Before taking a market survey, we must first understand what a market survey really is.
Market survey or analysis is the process of identifying the functions of the proposed/services and the requirements which must be met if it is to be acceptable to the consumer. Among these requirements are the prices, the size of the market, and the problems of present sellers. According to the OECD (1972:29) market research or study is nothing more than a set of techniques for gaining information about the environment of the enterprise and for forecasting trends so that the enterprise may react most efficiently to change.
The aim of the market study is to know the total future demand for the products/services and to know if the products are currently enjoying monopoly or whether they are experiencing any competition in the market. The study should estimate the annual quantity which can be sold as well as the possible selling price per unit. And finally how the products/services will be marketed in other to make profit.
In compiling a market survey, the following procedure can be helpful.
1. Define the objectives of the survey.
2. Conduct a situational analysis of the market.
3. Plan the formal market study.
4. Determine the sources of secondary data.
5. Determine suitable methods for gathering primary data.
6. Prepare survey forms and field test.
7. Design sample and collect primary data.
8. Process and analyze both secondary and primary data.
9. Measure the present market.
10. Forecast future market demand.