Understanding the Market — Entrepreneurship STD 11 Commerce — Question

Steps in a Market Survey: Survey is a customized technique. The investigator is to decide in light of his “objectives” of study that which technique is to be applied for extracting out information to the optimum from the respondent. At times, companies hire the services of professionals to conduct survey on their behalf while small entrepreneurs do it all by themselves.
Step 1: Planning the Survey.
The entrepreneur must first of all decide what is it, he/ she wants or needs to know about the market. Planning the survey demands on the part of entrepreneur to:

1. Define the problem clearly and accurately.
2. Select the most appropriate method to conduct the survey viz. personal interview, Telephonic etc.
3. Decide the area and extent of the study: An entrepreneur must identify the magnitude of study whether he wants to survey each and every unit of the market i.e. census survey or would select variable/ units for study and apply the result to the universe, i.e., sampling.
4. Questionnaire development: Questionnaire development is an important part of the market survey, demanding a lot of expertise and resourcefulness. Entrepreneur should go over it with others on the management team, making sure it provides the information he needs to know and is based on his objectives. He should make sure the questionnaire is not too complicated and is appropriately worded.

Step 2: Field Work.
Field work calls for a lot of managerial and administrative skills apart from research skills. Thus, the entrepreneur should ensure that:-

1. Investigators for fieldwork are scientifically recruited or properly trained for the work.
2. It is properly supervised.
3. The time schedule is adhered to.
4. Responses are honestly and accurately recorded.
5. The collection of data is done meticulously.

Step 3: Analysis and Interpretation of Data.
The raw data serves no purpose. The entrepreneur either by using software program or by hand, tabulate the collected data. Carefully he should analyze the data, working for information that standout, and the data is:-

1. Edited.
2. Tabulated processed and interpreted.
3. Statistical analysis and interpretations recorded.

If the entrepreneur is not able to do so himself/ herself, he/ she should go for expert advice. One must have the ability to analyze what the information basically conveys.
Step 4: Report Making.
Is the last step, when it is time to summarize findings and recommendations. Market research reports with key findings from the study, a summary of what the study revealed, along with a list of recommendations for the enterprise’s continual growth and success in the market is done. This final report serves as the basis for taking any entrepreneurial decision.