Blog

Evolution of Market Survey and Analysis over years

MARKET SURVEY- Well the term itself says most of it. A company, before launching a new project or product, analyses the market to get a clear idea of how their new venture will work and what effect it will bring along with it in an area. Over the course of time, there has been a lot of change and advancement in the methods of Market Survey.

1631002091_blog_01-05-2021.jpg
Awareness

MARKET SURVEY- Well the term itself says most of it. A company, before launching a new project or product, analyses the market to get a clear idea of how their new venture will work and what effect it will bring along with it in an area. Over the course of time, there has been a lot of change and advancement in the methods of Market Survey. Earlier for market surveys, the only method that was practiced was door-to-door surveys. American psychologist Daniel Starch was the first to introduce and professionalize market research in advertising. Later George Gallup (founder of the American Institute of Public Opinion) by his statistical method, broke down the US electorate into a set of demographic groups and this is how market research came into being.

Now with the process of evolution, various effective tools have been introduced for even better conduction of market research like digital survey, interviews using the camcorder as it will both provide audio and video along with quality data; questionnaire through instrument consisting set of questions for data collection; observation on customers, focus group, combination research, etc. are some more important tools used in a market survey.