Benefits of market survey before business resumption.

[Min Eduok]

Market Survey Necessity Query​

Do we really need market survey before venturing into the business ?


A market survey can be helpful in determining the potential success of a business venture. It can provide valuable information on consumer demand, competition, and the overall market conditions for a specific product or service. However, it is not always necessary to conduct a market survey before starting a business. Some entrepreneurs may have a strong understanding of the market through their industry experience or personal research. Additionally, some businesses, particularly those that are innovative or disruptive, may not have any direct competitors, making a market survey less informative. Ultimately, whether or not a market survey is needed will depend on the specific circumstances of the business venture.

Conducting a market survey before starting a business can provide valuable insights that can inform important business decisions. For example, it can help to:

• Determine consumer demand: A market survey can help to identify the target market for a product or service, as well as their needs and preferences. This information can be used to develop products or services that better meet the needs of the target market, which can increase the chances of success.
• Identify competitors: A market survey can also help to identify direct and indirect competitors, as well as their strengths and weaknesses. This information can be used to develop strategies that differentiate the business from its competitors, such as offering unique products or services, or targeting a different market segment.
• Understand market conditions: A market survey can also provide information on market trends and other external factors that could impact the success of the business. For example, it can help to identify any regulatory or legal considerations, or identify any potential barriers to entry.

However, it's worth noting that a market survey is not always necessary, depending on the circumstances of the business venture. For example, if an entrepreneur has a deep understanding of the market through their industry experience or personal research, they may not need to conduct a market survey. Additionally, if the business is innovative or disruptive, a market survey may not be as informative since there may not be any direct competitors.
In summary, a market survey can be a valuable tool for entrepreneurs to use when starting a business, but it's not always necessary. Entrepreneurs should weigh the costs and benefits of conducting a market survey, and consider factors such as their own market knowledge and the type of business they are starting.

 

[Abigael]

Market survey is very important before launching a startup. It gives you a Chance to do so many things including;

1. Get your products tested by potential customers so that you can know what to add or remove.
2. You will get to study your competitors. That will enable you to be aware of gaps in the market so that you can fill them.
3. You get to know you specific audience. People will tell you their needs hence you know who you are going to sell to. This makes the process of advertisement easier.
4. You will the best location to set up your business. This according to where you potential customers are most saturated.