The success of a market survey is primarily judged by what?

The success of a market survey is primarily judged by what?

• A. Cost efficiency
• B. Timeliness
• C. Accuracy of information
• D. Comprehensiveness of data

Answer: (C)

The accuracy of information is crucial for the success of a market survey because it ensures that the data collected truly reflects the characteristics, opinions, and behaviors of the target population. Accurate information allows businesses to make informed decisions based on reliable insights, leading to strategic planning, effective marketing strategies, and better product development. If the information gathered is not accurate, it can lead to misguided conclusions which may result in poor business decisions. For example, if survey respondents do not represent the larger demographic accurately, any findings based on this survey could mislead a company about consumer preferences or market trends. Thus, while cost efficiency, timeliness, and comprehensiveness are important factors, they all hinge on the primary necessity of having accurate information to make the survey successful.

The accuracy of information is crucial for the success of a market survey because it ensures that the data collected truly reflects the characteristics, opinions, and behaviors of the target population. Accurate information allows businesses to make informed decisions based on reliable insights, leading to strategic planning, effective marketing strategies, and better product development.

If the information gathered is not accurate, it can lead to misguided conclusions which may result in poor business decisions. For example, if survey respondents do not represent the larger demographic accurately, any findings based on this survey could mislead a company about consumer preferences or market trends. Thus, while cost efficiency, timeliness, and comprehensiveness are important factors, they all hinge on the primary necessity of having accurate information to make the survey successful.