Corporates specialize at creating innovative ideas for new products and services, but ideas that sound good on paper are not always good in practice. Determining what consumers want and designing products and services that fulfil those wants is essential to the success of a business. This therefor necessitates the need for businesses to use market surveys to gather information that aids in market research.
Market surveys describe the gathering and analysis of market data, such as consumer preferences, trends in market prices and the presence of competing products. A market survey can describe any study that gathers information directly from consumers by asking them questions about their preferences, habits and experiences.
The purpose of a market survey is to provide businesses with insight about their target customers, such as how much money they spend on certain types of products, whether they use competing products and the interest level for new products.