What is market survey..? what do you mean by PESTEL analysis ?

                                       Market survey

  • A new Entrepreneur needs hot of information on various aspects of the proposed project. This process of collecting various information and collect data about market is called market survey.
  1. Business environment scanning can be defined as " the study and interpretation of the political , social , economic and technology event and trends which influence a business , an industry or even a total market . " The factor which need to be considered for environment scanning are event trends , issues and expectation of the different interest groups.
  • There are a number of common approach for such type of analysis. One of the most important analysis is PESTEL analysis.
The six environmental factors of PESTEL analysis are the following :

  • P- Political factors
  • E- Economical factors
  • S- Socio-cultural factors
  • T- Technological factors
  • E- Environmental factors
  • L- Legal factors
  1.  Political factors
  • Taxation policy
  • Trade regulations
  • Government stability
  • Unemployment policy
 2. Economical factors

  • Inflation rate
  • Growth in spending power
  • Recession or boom
  • Customer liquidations
 3. Socio- cultural factors
  • Values , beliefs
  • Language
  • Relgion
  • Education
  • Literacy
  • Time orientation
 4. Technological factors
  • Internet
  • E - commerce
  • Electronic media
  • Research and development
  • Rate of technological change
 5.  Environmental factors
  • Competitive advantage
  • Waste disposal
  • Energy consumption
  • Pollution monitoring
 6. Legal factors
  • Employment laws
  • Health and safety
  • Produce safety
  • Labour laws
  • Advertising laws

 A new Entrepreneur may not be possesing all the qualities , characteristic skills and talent required for a successful entrepreneur . He may not be an expert in tackling all the problems related to his new enterprise. He has not fully knowledge about market and Enterprise . He may not be able to decide what is right and what is wrong . Therefore , an entrepreneur needs a special training or classes so that he can develop entreprenurial abilities and skills sufficient enough to face the various business related problem boldly. 

An entrepreneur learns more from experience . Therefore , before starting a new enterprise, an entrepreneur must visit several similar industries and projects to gain practical knowledge on different aspects of the project and their functioning. He should also ineract with some successful Entrepreneurs and try to know the secret behind their success. 
These visits will create a lot of confidence in the Entrepreneur and he will develop a sort of awarenessof his own activities .
Apart from the Entrepreneur may be given some input training on the following:

  • Behaviour modification techniques 
  • Identification of business opportunity
  • Project report preparation
  • Financial aspects
  • Accounts
  • Sales promotion, marketing and advertising
  • Production, planning and control
  • Different aspects of management
  • Legal matters
  • Sale tax , income tax etc
  • Collecting and analysis of information for decision making.

What is market survey..? what do you mean by PESTEL analysis ? What is market survey..?  what do you mean by PESTEL analysis ? Reviewed by Vipin on June 23, 2019 Rating: 5

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