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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market5 Marks
Question
What is Market Survey? When is it used?
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Answer

The day to day information is essential for any organization for its long term survival. Market survey is one of the market research techniques. It is widely used. It is used synonymously with Market Research.It is used if the required data is not available in either form:
  1. The company's internal records,
  2. The external published resources.
Market survey amounts to the original field research work for the purpose of collecting primary data, with reference to a defined problem on hand.

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