Market Survey Flashcards
What is the whole process of conducting market surveys in the business world like?
Very complex and time-consuming.
What are some of the steps involved in creating a market survey?
- 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?
Step 1: Decide on the Market Survey Objectives Is it important to have clear objectives for a market survey?
Yes.
Why is it important to have clear objectives for a market survey?
The more specific the survey objectives, the easier it will be to decide what questions to ask and gather the relevant information.
What is the consequence of the business not knowing exactly what it wants to find out?
It may end up collecting unnecessary information.
What does a business want to know?
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.
Step 2: Choose Survey Methods List the various survey methods a business can use when conducting market surveys.
- Observation 2. Personal survey 3. Telephone survey 4. Postal survey 5. Online Survey
What kind of data is a business trying to collect / gather when using the observation method of conducting market surveys?
The business is trying to collect data on how customers behave in a particular setting.
Give some examples of what a retailer using the observation method might be trying to determine.
- 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.
Define ‘respondent’.
A respondent is someone who replies to a questionnaire.
Personal Survey What does conducting a personal survey involve?
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.
Where can a personal survey be conducted?
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.
Name one possible advantage of conducting personal surveys.
A personal survey can allow the respondents to see, feel and even taste the product.
What is the advantage of surveying a large number of people?
The survey results will be more accurate.
What are the disadvantages of surveying a large number of people?
Such a survey would be more expensive to conduct and would also take a longer time to complete.
What may a telephone survey involve?
An interviewer or it may be fully automated.
Why are telephone surveys popular nowadays?
Because many people own mobile phones.
What are automated mobile phone surveys useful for?
Getting quick answers / responses to simple questions.
What is the disadvantage of telephone surveys?
It is easier for customers to ignore a telephone survey.
How is a postal survey conducted?
A questionnaire is posted together with pictures and / or samples to respondents.
What is the advantage of postal surveys?
It is a quick way to reach out to a large number of people. It also enables pictures and samples to be included.
What is the disadvantage of postal surveys?
Unless there is an incentive to complete and return the questionnaire, not many people will respond to a postal survey.
How does the surveying company encourage a higher response rate to a postal survey?
By including incentives.
What is the advantage of using online surveys?
It is a cheap and fast way to conduct surveys.
Give an example of a website that allows a business to post questions together with pictures and video clips on the website.
http://www.surveymonkey.com
What is the advantage of using online surveys?
- 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.
What is the disadvantage of using online surveys?
The true identity of the respondent taking an online survey cannot be determined. / Respondents may not be truthful about who they are.
What is a survey questionnaire?
It is a list of questions to be answered by the survey respondents.
Why should a questionnaire be well-designed?
So that respondents are encouraged to provide reliable and useful information.
Give some simple guidelines to follow when designing a survey questionnaire.
- 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.
Why should a brief introduction about the purpose of the survey be given?
It prepares the respondents mentally for the survey and makes them feel comfortable about completing the survey.
What should the brief introduction do?
- 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.
Why should the survey questions be well-written and precise?
So that it will help the business obtain the information that it wants.
What are some guidelines for designing good questions in a questionnaire?
- 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.
How many basic types of questions are there?
Two… close-ended and open-ended questions.
What do close-ended questions provide?
A variety of possible responses for respondents to choose from.
What is the advantage of using close-ended questions?
Respondents can answer this type of question quickly.
What are open-ended questions useful in?
They are useful in obtaining free-flowing responses from respondents.
What is the challenge faced in asking open-ended questions?
As there can be many possible responses, the responses will be difficult to collate and therefore difficult to analyse.
How should the survey questions be arranged?
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.
Can the order in which the questions are arranged also affect the way respondents provide their answers?
Yes.
What does a business need to set when conducting a survey?
A deadline to complete the survey.
What is the advantage of setting a deadline for completing a survey?
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.
List the steps an interviewer takes when conducting a personal survey.
- 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.
What is the next step after the survey is completed?
The data is collated and presented so that it is easy to analyse.
