MARKET SURVEY
You’ve decided to set up a business, promote a new product or service which will make you a millionaire. Then follow through, he who tries nothing has nothing. But, before investing a huge amount of money in a business, there is need for a market survey. This should be done at the creation phase, thus enabling you have an overview of the environment in which your business will flourish and to validate the existence of the market. At the start-up phase, it will serve as a followup equipment for the advertising campaign and also help in identifying competition. At the consolidation stage, it will helps checkyour level of brand awareness, customer loyalty and your brand reputation.
Here are ten (10) essential questions to be answered before setting up a business:
1
What is happening in this market sector and what are the trends ?
2
Which are the flourishing products and those losing ground ?
3
What are the main and most effective means of supply ?
4
When does price fluctuates ?
5
Is there need for my product or service?
6
how do you stand out in the market ?
7
Who are the competitors, what techniques do they use and at what price ?
8
Who are the suppliers and dealers, what are their payment terms and delivery times ?
9
What’s the profile of your prospective customers, their lifestyles, how to attract them, communicate and establish customer loyalty ?
10
Which product or service do your customers need, how to prospect, which sales technique to use, how will you stand out from competitors ?
GOOD TO KNOW : THE SEVEN (7) PS OF MARKETING
1- PRODUCT : You should offer the product or service which your customers really need.
2- PRICE : You should consider the cost, price and profit
3- PLACE : A strategic position is indispensable for the sales of your products.
4- PROMOTION : You need to create awareness, inform and prompt to action customers.
5- PERSONNEL : You need a qualified, competent and motivated personnel to get the desired effect.
6- PROCESS : The customer’s purchase experience of the product or service has to be positive.
7-PHYSICAL EVIDENCE : It refers to what customers can see, smell, taste, touch and hear.
Answering these questions will enable you locate, quantify, qualify and identify prospective customers and especially help in the setting up, growth and success of your business.
Courage, you will succeed !
GOOD TO KNOW : THE SEVEN (7) PS OF MARKETING
1- PRODUCT : You should offer the product or service which your customers really need.
2- PRICE : You should consider the cost, price and profit
3- PLACE : A strategic position is indispensable for the sales of your products.
4- PROMOTION : You need to create awareness, inform and prompt to action customers.
5- PERSONNEL : You need a qualified, competent and motivated personnel to get the desired effect.
6- PROCESS : The customer’s purchase experience of the product or service has to be positive.
7-PHYSICAL EVIDENCE : It refers to what customers can see, smell, taste, touch and hear.
Answering these questions will enable you locate, quantify, qualify and identify prospective customers and especially help in the setting up, growth and success of your business.
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