Market Survey is considered as one of the strongest tool of business strategy. It is the process of accumulating valid information about the markets. It mainly deals with the organized markets. The likes, dislikes, demand, supply are the main ingredients which determine the mood of a market. If a product or service is too volatile, the demand might be less. Likewise, if the product or service is affordable by an ordinary customer, its demand could see an upward swing. A market survey is generally done to study these mood swings which guide the business concern to go ahead with its future course of action.
The data generated from these market surveys has its own merits. It is comparatively cheap and the data is at their disposal within a short span of time. These data are then studied thoroughly. Once the data analysis is taken care of, it becomes easy for the decision makers to take concrete decisions. It could be about launching a premium product, mergers & acquisitions, recruitment of additional workforce to meet the demand of the product/service or its price fixation.
With changing time such surveys have acquired a more vital role in making key decisions. Organizations rely more on this format of data collection because of its advantages of reliability, authenticity and cost effectiveness. Also, if they don’t do it, their competitors will do it.