Market analysis

A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It
is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these
analyses, the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally,
with the help of a SWOT analysis, adequate business strategies of a company will be defined. [1] The market
analysis is also known as a documented investigation of a market that is used to inform a firm's planning
activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility
expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.

Market segmentation
Market segmentation is the basis for a differentiated market analysis. Differentiation is important. One main
reason is the saturation of consumption, which exists due to the increasing competition in offered products.
Consumers ask for more individual products and services and are better informed about the range of products
than before. As a consequence, market segmentation is necessary. [2] Segmentation includes much market
research, since much market knowledge is required to segment the market. Market research about market
structures and processes must be done to define the “relevant market”. The relevant market is an integral part
of the whole market, on which the company focuses its activities. To identify and classify the relevant market, a
market classification or segmentation has to be done.[3]
Market segmentation is an important way to find competitive advantage with its differentiation in market analysis.
Market segmentation concentrates on market energy and power to gain competitive advantage. In other words,
market segmentation is the concept tool to get the force (Thomas, 2007). In market analysis, market knowledge
is required to analyze market structure and process. Since segmentation requires much market research, various
information can be extracted from it. Market segmentation can identify customer needs and wants and develop
products to their satisfaction. Market segmentation can identify different products for different groups, better
match customer wants and product benefits, maximize the use of available resources and focus marketing
expenditures and competitive advantages (Karlsson,2012).
There is no specific way to segment market. However, businesses can follow generalized rules like geographic,
demographic, psychographic, and behavioral. A good market segmentation should be sustainable, accessible,
actionable, measurable, and differentiable (Karlsson,2012).

Dimensions of market analysis[edit]

David A. Aaker outlined the following dimensions of a market analysis:[4]

 Market size (current and future)

 Market trends
 Market growth rate
 Market profitability
 Industry cost structure
 Distribution channels
 Key success factors
 Key success details
Market analysis strives to determine the attractiveness of a market, currently and in the future. Organizations
evaluate future attractiveness of a market by understanding evolving opportunities, and threats as they relate to
that organization's own strengths and weaknesses.
Organizations use these findings to guide the investment decisions they make to advance their success. The
findings of a market analysis may motivate an organization to change various aspects of its investment strategy.
Affected areas may include inventory levels, a work force expansion/contraction, facility expansion, purchases
of capital equipment, and promotional activities.

Elements

Market size
The market size is defined through the market volume and the market potential. The market volume exhibits the
totality of all realized sales volume of a special market. The volume is therefore dependent on the quantity of
consumers and their ordinary demand. Furthermore, the market volume is either measured in quantities or
qualities. The quantities can be given in technical terms, like GW for power capacities, or in numbers of items.
Qualitative measuring mostly uses the sales turnover as an indicator. That means that the market price and the
quantity are taken into account. Besides the market volume, the market potential is of equal importance. It defines
the upper limit of the total demand and takes potential clients into consideration. Although the market potential
is rather fictitious, it offers good values of orientation. The relation of market volume to market potential provides
information about the chances of market growth.[5][6] The following are examples of information sources for
determining market size:

 Government data
 Trade association data
 Financial data from major players
 Customer surveys
Market trends
Market trends are the upward or downward movement of a market, during a period of time. The market size is
more difficult to estimate if one is starting with something completely new. In this case, you will have to derive
the figures from the number of potential customers, or customer segments.
Besides information about the target market, one also needs information about one's competitors, customers,
products even latest market trends also.[7] Lastly, you need to measure marketing effectiveness. A few
techniques are:

 Customer analysis
 Choice modelling
 Competitor analysis
 Risk analysis
 Product research
 Advertising the research
 Marketing mix modeling
 Simulated Test Marketing[5]
Changes in the market are important because they often are the source of new opportunities and threats.
Moreover, they have the potential to dramatically affect the market size.
Examples include changes in economic, social, regulatory, legal, and political conditions and in available
technology, price sensitivity, demand for variety, and level of emphasis on service and support.
Market growth rate
A simple means of forecasting the market growth rate is to extrapolate historical data into the future. While this
method may provide a first-order estimate, it does not predict important turning points. A better method is to
study the specific market trend and sales growth in complementary products. Such drivers serve as leading
indicators that are more accurate than simply extrapolating historical data.
Important inflection points in the market growth rate sometimes can be predicted by constructing a product
diffusion curve. The shape of the curve can be estimated by studying the characteristics of the adoption rate of
a similar product in the past.
Ultimately, many markets mature and decline. Some leading indicators of a market's decline include market
saturation, the emergence of substitute products, and/or the absence of growth drivers.
Market opportunity
A market opportunity for a product or a service, based on either one technology or several, fulfills the need(s) of
a (preferably increasing) market better than the competition and better than substitution-technologies within the
given environmental frame (e.g. society, politics, legislation, etc.).
Market profitability
While different organizations in a market will have different levels of profitability, they are all similar to different
market conditions. Michael Porter devised a useful framework for evaluating the attractiveness of an industry or
market. This framework, known as Porter five forces analysis, identifies five factors that influence the market
profitability:

 Buyer power
 Supplier power
 Barriers to entry
 Threat of substitute products
 Rivalry among firms in the industry[citation needed]
Industry cost structure
The cost structure[8] is important for identifying key factors for success. To this end, Porter's value chain model
is useful for determining where value is added and for isolating the costs.
The cost structure also is helpful for formulating strategies to develop a competitive advantage. For example, in
some environments the experience curve effect can be used to develop a cost advantage over competitors.
Distribution channels
Examining the following aspects of the distribution system may help with a market analysis:

 Existing distribution channels - can be described by how direct they are to the customer.
 Trends and emerging channels - new channels can offer the opportunity to develop a competitive advantage.
 Channel power structure - for example, in the case of a product having little brand equity, retailers have
negotiating power over manufacturers and can capture more margin.
Success factors
The key success factors are those elements that are necessary in order for the firm to achieve its marketing
objectives. A few examples of such factors include:

 Access to essential unique resources

 Ability to achieve economies of scale
 Access to distribution channels
 Technological progress
It is important to consider that key success factors may change over time, especially as the product progresses
through its life cycle.
Environmental analysis
The environmental analysis can be divided into two parts which are external and internal factors. External factors.
Political issues, social potential force, and local economy called external environmental factors. Internal
environmental factors belongs to company's internal position such as employees, department structure, budget
and so forth (Christina, n.d.). How environmental effect markets. According to the Parry, the government limit
pollution emission, they mention environmental taxes to prevent company which produce pollution substance. In
other words, the government drives the organization. On the contrary, the cost of products increase due to the
environmental taxes. It means that company may take measure of reducing production which may grow
unemployment rate by emission tax. Therefore, the environmental taxes leads an income equality. It is not an
excuse ignore our serious environmental problem. Even though the higher income group also can benefit from
windfall gains (Parry, 2002).
Competitive analysis
According to the Christina, competitive analysis is that company must know their competitors which have the
same common services and products. The business can use like product cost, operational efficiency, brand
recognition and market Dimensions of market analysis.
Except for David A. Aaker's 7 main dimension of a market analysis including market size, market growth rate,
market profitability, industry cost structure, distribution channel, market trends, and key success factor, there is
another analysis of dimension market analysis. Based on Christina Callaway, dimension of market analysis can
be divided into four parts which is environmental analysis, competitive analysis, target audience analysis, and
SWOT analysis. The market analysis is to help company to illustrate current trend in the market and may affect
the profitability (Christina, n.d.). At the same time, market analysis is also to determine the attractiveness in the
market. A good marketing analysis can improve organization investment decision accurately, they can based on
the attractiveness to change investment tactical.
The market analysis is to help company to illustrate current trend in the market and may affect the profitability
for the business (Thomas, 2007). It can be seen as a part of industry analysis with using global environmental
analysis. Company can identify strengths, weakness, opportunities and threats so that the business can define
the business strategy. The market analysis is also reference for company's activity, like decisions of inventory,
purchase, work force, facility expansion and many aspects of company.
penetration to find the difference or competitive advantages between two similarly companies (Christina, n.d).
How can we find the competitive advantage? Kevin (2016) says that "Anticipating and reading market needs can
help business leaders take significant steps towards changing the game and obtaining competitive advantage."
(p. 70). How can we sustain competitive advantages? In terms of Richard research, The company should focus
on sustaining competitive advantage due to the swift growth global competition. Therefore, Business practice
management is the follow principle to maintain competitive advantage (Richard, 2006).
Target audience analysis
In the Christina contribution, target audience is for company to target their customer group who most likely to
buy their products (Christina, n.d.). The group can be classified with location, age, gender, income, ethnicity, and
behaviors. And people who make a decision of purchase can also be divided in the target audience. How identify
market in accordance with Women's enterprise centre the market can be classified in three types which are
consumer market, industrial market, and reseller market. The company segment their market, research market,
and identify why customer would like to buy their products (women's enterprise centre, 2011).
SWOT analysis
SWOT is strengths, weakness, opportunities, and threats. It matches internal strengths and weaknesses up
against opportunities and threats (Christina, n.d.). Strengths and weakness are internal factors which we can
control. And opportunities and threats are external factors that businesses cannot control, but can however
impact on. When using strengths and weakness, businesses need to collect raw data to get information.
Businesses can get information by customer feedback, employee surveys. Furthermore, businesses also can
identify the capability if it is weakness or strengths, resources and process. Opportunities and threats are the
external factors. Business can get information from secondary data like environmental information, industry
information and competitive data. The purpose of the business use the SWOT analysis is to get the information
from it and match each other to develop the ideas and get into goal statement to form strategic development
(Olsen, 2008).
Market communication has significant impact on building and maintaining the relationship of stakeholders.
Market analysis elements is to form a strategic planning and the information is responsiveness, intelligence
generation, and dissemination (Mike, Sandra& Felix, 2005). Besides, market communication provide the
information focus on the customer needs and competitive advantage. At the same time, these information spread
to customers means the company spread its brand value so that customer can make awareness of the
company's products. It is the communication channel between business and customers (Mike, Sandra& Felix,
2005).
Market Segmentation
"Market segmentation is one of the important ways to find competitive advantage with its differentiation in market
analysis. Market segmentation concentrates on market energy and power to gain competitive advantage. In
other words, market segmentation is the concept tool to get the force" (Thomas, 2007). "In the market analysis,
we need a lot of market knowledge to analyse market structure and process. Since segmentation needs to do a
lot of market research so that we can get the information from it. Market segmentation recommends the market
strategy. Market segmentation can identify customer needs and wants and develop products to satisfy them.
Market segmentation can identify different products for different groups, better match between customer wants
and product benefits, maximize the use of available resources, focus marketing expenditures and competitive
advantages" (Karlsson, 2012).
There is no perfect way to segment market but business can follow some rules like geographic, demographic,
psychographic, and behavioral. A good market segmentation should be sustainable, accessible, actionable,
measurable, and differentiable (Karlsson, 2012).
Global market segmentation
Since the globalization more and more developed, the global market become indispensability part of the business
thinking. In order to explore global market, how market segmentation can be used in the global market. There
are some aspects of defining the global market so which is more efficient to segment global market. Some
researchers mention about Cross-National and Cross-Cultural Approach to segment global market. To
differentiate country and culture, the company have to identify two areas which is vertical market segment
existing internal area. Another area is external market segments which a group of countries has relationship of
each other and share their characteristics. Compared with cross- cultural approach and cross-national approach,
cross-cultural approach has its cultural stability of traditional values. cultural stability has a wide range of shared
national-cultural values features, due to group solidarity, interpersonal harmony and so forth (Agarwal, Malhotra
& Bolto, 2010). However, cross-cultural approach has challenge of environmental changes, cultural change and
some other unstable factors (Agarwal, Malhotra & Bolto, 2010). Therefore, the main principle of looking at cross-
cultural approach and cross- national approach base on perceive service quality. In the global service marketing,
the marketing manager face a challenge of international services on account of the intangibility of services,
unification standardizing services across national borders and difference of preference for customized services
in different countries and culture. Therefore, it is significance for business to have a deep understanding service
quality in facing across different countries, regions and cultures (Agarwal, Malhotra & Bolto, 2010).
In the software market, the trend of software is the price is high and coverage is low. In order to improve the
trend, there is some problems of software market. Zhang (2014) mention that“ (1) What possibly discourages
product differentiation in such a competitive market? (2) Why is versioning absent here? (3) How does the
presence of free alternatives in this market impact its structure?”(p. 589). In order to improve these problems,
Zhang mention that quality competition and market segmentation apply to the software market. In Zhang's
research, the software company lack of developed the method of quality competition, market segmentation, and
versioning. In terms of market segmentation, software company think segmentation consumer market is not
useful. Therefore, even though versioning is the least costless way of spread product information, the company
still ignore it (Zhang, 2014).
The relationship between market segmentation and communication in marketing is interaction. For example,
market segmentation is important in the social media. There is three perspectives supplier perspectives,
interaction perspectives, and buyer perspectives. In order to balance these three relationships, business must
do segment well. Otherwise, the buyer perspective and supplier perspective cannot interact very well may lead
loss of promotion (Oxfordlearninglab, 2009). Therefore, social media is important method of communication in
the market and market segmentation also unnecessary before the business use social media channel.
Applications
The literature defines several areas in which market analysis is important. These include: sales
forecasting, market research, and marketing strategy. Not all managers will need to conduct a market analysis.
Nevertheless, it would be important for managers that use market analysis data to know how analysts derive
their conclusions and what techniques they use to do so.
Market research
Market research is an organized effort to gather information about target markets and customers: know about
them, starting with who they are.[1] It is a very important component of business strategy[2] and a major factor in
maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market
size and the competition. Its techniques encompass both qualitative techniques such as focus groups, in-depth
interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of
secondary data.
It includes social and opinion research, and is the systematic gathering and interpretation of information about
individuals or organizations using statistical and analytical methods and techniques of the applied social sciences
to gain insight or support decision making.[3]
Market research, marketing research, and marketing are a sequence of business activities;[4][5] sometimes these
are handled informally.[6]
The field of marketing research is much older than that of market research.[7] Although both involve
consumers, Marketing research is concerned specifically about marketing processes, such as advertising
effectiveness and salesforce effectiveness, while market research is concerned specifically with markets and
distribution.[8] Two explanations given for confusing Market research with Marketing research are the similarity
of the terms and also that Market Research is a subset of Marketing Research.[9][10][11] Further confusion exists
because of major companies with expertise and practices in both areas.[12]

History
Although market research started to be conceptualized and put into formal practice during the 1930s as an
offshoot of the advertising boom of the Golden Age of radio in the United States, this was based on 1920s work
by Daniel Starch. Starch "developed a theory that advertising had to be seen, read, believed, remembered, and
most importantly, acted upon, in order to be considered effective." [13] Advertisers realized the significance
of demographics by the patterns in which they sponsored of different radio programs.[14]
The Gallup Organization helped invent the public opinion poll; today, "Market research is a way of paying for
it."[15]

Market research for business/planning

Market research is a way of getting an overview of consumers' wants, needs and beliefs. It can also involve
discovering how they act. The research can be used to determine how a product could be marketed. Peter
Drucker believed[16] market research to be the quintessence of marketing. Market research is a way that
producers and the marketplace study the consumer and gather information about the consumers' needs. There
are two major types of market research: primary research, which is sub-divided
into quantitative and qualitative research, and secondary research.
Factors that can be investigated through market research include:

 Market information: Through market information one can know the prices of different commodities in the
market, as well as the supply and demand situation. Market researchers have a wider role than previously
recognized by helping their clients to understand social, technical, and even legal aspects of markets. [17]
 Market segmentation: Market segmentation is the division of the market or population into subgroups with
similar motivations. It is widely used for segmenting on geographic differences, demographic differences
(age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in
product use. For B2B segmentation firmographics is commonly used.
 Market trends: Market trends are the upward or downward movement of a market, during a period of time.
Determining the market size may be more difficult if one is starting with a new innovation. In this case, you
will have to derive the figures from the number of potential customers, or customer segments. [18][full citation needed]
 SWOT analysis: SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a
business entity. A SWOT may also be written up for the competition to understand how to develop the
marketing and product mixes. SWOT method helps to determine and also reassess strategies and analyze
business process
 PEST analysis: PEST is an analysis about external environment . It includes a complete examine of a firm's
Political, Economical, Social and Technological external factors, which may impact firms' objectives or
profitability. They may become a benefit for the firm or harm its productivity.
 Brand health tracker: Brand tracking is way of continuously measuring the health of a brand, both in terms
of consumers’ usage of it (i.e. Brand Funnel) and what they think about it. Brand health can be measured in
a number of ways, such as brand awareness, brand equity, brand usage and brand loyalty.
Another factor that can be measured is marketing effectiveness. This includes:

 Advertisement research
 Audience research[19]
 Choice modelling
 Competitor analysis
 Customer analysis (Segmentation of target customers)
 Marketing mix modeling
 Product research
 Risk analysis
 Simulated test marketing

Data collection
"Rigorous sampling methodologies combined with high-quality data collection" is what the magazine Advertising
Age considers the backbone of market research.[20] Data collection can use larger audience samples than the
few hundred or thousand typically used in market research. [21] Also required is the (at least
passive)[22] cooperation of those being surveyed;[23] trust[24] is also helpful.[25]
Some data collection is incentivized: a simple form is when those on the road contribute to traffic reporting of
which they are consumers. More complex is the relationship of consumer-to-business (C2B), which sometimes
introduces reliability problems.[26] Other data collection is to know more about the market,[27] which is the purpose
of market research.[28]

International influence from the Internet[edit]

The international growth of available research both from and via the Internet [13] has influenced a vast number of
consumers and those from whom they make purchases. [29] Although emerging global markets, such as China,
Indonesia and Russia are still smaller than the US in B2B e-commerce, their internet-fueled growth factor is
stimulated by product-enhancing websites, graphics, and content designed to attract corporate
and consumer/B2C shoppers. Estimates for 2010 show between US$400 billion and $600 billion in revenue was
generated by this medium.
A report titled "Global B2C E-Commerce and Online Payment Market 2014" indicated a decrease in overall
growth rates in North America and Western Europe, even as absolute growth numbers rose.
The UK Market Research Society (MRS) listed the top social media platforms primarily used
by Millennials are LinkedIn, Facebook, YouTube and Instagram.

Research and market sectors

Regarding details for worldwide corporate market research, "most of them are never written about because they
are the consumer research done by the country's manufacturers." [30]
Market research data has loss prevention aspects; that less than 60 percent of all proposed modifications and
new products are deemed failures.[30] When information about the market is difficult to acquire, and the cost of
"going ahead with the decision" to offer the product or service is affordable, the research cost may be more
profitably used "to ensure that the new line got the advertising send-off it needed to have the best chances of
succeeding."[31]
As measured in revenue, USA based Amazon.com is the worldwide E-Commerce leader.
Market research for the film industry
The film industry is an example where the importance of testing film content and marketing material involves:

1. concept testing, which evaluates reactions to a film idea and is fairly rare;
2. positioning studios, which analyze a script for marketing opportunities;
3. focus groups, which probe viewers' opinions about a film in small groups prior to release;
4. test screenings, which involve the previewing of films prior to theatrical release;
5. tracking studies, which gauge (often by telephone polling) an audience's awareness of a film on a weekly
basis prior to and during theatrical release;
6. advertising testing, which measures responses to marketing materials such as trailers and television
advertisements;
7. exit surveys, that measure audience reactions after seeing the film in the cinema. [32]

Small businesses and nonprofits

Small organizations and non-profits can derive needed information by observing the environment of their
location. Small scale surveys and focus groups are low cost ways to gather information from potential and
existing customers and donors. While secondary data (statistics, demographics, etc.) is available to the public
 in libraries or on the internet, primary sources, done well, can be quite valuable: talking for an hour each, to
twelve people, two apiece from six potential clients, can "get inside their minds.. get a feel for their needs, wants
and pain. You can’t get that from a questionnaire." [33]

Market Survey: Definition, Purpose, Importance, Types and Examples

Market Survey Definition

Market survey is the survey research and analysis of the market for a particular product/service which includes
the investigation into customer inclinations. A study of various customer capabilities such as investment
attributes and buying potential. Market surveys are tools to directly collect feedback from the target audience to
understand their characteristics, expectations, and requirements.
Marketers develop new and exciting strategies for upcoming products/services but there can be no assurance
about the success of these strategies. For these to be successful, marketers should determine the category and
features of products/services that the target audiences will readily accept. By doing so, the success of a new
avenue can be assured. Most marketing managers depend on market surveys to collect information that would
catalyze the market research process. Also, the feedback received from these surveys can be contributory in
product marketing and feature enhancement.
Market surveys collect data about a target market such as pricing trends, customer requirements, competitor
analysis, and other such details.

Purpose of Market Survey

 Gain critical customer feedback: The main purpose of the market survey is to offer marketing and business
managers a platform to obtain critical information about their consumers so that existing customers can be
retained and new ones can be got onboard.
 Understand customer inclination towards purchasing products: Details such as whether the customers
will spend a certain amount of money for their products/services, inclination levels among customers about
upcoming features or products, what are their thoughts about the competitor products etc.
 Enhance existing products and services: A market survey can also be implemented with the purpose of
improving existing products, analyze customer satisfaction levels along with getting data about their perception
of the market and build a buyer persona using information from existing clientele database.
 Make well-informed business decisions: Data gathered using market surveys is instrumental in making
major changes in the business which reduces the degree of risks involved in taking important business
decisions.

Market Survey Templates

Product Surveys: New products/concept testing survey templates offer questions to obtain insights about
products and concepts. These survey questions are curated by market research experts and can help in
analyzing which kind of products or features will work in a market.
Conference Feedback Surveys: Conference feedback survey templates provide questions that can be asked to
participants of a conference. An organization can organize better conferences by implementing feedback
received from these surveys such as enhancing overall conference management, improved IT infrastructure,
better content coverage or other such factors.
Focus Group Surveys: Focus group survey templates can be implemented during and after the recruitment of
the focus group. Gaining insights from a dedicated group of 8-10 people can be done easily with this existent
survey template.
Hardware And Software Surveys: Hardware and software survey templates offer editable questions about
software product evaluation, hardware product evaluation, pre-installation procedure, technical documentation
quality and other such factors.
Website Surveys: Website survey templates are customizable as per application and consist of questions
pertaining to website customer feedback, visitor profile information, online retail information etc.

Importance of Market Survey

There are 5 factors that depict the importance of a market survey.
1. Understanding the demand and supply chain of the target market: A product is most likely to be
successful if it is developed by keeping in mind the demand and supply of the target market. This way, marketers
can obtain insights about market capabilities to absorb new products and concepts to develop customer-centric
products and features.
2. Developing well-thought marketing plans: The World is a target market for an organization, especially a
well-established one. Getting data from the target market through thorough market research using market
surveys and segmentation can be a source of creating concrete and long-term marketing plans.
3. Figure out customer expectations and needs: All marketing activities revolve around customer acquisition.
All small and large organizations require market surveys to gather feedback from their target audience regularly,
using customer satisfaction tools such as Net Promoter Score, Customer Effort Score, Customer Satisfaction
Score (CSAT) etc. Organizations can analyze customer feedback to measure customer experience, satisfaction,
expectations etc.
4. Accurate launch of new products: Market surveys are influential in understanding where to test new
products or services. Market surveys provide marketers a platform to analyze the scope of success of upcoming
products and make changes in strategizing the product according to the feedback they receive.
5. Obtain information about customer demographics: Customer demographics form the core of any business
and market surveys can be used to obtain intricate and sensitive details about customer demographics such as
race, ethnicity or family income.

Types of Market Survey with Examples

Multiple types of market surveys are used by enterprises to collect data depending on the objective of their
market research. The information collected can be used to study various aspects of the market to address topics
such as the right time to launch the product/service, to understand the trends in the market, to measure customer
loyalty, to study their competitors and many more.
There are various types of market surveys out of which we will talk about the top 10 to get information from
customers about their demands, expectations and what they opine about the competitors. Each one of these
market surveys has a different approach and has a marking impact on the various aspects of a business.
In order to conduct various types of market surveys, successful enterprises in today’s world, use powerful market
research survey software to get actionable market insights through real-time data collection and robust analytics.
Following are the top 10 types of market surveys that are conducted by successful enterprises.
1. Market Surveys for segmentation: An organization can spot existing and prospective customers and
understand why the customers have chosen their products/services and the prospects have not yet made a
purchase. This can lead to a structured market segmentation and analysis.
2. Market Surveys for exploring various aspects of the target market: Get information about factors such
as market size, demographic information such as age, gender, family income etc. to lay out a roadmap by
considering growth rate of the market, positioning, and average market share.
3. Market Surveys to probe into purchase procedure: How does a customer deciding on making a purchase?
What are the factors that convert product awareness into sales? This type of market survey will unveil awareness,
information, free trial, purchase, and repeat.
4. Market Surveys to establish buyer persona: These surveys are to build a buyer persona by knowing about
customer preferences, inclination, and capabilities of purchasing a product.
5. Market Surveys to measure customer loyalty: What is the degree of loyalty that the customers have
towards and organization? The answer to this question can be obtained by conducting a market survey.
6. Market Surveys to analyze a new feature or concept: It is essential for an organization to include market-
compliant features and concepts. By carrying out a market survey to understand which features to launch, will
help all the teams involved in the feature development process to do that with proper research.
7. Market Surveys for competitor analysis: Healthy competition is always good for an organization’s progress.
Market surveys done with the motive of competitor analysis will produce results about how does the target market
weigh the organization’s products/services in comparison to the others in the market.
8. Market Surveys to understand the impact of sales activities: Sales activities are the backbone of an
organization and it becomes crucial to keep track of these activities. Market surveys for sales activities will
produce a report of the impact of sales activities, whether their frequency needs to increase or any changes the
audiences think should be inculcated in the sales process.
9. Market Surveys to assess prices for new products/services: Affordability of products also is an aspect
that drives the market for organizations. Price ranges, product variants to cater multiple price ranges, target
customers for each of the products etc.
10. Market Surveys for evaluation of customer service: Good customer service can lead to enhanced
satisfaction levels among customers. Factors such as time taken to resolve issues, the scope of improvement,
best practices of customer service etc.