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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

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4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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The Survey method is the technique of gathering data by asking questions to people who are thought to have desired information. A formal list of questionnaire is prepared. Generally a non disguised approach is used. The respondents are asked questions on their demographic interest opinion.

Advantages of Survey Method

  1. As compared to other methods (direct observation, experimentation) survey yield a broader range of information.

    Surveys are effective to produce information on socio-economic characteristics, attitudes, opinions, motives etc and to gather information for planning product features, advertising media, sales promotion, channels of distribution and other marketing variables.

  2. Questioning is usually faster and cheaper that Observation.

  3. Questions are simple to administer.

  4. Data is reliable

  5. The variability of results is reduced.

  6. It is relatively simple to analyze, quote and interrelate the data obtained by survey method

Disadvantages of Survey Method

  1. Unwillingness of respondents to provide information- This requires salesmanship on the part of the interviewer. The interviewer may assure that the information will be kept secret or apply the technique of offering some presents.

  2. Inability of the respondents to provide information- This may be due to:

    1. Lack of knowledge

    2. Lapse of memory

    3. Inability to identify their motives and provide “reasons why?” for their actions

  3. Human Biases of the respondents are there, for eg: “Ego”

  4. Symantec difficulties are there - it is difficult, if not impossible, to state a given question in such a way that it will mean exactly same thing to each respondent. Similarly two different wordings of the same question will frequently produce quite different results.

How to overcome the limitations of Survey Method

  1. Careful framing and phrasing of questions.

  2. Careful control of data gathering by employing specially trained investigators who will observe carefully report on subtle reactions of persons interviewed

  3. Cautious interpretations by a clear recognition of the limitations of the data and understating of what exactly the data represents. This is especially true of responses to questions like - “What price would you be willing to pay for this product?”

  4. Looking at facts in relative rather than absolute terms. For eg - A survey by a dentist team showed that the number of families in the middle income group used toothpaste taken by itself in the absolute sense, the results of the survey are in some doubt. Even though the individual group readings shall differ say for eg: for upper income group families it could be 90 %. Hence we should look at the facts in relative rather than in absolute terms.

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