The primary objective of a market research questionnaire is to identify the various issues that a business or an organization might face when launching a new product or service. The secondary objective of a market research questionnaire is to identify the competition, the need or demand for the product, the target audience, the risks involved in launching the product, the vendors involved, and the future of the product. Through a market research questionnaire, an organization or business is able to determine the viability and shelf life of their product from a short-term as well as long-term perspective. This information will also help the organization in mitigating all the risks involved, in providing better solutions, and in the development of sound marketing strategies.
A market research questionnaire can be divided into three different sections and each of the sections divulges important information. The three sections include:
- Objective: This is the first and the most important section of a market research questionnaire as it imparts information related to the need for the questionnaire, the benefits of the exercise, and the impact of the exercise on the organization, business or brand. It also explains how this will help organizations in creating brand awareness.
- Information: This is the second section of the market research questionnaire and it contains information pertaining to individuals participating in the exercise. These individuals could be consumers, prospective customers, vendors, or even members of the sales and marketing team in the organization.
- The Exercise: This is the third important section of the market research questionnaire. It contains questions that create a hypothetical situation in order to achieve results that are favorable for the company or the new product. The questions revolve around usage of similar products, existence of similar products, experience of the consumer, vendor-business relationships, market demand and supply conditions, and nature of the market among others.
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