Conducting a Market Survey

CONDUCTING A MARKET SURVEY

Market survey with reference to the availability of raw material, demand, marketing and distribution and consumer behaviour should be conducted.

Market Survey

  • Raw material availability
    • Search for leading suppliers of raw material (feed and fodder) and other materials required for producing the product
    • Study the price policy of various suppliers and analyse impact of price fluctuations on production
    • Analyse availability pattern, transportation and storage facilities (milk)
    • Study local and outside source of raw materials and their advantages and disadvantages
    • Analyze the credit facilities, advance payments, terms and conditions for suppliers.
  • Demand
    • Estimate the existing demand here and abroad
    • Study the comparative demand structure of various manufacturers
    • Price structure of different brands
    • Estimate the threshold price for various segments of market(price discrimination)
    • Identify untapped demand in the sector
    • Forecast the future demand.
  • Marketing and distribution
    • Selection of best channel of distribution based on marketing efficiency
    • Advertising and publicity programme for the product
    • Product positioning (Consumers' opinion about the product)
    • Outstanding features of product or service
    • Market features and practices- credit facility, minimum order, incentives
    • Business terms, commission, stocks, warehouse facilities.
  • Consumer behavior
    • Motivate buyers to buy new product
    • Analyse the buyers purchasing power
    • Conversion of latent demand into effective demand
    • Analysis of consumption pattern to tap the major market share
    • Understand the preference for durability, service, economy
    • Understand consumer characteristics of different region and produce and market accordingly.
Last modified: Tuesday, 24 April 2012, 9:08 AM