Market Survey

Question 1

What is the whole process of conducting market surveys in the business world like?

Answer 1

Very complex and time-consuming.

Question 2

What are some of the steps involved in creating a market survey?

Answer 2

1. Decide on the market survey objectives, i.e. what do we want to find out. 2. Choose survey methods, i.e. how do conduct the survey? 3. Design the questionnaire, i.e. What do we want to ask? 4. Conduct the survey, i.e. how do we ask the questions and record data. 5. Analyse the date, i.e. what have we learned?

Question 3

Step 1: Decide on the Market Survey Objectives Is it important to have clear objectives for a market survey?

Answer 3

Yes.

Question 4

Why is it important to have clear objectives for a market survey?

Answer 4

The more specific the survey objectives, the easier it will be to decide what questions to ask and gather the relevant information.

Question 5

What is the consequence of the business not knowing exactly what it wants to find out?

Answer 5

It may end up collecting unnecessary information.

Question 6

What does a business want to know?

Answer 6

It generally wants to know more about its target customers and how they respond / react to the marketing mix of the business and its competitors.

Question 7

Step 2: Choose Survey Methods List the various survey methods a business can use when conducting market surveys.

Answer 7

1. Observation 2. Personal survey 3. Telephone survey 4. Postal survey 5. Online Survey

Question 8

What kind of data is a business trying to collect / gather when using the observation method of conducting market surveys?

Answer 8

The business is trying to collect data on how customers behave in a particular setting.

Question 9

Give some examples of what a retailer using the observation method might be trying to determine.

Answer 9

1. the number of customers who enter the store at a particular time of the day; 2. the pattern of movement of customers going through the store. 3. the amount of time customers spend in the store and at each section or category of products. 4. the items customers look at, touch, select or reject.

Question 10

Define ‘respondent’.

Answer 10

A respondent is someone who replies to a questionnaire.

Question 11

Personal Survey What does conducting a personal survey involve?

Answer 11

It involves meeting the respondents face-to-face with a questionnaire to ask them for their responses or feedback. Sometimes, the respondents are shown samples of the product to get their feedback immediately.

Question 12

Where can a personal survey be conducted?

Answer 12

At a respondent’s home or on the street, at a shopping mall or other public places. Where the survey is conducted depends on who the business wants to survey and where it can find this group of customers.

Question 13

Name one possible advantage of conducting personal surveys.

Answer 13

A personal survey can allow the respondents to see, feel and even taste the product.

Question 14

What is the advantage of surveying a large number of people?

Answer 14

The survey results will be more accurate.

Question 15

What are the disadvantages of surveying a large number of people?

Answer 15

Such a survey would be more expensive to conduct and would also take a longer time to complete.

Question 16

What may a telephone survey involve?

Answer 16

An interviewer or it may be fully automated.

Question 17

Why are telephone surveys popular nowadays?

Answer 17

Because many people own mobile phones.

Question 18

What are automated mobile phone surveys useful for?

Answer 18

Getting quick answers / responses to simple questions.

Question 19

What is the disadvantage of telephone surveys?

Answer 19

It is easier for customers to ignore a telephone survey.

Question 20

How is a postal survey conducted?

Answer 20

A questionnaire is posted together with pictures and / or samples to respondents.

Question 21

What is the advantage of postal surveys?

Answer 21

It is a quick way to reach out to a large number of people. It also enables pictures and samples to be included.

Question 22

What is the disadvantage of postal surveys?

Answer 22

Unless there is an incentive to complete and return the questionnaire, not many people will respond to a postal survey.

Question 23

How does the surveying company encourage a higher response rate to a postal survey?

Answer 23

By including incentives.

Question 24

What is the advantage of using online surveys?

Answer 24

It is a cheap and fast way to conduct surveys.

Question 25

Give an example of a website that allows a business to post questions together with pictures and video clips on the website.

Answer 25

http://www.surveymonkey.com

Question 26

What is the advantage of using online surveys?

Answer 26

1. Replies from respondents who have completed the survey can be downloaded and analysed immediately. 2. Online surveys are anonymous. This encourages respondents to be more honest in giving their responses.

Question 27

What is the disadvantage of using online surveys?

Answer 27

The true identity of the respondent taking an online survey cannot be determined. / Respondents may not be truthful about who they are.

Question 28

What is a survey questionnaire?

Answer 28

It is a list of questions to be answered by the survey respondents.

Question 29

Why should a questionnaire be well-designed?

Answer 29

So that respondents are encouraged to provide reliable and useful information.

Question 30

Give some simple guidelines to follow when designing a survey questionnaire.

Answer 30

1. Provide a brief / short introduction about the organisation and the purpose of the survey. 2. Decide on the type of information to collect and design the questions. 3. Use more close-ended questions and fewer open-ended questions. 4. Arrange the questions in a clear order.

Question 31

Why should a brief introduction about the purpose of the survey be given?

Answer 31

It prepares the respondents mentally for the survey and makes them feel comfortable about completing the survey.

Question 32

What should the brief introduction do?

Answer 32

1. invite respondents to participate in the survey. 2. tell them the purpose of the survey. 3. assure them that their responses will be kept confidential. 4. thank the respondents for their participation.

Question 33

Why should the survey questions be well-written and precise?

Answer 33

So that it will help the business obtain the information that it wants.

Question 34

What are some guidelines for designing good questions in a questionnaire?

Answer 34

1. Ask questions that are related to the information you require. 2. Use short and simple sentences. Remember the KISS rule (Keep It Short and Simple). 3. Ask for only one piece of information at a time. Do not ask for two or more things in the same question. 4. Be clear. Sometimes a word or term may have different meanings to different people.

Question 35

How many basic types of questions are there?

Answer 35

Two… close-ended and open-ended questions.

Question 36

What do close-ended questions provide?

Answer 36

A variety of possible responses for respondents to choose from.

Question 37

What is the advantage of using close-ended questions?

Answer 37

Respondents can answer this type of question quickly.

Question 38

What are open-ended questions useful in?

Answer 38

They are useful in obtaining free-flowing responses from respondents.

Question 39

What is the challenge faced in asking open-ended questions?

Answer 39

As there can be many possible responses, the responses will be difficult to collate and therefore difficult to analyse.

Question 40

How should the survey questions be arranged?

Answer 40

In a clear order. Start with: 1. Questions that are most relevant to your survey objectives. 2. Easy questions before going on to difficult ones. 3. Close-ended questions.

Question 41

Can the order in which the questions are arranged also affect the way respondents provide their answers?

Answer 41

Yes.

Question 42

What does a business need to set when conducting a survey?

Answer 42

A deadline to complete the survey.

Question 43

What is the advantage of setting a deadline for completing a survey?

Answer 43

It will give the business a target to work towards and the number of respondents to be approached each day in order to meet the deadline.

Question 44

List the steps an interviewer takes when conducting a personal survey.

Answer 44

1. Approach the respondent. 2. Introduce yourself to the respondent. 3. Explain the purpose of the survey. 4. Ask the respondent if he or she is willing to answer the questions. 5. If he or she is willing, read the questions to the respondent. 6. Record the responses of the respondent. 7. Thank the respondent at the end of the survey.

Question 45

What is the next step after the survey is completed?

Answer 45

The data is collated and presented so that it is easy to analyse.