Market research as a tool for prognosis
In order to get a maximum profit from market research it is necessary that the following steps should he carried out: 1. Formulation of a problem in terms amenable for market research? Asking for a high degree of commercial sophistication; 2. Surveying proper, asking for a well trained and supervised staff of field workers; 3. Coding, punching and machining, asking for a rather specialised punch, card equipments; 4. Interpretation of data, presupposing formal schooling in statistics and commercial economics and a sufficient acquaintance with obtainable reference material; 5. Blending of the information gathered by the research with the existing body of information.
- This could also be of interest