The problems and issues of market survey in Singapore context

• Main Authors: Ang, Moh Chuan, Khong, Yew Cheong, Tan, Kim Yong
• Other Authors: School of Accountance and Business
• Format: Final Year Project
• Language: English
• Published: 2014
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/55751
• Institution: Nanyang Technological University

The market research service has been available in Singapore for over two decades. Initially, the utilization of research was confined to mostly multinational and large local corporations (Quah, 1991). However, in more recent times, small and medium companies have also gained more awareness in the benefits of market research, particularly in the fiercely competitive retail industry. It is a pity, thus, that relatively few local articles had been written on this topic. This report is written to reflect the reality of market research in Singapore. Because of the standard approach that is adopted in the market research industry universally, Singapore faces some problems and issues that are not particularly different from any other country. These are outlined in the first part of the report. Sources of the information were from literature search and articles published within and outside the country. Singapore, however, bears two unique features that have made the study of this topic interesting. They are namely a small population and a multi-racial society. These features therefore create a new dimension and added complication for our local researchers to deal with . The interviews with some experienced staff from some practising research firms were both essential and rewarding. These are documented in Part Two so as to lend local flavour to our report . Part three recounts on our first hand experience which we gained whilst performing a market research for Hempel Coatings (S) Pte Ltd. The survey was designed to assist the company in testing the market sentiments for their products as well as in understanding consumer preference. Our analysis also revealed their (Hempel's) strengths and weaknesses vis-a-vis their competitors. The intention of this exercise was to put ourselves through the whole research process in a real life situation. It proved to be relevant and beneficial in helping us draw a conclusion to this topic. At the end of the report were some recommendations which may be helpful for future research in this area.