available viz. personal interview, Telephonic etc.(c)\xa0Area:\xa0Entrepreneur has to decide the area and extent of the study. Census survey can be selected if all the units of the universe are to be contacted or sample survey if select units are to be taken.(d)\xa0Questionnaire development:\xa0Questionnaire should provide the information which entrepreneur wants to know and is based on his objectives. Questionnaire should not be complicated and should be properly worded.Step 2: Fieldwork:\xa0Here, the entrepreneur ensures that:(a)\xa0Recruitment and Training:\xa0Investigators are scientifically recruited or properly trained for the work.(b)\xa0Supervision:\xa0Survey is properly supervised.(c)\xa0Time schedule:\xa0The time schedule is adhered to this care is taken.(d)\xa0Recording:\xa0Responses are honestly and accurately recorded.(e)\xa0Meticulous collection: The collection of data is done meticulously.Step 3: Analysis and Interpretation of Data:\xa0Here the entrepreneur either by using software program or by hand, tabulate the collected data. The care is taken that:(a) Data is edited(b) Data is tabulated processed and interpreted(c) Data is statistical analysed and interpretations are recorded accordingly.Step 4: Report Making:\xa0In this step market research reports with main findings from the study. Here a summary of what the study revealed, along with a list of various recommendations for the enterprise’s continual growth and success in the market is done. This report is the basis for taking any decision related to the enterprise<br>(i) A survey procedure comprises the following steps:Step 1: Planning the Survey:\xa0In this step, the entrepreneur to deal with the following:(a)\xa0Define:\xa0Define the problem clearly and accurately.(b)\xa0Method:\xa0Select the most appropriate method to conduct the survey from the various methods available viz. personal interview, Telephonic etc.(c)\xa0Area:\xa0Entrepreneur has to decide the area and extent of the study. Census survey can be selected if all the units of the universe are to be contacted or sample survey if select units are to be taken.(d)\xa0Questionnaire development:\xa0Questionnaire should provide the information which entrepreneur wants to know and is based on his objectives. Questionnaire should not be complicated and should be properly worded.Step 2: Fieldwork:\xa0Here, the entrepreneur ensures that:(a)\xa0Recruitment and Training:\xa0Investigators are scientifically recruited or properly trained for the work.(b)\xa0Supervision:\xa0Survey is properly supervised.(c)\xa0Time schedule:\xa0The time schedule is adhered to this care is taken.(d)\xa0Recording:\xa0Responses are honestly and accurately recorded.(e)\xa0Meticulous collection: The collection of data is done meticulously.Step 3: Analysis and Interpretation of Data:\xa0Here the entrepreneur either by using software program or by hand, tabulate the collected data. The care is taken that:(a) Data is edited(b) Data is tabulated processed and interpreted(c) Data is statistical analysed and interpretations are recorded accordingly.Step 4: Report Making:\xa0In this step market research reports with main findings from the study. Here a summary of what the study revealed, along with a list of various recommendations for the enterprise’s continual growth and success in the market is done. This report is the basis for taking any decision related to the enterprise.(ii) Market survey is not an useless tool because of following reasons:(a)\xa0Customer oriented:\xa0Market survey informs accurately about the customer’s needs, wants, nature of demand, likes and dislikes and all other related aspects of movement of products from the production stage till the consumption. This provide an edge over competitors to the enterprise.(b)\xa0Minimises risk of the enterprise:\xa0The systematic and intelligent use of market survey reduces and minimizes the risk of decision-making under the conditions of uncertainty. This is because the results are analyzed in order to finalize a business plan.(c)\xa0Goal oriented for a firm:\xa0Market survey helps in the attainment of goals of the enterprise smoothly and timely. This is because the market survey is designed with the goals and objectives of the enterprise.(d)\xa0Provide correct picture of the markets:\xa0As market survey as is a systematic collection, recording, analysis and interpretation of data, relating to the existing or potential market, it thus provides a complete overview of the market.(e)\xa0Helps in Forecasting:\xa0Accurate, effective and timely sales forecast is provided by the market survey. This in turn promotes the firmness and soundness to the marketing decisions. Future decisions become more reliable due to market survey.


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