A Market Survey

a. What is the total size of the market.

b. What share of the market can she capture i.e. volume and
value
c. What is the present pattern of demand? Regular or seasonal.
d. What are the past trends of demand for this or a similar
product?
e. What are the buying motives and habits of the purchasers?
f. What unique selling incentive can the entrepreneur offer to
buyers?
2. Process of conducting a Market Survey
Trainees must be clear about the following 5
tasks which have to be completed in conducting a
market survey
a. Finding out sources for obtaining information.
b. Establishing time and cost involved in conducting the
survey.
c. Preparation of questionnaire/interview schedules.
d. Collection and analysis of data collected.
e. Preparation of report.
3. Primary and secondary sources of Data.
Data for the market survey can be obtained
from either primary or secondary sources.
a. Primary data This refers to information which is
obtained from people directly involved in a
particular activity e.g. information about toys
obtained from a manufacturer of toys or about fruits
from fruit-seller.
b. Secondary data This refers to information which is
already available through it many not have been
collected for a market survey e.g. reports, census
data, information collected by banks, mnaufacturers
associations.
4. Questionnaire/Interview Schedule
For Market Survey
When trainees visit the market/business for data collection, the
following areas should be covered:-
Raw material
Machinery/Equipment
Manufacturers/Competitors
Suppliers
Consumers
Competing products.
A detailed questionnaire covering these areas is attached as a
handout for trainees.
5. Tips for conducting an effective market survey
Entrepreneurs have to exercise caution when
seeking information. The data required may be
important for entrepreneurs but for those
supplying it.
The following tips could be very useful:
a. Treat people with prejudice or undue attention to status.
b. Make adequate preparation about the sequence and
format of the interview before you begin.
c. Be patient and willing to accept views expresses by the
people interviewed, even if you may not agree with
them.
d. Threat information collected as confidential and do not pass
it on to others during your survey.
e. Listen very attentively during the interview so that you will
remember all important points. Do not make notes during
the interview as this might disturb the person being
interviewed or make them uneasy. Make notes
immediately after, when you have moved away from the
person interviewed.
f. Approach competitors as if you are a potential client, if you
want to get useful information from them.
g. Ask further questions and seek clarification if initial
responses to your questions are not adequate.
 HAND OUT FOR MARKETING ROLE PLAY
“The Entrepreneur”
You are a woman entrepreneur and have recently gone into
business of manufacturing men shirts (casual wear). The total
cost (average of one shirt to you is 80 and this takes care of all
expenses. You know that with existing machinery the ,
manpower, you can make 25 shirts per day.
You are about to go to market and meet:
    a) The Customer
b) The Retailer
c) The Wholesaler.
You decide whom you want meet first, second and then third.
You will decide now you will organize your marketing.
 
“The Wholesaler”
You are a wholesaler of readymade garments. Your specialty
is in the line of shirts, trousers and nightdresses. You sell, on a
average 5000 shirts per month and your clients are all over the
country.
You are purchasing these shirts in two qualities.
 
 “The Retailer”
You are a shop owner have a readymade garment shop on the
main street. You are known for the shirts that you sell and
many people come to your shop especially to buy shirts. You
sell, on an average 10 shirts per day.
You are buying these shirts, made as per designs given by
you, from – different sources. You would like to have more
sources of supply as the demand is constantly going up.
Your average buying price for casual shirt is in the range of 65
to 70 each. But nobody gives boxes to pack your shirts as the
box is costly.
 
You are about to be visited by a new manufacturer of shirts, a
lady.
“The consumer”
 
you are a housewife moving about in the market purchasing
some gifts for relatives you are going to visit soon.
You are about to meet a woman who is manufacturing casual
shirts while you are in the market.
 
 LET ME SHARE SOMEONE’S LIFE HISTORY:

This was a man who failed in business at the age of 21

Was defeated in a legislative race at age 22

Failed again in Business at the age of 24

Overcame death of his sweetheart at the age of 26

Had a nervous breakdown at the age of 27

Lost a congressional race at the age of 34

Lost a senatorial race at the age of 45

Failed in an attempt to become Vice President at the age of 47

Lost a senatorial race at the age of 49