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.
For the entrepreneurs,
the process of conducting a market survey involves the following steps:
1.
Defining objectives of the markets
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. Read Also: Idenifying business opportunity using swot
Selecting samples and deciding what contacts and visits should be made
Selecting samples and deciding what contacts and visits should be made
4.
Preparing questionnaire and plan for
surveys and interviews
5.
Collating and analyzing data
6.
Preparing a report of findings
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