MARKET SURVEY - What, Why & How?

A presentation for the Entrepreneurship Development Program attendees in Indian Institute of Entrepreneurship, Guwahati.

Covers Market Survey and its various aspects + Digital survey tools.

1. MARKET SURVEY PRESENTED BY: Syed Mohsin Raja MBA, MMC, PGJMC, ACDSM (LSB) Digital Media Educator/Consultant ENTREPRENEURSHIP DEVELOPMENT PROGRAM 18 th Feb, 2021 Organised By: INDIAN INSTITUTE OF ENTREPRENEURSHIP, Laalmati, Guwahati, Assam What, Why and How?

2. WHAT COMES TO YOUR MIND Market Survey

3. BELTOLA BAZAR

4. WHAT IS MARKET? A  market is  a place where two or more parties can gather to facilitate the exchange of goods and services for certain designated currency.

5. WHAT IS MARKET? Latin word ‘ marcatus ’ having a verb ‘ mercari ’ implying ‘ merchandise ’ ‘ware traffic’ or ‘a place where business is conducted’. For a layman, the word ‘market’ stands for a place where goods and persons are physically present. ‘fish market’, ‘mutton market’, ‘meat market’, ‘vegetable market’, ‘fruit market’, ‘grain market’. It is a congregation of buyers and sellers to transact a deal.

6. BASIC COMPONENTS OF MARKET Buyers Sellers Products/Services Transaction Purchase Power

7. 5 ‘E’s OF MARKET Economic Growth, Allocative Efficiency (products that customers want), Productive Efficiency (producing at a min. cost), Equity, Employment In a Capitalist Economy

8. MARKET SURVEY ‘Market Survey’ is a Market Research technique. 3 More Market Research Techniques Are: Interviews, Focus Groups, Customer Observation.

9. MARKET SURVEY The study of the spending characteristics and purchasing power of the consumer who are within your business's geographic area of operation, A research method for defining the market parameters of a business.

10. MARKET SURVEY A tool to directly collect feedback from the target audience to understand their characteristics, expectations, and requirements. Market surveys collect data about a target market such as pricing trends, customer requirements, competitor analysis, and other such details.

11. MARKET SURVEY Surveys ask users a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email or via printed forms.

12. WHY MARKET SURVEY? "Without data, you're just another person with an opinion." - W. Edwards Deming

13. WHY MARKET SURVEY? Gain Critical Customer Feedback, Understand Customer Inclination, Enhance Products & Services, Make Well-Informed Business Decisions.

14. THE IMPORTANCE Understanding the demand and supply chain of the target market, Developing well-thought marketing plans, Figure out customer expectations and needs, Accurate launch of new products, Obtain information about customer demographics.

15. WHY Market Surveys for segmentation, Market Surveys for exploring various aspects of the target market, Market Surveys to probe into purchase procedure, Market Surveys to establish buyer persona, Market Surveys to measure customer loyalty, Market Surveys to analyze a new feature or concept, Market Surveys for competitor analysis, Market Surveys to understand the impact of sales activities, Market Surveys to assess prices for new products/services, Market Surveys for evaluation of customer service.

16. SURVEY QUESTIONS Surveys ask users a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email or via printed forms.

17. TEA BREAK

18. HOW WAS THE TEA?

19. ASKING QUESTIONS Surveys ask users a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email or via printed forms.

20. TYPES OF SURVEY QUESTIONS Multiple Choice

21. TYPES OF SURVEY QUESTIONS Rating Scales

22. TYPES OF SURVEY QUESTIONS Likert Scales

23. TYPES OF SURVEY QUESTIONS Matrix Questions

24. TYPES OF SURVEY QUESTIONS Dropdown Questions

25. TYPES OF SURVEY QUESTIONS Open-Ended Questions

26. TYPES OF SURVEY QUESTIONS Demographic Questions

27. TYPES OF SURVEY QUESTIONS Image-Based Questions

28. ACTIVITY Create a Survey for Your Product(s)/Service(s) Time: 15 minutes. Max Questions: 15

29. TRADITIONAL Vs. DIGITAL The one your prepared / On Print = TRADITIONAL

30. SAMPLE SURVEY Facebook/ Linkedin /Twitter Poll

31. ACTIVITY (Last One) Create a Google Form Out of the Survey You Created.

32. "Research is what I'm doing when I don't know what I'm doing." - Werner von Braun

33. STORY King Robert Bruce of Scotland - 1306

34. Thank You Syed Mohsin Raja [email protected] 94354-88999