4.

Consumer Market Survey

1, Steps to implement 
 Proposal: The first step is finding a third-party market research company to assist you
with your survey.
 Kickoff and Workplan: Once you choose the right market research company to assist
you, the next step is to set up a kickoff meeting.
 Survey Design and Programming: Now you are ready to draft a survey. We recommend
keeping the survey to 15 to 20 questions. This means the length of the market survey
should be 5 minutes on average.
 Testing and Soft-Launch: This is part of the value of going with a professional market
research company. They can find respondents by:
1. Using a panel or email list of target participants in a market.
2. Utilize social media to acquire responses through random paid advertisements.
 Fieldwork : The second to last step of conducting a market survey is launching the
survey. This is a full launch to the panel, email list, or through social media.
 Last step, Analysis and Reporting: The last step the market research company will
manage is the analysis and reporting. This deliverable adds tremendous value to your
project.

2, Advantages, Disadvantages
Advantages: 
1. Managing risks
Doing research helps you understand patterns of consumer behavior so you can calculate the
likelihood of your products and services succeeding with your target market. Understanding how
your key customers are likely to engage with new products and services allows you to make
effective decisions about future investments.
2. Increasing sales
Market research helps you to gain insight into your target customer's needs and preferences.
The more you understand what your customers expect from an exceptional customer service
experience, the better you can plan and implement services that meet those needs.
3. Improving brand recognition
Researching your target market can improve your marketing and advertising strategy. Knowing
what channels your target customers interact with most often can help you develop advertising
strategies that connect with your key market.
4. Measuring brand reputation
Finally, conducting market research can help you gain insight into your brand's public
reputation. Having a positive reputation can help you retain customer loyalty and gain new
customers. When the public has a favorable impression of your business, it may increase your
customers and allow your business to attract additional attention from key consumers. Market
research helps you understand the public's current opinion on your business and how you can
improve its reputation. By understanding your reputation and your areas for improvement, you
can devise strategies for effective public outreach that increase your brand recognition and
approval.

Disadvantages: 
1. Can be expensive
Implementing a market research strategy can be expensive, especially for smaller businesses.
Since there are many stages to the process, it can cost a lot of resources for businesses to hire
an external company to conduct research on their behalf.
2. Requires significant time investment
The research process involves multiple stages, and it can take time to determine the most
important research questions to ask, develop a plan to gather data for each and then collect and
process the data to find results.
3. May only target a small population
Another potential disadvantage of market research is how accurately it can represent your
target customers. Researchers often struggle to access sample populations that accurately
represent the majority of a target market.
4. Need personnel to conduct research
Market research also requires businesses to find qualified personnel to perform the research.
Many companies choose to hire external organizations to perform their research for them, but
some larger organizations may have their own in-house research team. Either option can be
expensive for businesses, so knowing what resources you have to invest in hiring professionals
can help you choose the right option for your needs. Determining what kind of market research
is most beneficial to your business is a good first step toward determining your research
personnel needs.
3, When is the most suitable
When you start a business: Market research will tell you if there’s an opportunity to turn your
idea into a successful business. It’s a way to gather information about potential customers and
businesses already operating in your area. Use that information to find a competitive advantage
for your business.