market survey

In this article, you will learn about what a market survey is.

Another common sales forecasting method is the Market Survey, which is used to gather information about the market that cannot be obtained from the company’s internal records or from externally published data sources.

Market Syrvey
Market Syrvey

Primary data or first-hand data are typically required for demand forecasting when using the market survey method. Whenever a company is trying to launch a new product or a new variant, it relies on the company’s primary data.

In the same way, a new business venture relies on market research to estimate demand and sales. Because the company does not have any previous sales records, it must gather information from the market or directly from customers in order to predict sales. Surveys are typically conducted among a sample of customers to gain insight into their purchasing power, attitudes, and habits.

Channel partners may also be polled to get a sense of their attitudes, future purchasing intentions, and the general direction of the industry. There is a misconception that market surveys are interchangeable with market research or market analysis. Actually, market research includes the use of market surveys as one of the methods.

The primary benefit of conducting a market survey is that it allows you to collect data that is unique to the problem at hand. Primary data collection, on the other hand, can be time- and money-consuming.

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