FIERY HILLSMICRO SOCIETY

Creating a market survey

So, you have some ideas brewing!

First decide : Do I want to offer a

good OR service?For Market Day, you will only be

able to choose one of the above.

Brainstorm a few ideas in a table. See the example below.

Goods ServicesSmall potted plants

Fingernail painting

Bookmarks Hair braidingJewelryCupcakes

Narrow your list to two great ideas that you think will

produce the most profit, or that you will enjoy the most.

cupcakesjewelry

Consider the following questions you might need to

answer BEFORE you make your product or prepare your service.

size of market – � How many people will buy your product? How many people are shopping?

pattern of demand- I� f people buy your product or service once, will they ever want to buy it again?

buying habits and motives – � What prices will people be willing to pay for the good or service? How much money do people have to spend?

past and present trends for this or other products-� Are there competitors out there? Do people like it enough you can offer something slightly different?

Let’s Brainstorm

What kind of questions might you ask your

audience to find out the size of your market?

Record your answers.

Record your ideas.

What kind of questions might you ask your

audience to determine the

pattern of demand?

Let’s Brainstorm

Let’s Brainstorm

What kind of questions might you ask your

audience to determine their buying habits and

motives?Record your answers.

Let’s BrainstormWhat kind of questions

might you ask your audience to determine past and present trends

for this or other products ?

Record your ideas.

Now what?Write up a survey for your market.

You might pose the following types of questions in your survey:• short answer

What types of desserts do you like best?

• multiple choiceWhich dessert would you most prefer to purchase?

A. cupcakesB. rice crispy treats

• true/falseI love cupcakes. True False

• Or Likert Scale On a scale of 1-5,( 1 being least likely, 5 being most likely) How likely are you to purchase a cupcake if other food items are available at the market?1 2 3 4 5

Once you have your survey ready for publication, notify your teacher so that she can help you polish your survey.

Formatting is important!!

Print out the right amount of surveys for the market and

distribute them when notified.

Collect your surveys for evaluation. Make sure you collect as many surveys as

possible.

In a few days we will analyze our surveys and decide how to graph our results.