Researching the Market Facts That Matter – CBSE Notes for Class 11 Entrepreneurship

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Facts That Matter

1. Market research is referred as the systematic study and evaluation of all factors bearing on any business operations which involves the transfer of goods from a producer to a consumer.
2. Market survey is an organized and in-depth approach, which includes all the research activities involved with extracting out carefully the information for not only the first time, but directly from the sources.
3. There are two types of market surveys: (a) The census (b) The sample.
4. Characteristics of Good Marketing Information:
• Clarity
• Completeness Accuracy
• Authenticity
• Precision
• Objectivity
• Strategic Value
• Telephonic Interviews
• E-mail Interviews
• Questionnaire Development
• Relevance
• Confidentiality
• Economy
• Reliability
• Punctuality
5. Method used for surveying are:
• Personal Interviews
• Field Work
• Report Making
• Risk Reduction
• Market Overview Forecast
• Direct mail Interviews
• Online Interviews
• Fieldwork
6. Process of Conducting Survey include:
• Planning the Survey
• Analysis and Interpretation of Data
7. Importance of Market Survey:
• Customer is the King
• Helps Attaining Objectives
• Facilitates Decision-Making

Words That Matter

1. Market Survey: Market survey-where you actually speak to members of your target audience-are an important part of market research.
2. Supervision: Generally, supervision contains elements of providing knowledge, helping to organize tasks, enhance motivation, and monitoring activity and results; the amount of each element is varying in different contexts.
3. Fieldwork: Fieldwork is the collection of information outside a laboratory, library or workplace setting.