Role of market survey in the growth of business

Growth of a business depends on the some of the prominent factors which directly or indirectly affects the functions of a business. Market survey or market research is one such activity which has the lead role in the management and growth of the business. If this activity is correctly measured and consistently carried out and accurately analyzed to monitor the changes in the market then a business can expect the greater heights. So, this is considered as the mandatory attribute for the consistent growth of the business. This is the ideal way to gather the valuable information from the customers and suppliers& distributors. A business can measure the customer’s satisfaction by this information.

Purpose

 The purpose of the market survey is to know the different opinion about a product or a service. This can measure the satisfaction level of variety of consumers. This way the company can carry out the effective advertising and can know the brand reputations. This process enables the companies to decide for the various aspects of improvement of brand products and service. The whole process would specify the future prospects and demerits of the product. The companies can take this as the early warning and be alert and attentive to take preventive and corrective measure to carry out the subsequent improvements on the product, before the product loses the market.

How is it beneficial?

There are huge benefits of such surveys to a business person. The business person can get an idea about the available competitors of the same brand. They can know the other leading brands available in the market and current status and position of their brand. This process enables the business person to get the consumers opinion on the various attributes of products like quality, features, durability and costs. Different satisfaction rate level on the quality of the product will give the different satisfaction level and these quality rate levels will determine the current status of the product.

There is another method of verifying which includes the phone survey method to inspire the existing consumers to measure the purchase intentions about the product. At the same time, the personal interviews conducted by the multiple consumers will serve the better purpose to discuss the various aspects of the products and will provide a unique opinion on the product.

Effective processes will bring the complete business information on the consumer’s desires, market needs, supply chain and distribution system and available competitors. This is mandatory to have regular and updated information for the smooth function and effective management of the business.

It shows that these surveys can enable a business person to get familiar with the different tastes of the consumers for the product which rules the demand and consumption of the product in the market. Demand of a product can assess its costs. If the product have more demands and product is technically strong to meet consumer’s requirements then the business person can increases its cost. Again, it depends upon the market pricing policies which monitor the cost of the product in the market.

The prominent and best use of these processes is the reduced risk of failure or sinking. If a business correctly analyze and change the course of action by monitoring the change in the market then it can never think of failures.

Conclusion

It is clear that the market surveys are the breath of the business whereby the business can be active and healthy by correctly monitoring the surveys.

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