Quantitative factors are very important when it comes to conducting business. These are the factors that enable the businessmen to make decisions that can be judged or calculated in terms of quantity. When the already existing, or new business, is being planned it is very important for the people conducting the businesses to conduct a proper market survey in order to know various factors such as
needs of the customers, the achievable market share etc.
Conducting Survey
When these market surveys are conducted, they help the marketers to know about the new market trends, the probable capacity for new business or product in that existing market. This is estimated mostly by conducting surveys in which the sales person as well as customers are consulted and asked about various products, what they like or dislike in them ,and how do they want those products to be.
Product Potential
After the surveys are completed and the results are analyzed the potential for some new or already existing product is studied and later on decisions regarding that product are made whether to take out of the market or should it stay and if it should stay, then what improvement can be done.
Sales Volume and Potential
These surveys help the marketers in deciding what kind of volume sales potential these products have and what is the current sales volume, this step helps the marketers in getting to the root of the product, if the product isn’t selling according to its potential.
Market Share
Later on, in the light of all the above mentioned steps the marketers are able to find out the current business situation, the opinions of the customers, how the competitors are doing, the potential and the actual sales situation and in the light of all these step the marketers can then analyze their current market share and what they can do to achieve their desired market share.
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