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Conducting a Customer Survey
Surveying customers is an exercise entrepreneurs do to understand if there is a market for what they have to offer.
Through this survey, entrepreneurs try to find out if they meet the needs of their customers and also understand what
their preferences are. Surveying customers is one of the most effective ways to find out what customers want. Surveying
can be done by talking directly to customers and asking them questions.
Understanding Competitors
Before an entrepreneur starts a business, another important step in understanding the market is knowing which other
companies in the market offer the same product or service. This helps an entrepreneur understand the competition he/
she may face. Some key aspects to keep in mind while studying your competition are:
Position
(High quality/Low
Any offer given quality brand,
to customer
etc.)
Relationship
with Customer Price
Conducting a Competitive Survey
Business owners need to survey all possible businesses to find out what is available in the market and what their
competitors are doing. In customer surveys, you go directly to your customers and talk to them, but in competitive
surveys, entrepreneurs need to observe these questions and ask others. This is a sample survey that you can use for
competitive research.
Questions Observations (To be filled by students)
Customer outlook of business
1. High-end
2. Low-cost
Competitor Price for Product
Is any offer being given?
Competitor’s interaction with the customer
Customer’s feelings while buying the Product
78 Touchpad Artificial Intelligence (Ver. 2.0)-XI

