Market surveillance is basically the practice of market monitoring to assess market performance and potential misconduct. These reports are often utilized to analyze and correct market behaviour. Market surveillance essentially acts as a behavioral monitoring and testing display to root out and isolate cases in which markets haven’t performed into the desired expectations Julian Narchet. Market observation has gained importance in the present market as markets increasingly interact with each other and information is more accessible. Market behavior is complicated and dynamic; it can be problematic for any trading strategy to generate consistent profitable results. Therefore, the evolution of reliable quantitative techniques has become quite important.
Consistency is vital when choosing market surveillance methodologies. The methods need to be able to give qualitative insight into the changing market parameters. Also important is the ability to leverage beyond market performance against potential predictions. This allows a trader to construct and evaluate a social media marketing strategy that’s consistent in character and is also helpful in capturing and using emerging trends. The ability to predict market behavior and make precise conclusions using quantitative market evaluation has been a significant factor behind the success of several market monitoring companies.
There are various forms of market surveillance and every kind has its own strengths and constraints. Some of the very popular marketplace surveillance methods include survey research, internet and phone surveys, and focus groups. Internet and telephone surveys offer you the best opportunity to get qualitative insights since the consumers are usually from all market segments. These surveys, however, are the very time consuming as every customer interaction is required and can take days to catch.
Surveys on the other hand, are readily available and provide quick results. It can also be dispersed at a quick speed, which may help accelerate the analysis and development of a market surveillance plan. A mass communications survey however, presents a harder challenge. The participants in a mass communication survey aren’t necessarily representative of their target audience since they are a random sample of callers. What’s more, because of the inherently qualitative nature of mass communications surveys, there are inherent limitations with respect to validity and generalisability.
Besides surveying consumers, market surveillance experts often survey key employees within a medical company. This ensures a comprehensive survey covering a wide range of topics is conducted. The advantage of this market surveillance system over the telephone or internet surveys is that it is a more accurate reflection of actual employee engagement. The significance of collecting feedback from key people inside a health company cannot be overemphasized. A health company’s top employees are directly accountable for the health and wellbeing of patients, and they represent the best endorsement a medical company can have. Collecting feedback from these high-tech workers, and understanding their feelings about the current market climate, will give a market surveillance company a unique set of information that’s vital for creating a solid marketing strategy.
Even though the above examples are important, the use of market surveillance should not be viewed just as a way to gather qualitative data. It should be thought of as a valuable tool when it comes to inventing a sound medical care marketing strategy. Market research that’s performed using a variety of methodologies will yield a comprehensive picture of current trends. When coupled with quality survey tools, market study conducted using a variety of methodologies can offer a business with all the information it needs to develop a robust and effective marketing strategy.