Researching the Market

This page contains the CBSE entrepreneurship class 11 chapter Entrepreneurship Concept of Market sub-topic Analysing the Market Environment notes. You can find the questions/answers/solutions for the chapter 5 of CBSE class 11 entrepreneurship in this page.
This page covers the section, Analysing the Market Environment, Links for other sections are provided below.

  1. Concept of Market
  2. Researching the Market
Researching the market
Define Market Research.
Marketing research is a versatile activity to gather different kinds of information that help in decision making.
Define Market Survey
Market survey is a method or technique that is used for collecting the information required to perform marketing research.
List out the main characteristics that a good market information should possess.
The following are the characteristics to be possessed by a a good market information

  1. Accuracy
  2. Authenticity
  3. Clarity
  4. Completeness
  5. Confidentiality
  6. Economy
  7. Objective
  8. Precision
  9. Punctuality
  10. Relevance (for Decision Marks)
  11. Reliability (from genuine resources)
  12. Stategic Value
What are Research Instruments?
Research Instruments are the

  1. instruments
  2. tools or methods
  3. techniques

that are used in research for collecting the information or response for the purpose of conducting market survey.

Market survey is the most widely used research instruments used by the entrepreneurs for conducting the market research.

What are the major differences between Market Research and Market Survey
The following are the major differences between market research and market survey.

Market Research Market Survey
Marketing research is a versatile activity to gather different kinds of information that help in decision making. Market survey is a method or technique that is used for collecting the information required to perform marketing research.
Marketing Research is carried out systematically and involves studying the materials and sources. The sole purpose is to figure out the facts and come up with new conclusions. A group of people are questioned about their opinions or experiences through a questionaire.
This is a research process where in the nuances of the topic are understood. A data gathering process.
This is an attempt to solve a problem. An attempt to understand the current situation.
This is superset and encompasses market survey. This is a subset of market research.
What are the types of markety survey?
The following are the types of market survey.

  1. Direct Mail Interviews
  2. E-Mail/Fax interviews
  3. Field Work
  4. Online Interviews
  5. Personal Interviews
  6. Questionnaire Development
  7. Telephonic interviews
What are the types of markety survey?
The following are the types of market survey.

  1. Direct Mail Interviews
  2. E-Mail/Fax interviews
  3. Field Work
  4. Online Interviews
  5. Personal Interviews
  6. Questionnaire Development
  7. Telephonic interviews
What are the steps involved in conducting the market research?
The following are the steps involved in conducting the market research.

  1. Define the marketing problem to be addressed and identify the marketing research problem that is there in the task.
  2. List out the details of the information required.
  3. Prepare the research design and research produce. This involves looking for the information being already available either in the records of the company (inside sources) and anywhere in the outside sources.
  4. The information that is required. In otherwords choose the
    1. Research instrument that is needed
    2. Sample type
    3. Sample size.
  5. Analyze and interpret the information with respect to the problem being addressed.
  6. Prepare a summary of all the findings.
  7. Prepard the research report.
This page covers the section, Analysing the Market Environment, Links for other sections are provided below.

  1. Concept of Market
  2. Researching the Market