DISCUSS THE STEPS INVOLVED IN MARKET …

 A survey procedure comprises the following steps:
Step 1: Planning the Survey: In this step, the entrepreneur to deal with the following:
(a) Define: Define the problem clearly and accurately.
(b) Method: Select the most appropriate method to conduct the survey from the various methods available viz. personal interview, Telephonic etc.
(c) Area: Entrepreneur 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) Questionnaire development: Questionnaire 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: Here, the entrepreneur ensures that:
(a) Recruitment and Training: Investigators are scientifically recruited or properly trained for the work.
(b) Supervision: Survey is properly supervised.
(c) Time schedule: The time schedule is adhered to this care is taken.
(d) Recording: Responses are honestly and accurately recorded.
(e) Meticulous collection: The collection of data is done meticulously.
Step 3: Analysis and Interpretation of Data: Here 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: In 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

(i) A survey procedure comprises the following steps:
Step 1: Planning the Survey: In this step, the entrepreneur to deal with the following:
(a) Define: Define the problem clearly and accurately.
(b) Method: Select the most appropriate method to conduct the survey from the various methods available viz. personal interview, Telephonic etc.
(c) Area: Entrepreneur 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) Questionnaire development: Questionnaire 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: Here, the entrepreneur ensures that:
(a) Recruitment and Training: Investigators are scientifically recruited or properly trained for the work.
(b) Supervision: Survey is properly supervised.
(c) Time schedule: The time schedule is adhered to this care is taken.
(d) Recording: Responses are honestly and accurately recorded.
(e) Meticulous collection: The collection of data is done meticulously.
Step 3: Analysis and Interpretation of Data: Here 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: In 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) Customer oriented: Market 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) Minimises risk of the enterprise: The 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) Goal oriented for a firm: Market 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) Provide correct picture of the markets: As 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) Helps in Forecasting: Accurate, 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.