ASSIGNMEN T ON

MARKET RESEARCH AREAS

SUBMITTED BY: NISHANT BANSAL MARKET RESEARCH MBA GL 2 301

INTRODUCTION
Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research or primary research which is collected direct from a respondent. !he purpose of any market research project is to achieve an increased understanding of the subject matter. "ith markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they be large or small. The Market Research Process !o conduct market research, organisations may decide to undertake the project themselves (some through a marketing research department or they might choose to commission it via a market research agency or consultancy. "hichever, before undertaking any research project, it is crucial to define the research objectives i.e. what are you trying to achieve from the research# and what do you need to know# $fter considering the objectives, Market Researchers can utilise many types of research techni%ues and methodologies to capture the data that they re%uire. $ll of the available methodologies either collect %uantitative or %ualitative information. !he use of each very much depends on the research objectives but many believe that results are most useful when the two methods are combined. Quantitative Research &uantitative research is numerically oriented, re%uires significant attention to the measurement of market phenomena and often involves statistical analysis. 'or e(ample, a bank might ask its customers to rate its overall service as either e(cellent, good, poor or very poor. !his will provide %uantitative information that can be analysed statistically. !he main rule with %uantitative research is that every respondent is asked the same series of %uestions. !he approach is very structured and normally involves large numbers of interviews/%uestionnaires. )erhaps the most common %uantitative techni%ue is the *market research survey+. !hese are basically projects that involve the collection of data from multiple cases , such as consumers or a set of products. &uantitative surveys can be conducted by using post (self-completion , face-to-face (in-street or in-home , telephone, email or web

techni%ues. !he %uestionnaire is one of the more common tools for collecting data from a survey, but it is only one of a wide ranging set of data collection aids.. Qualitative Research &ualitative research provides an understanding of how or why things are as they are. 'or e(ample, a Market Researcher may stop a consumer who has purchased a particular type of bread and ask him or her why that type of bread was chosen. .nlike %uantitative research there are no fi(ed set of %uestions but, instead, a topic guide (or discussion guide is used to e(plore various issues in-depth. !he discussion between the interviewer (or moderator an the respondent is largely determined by the respondents/ own thoughts and feelings. $s with %uantitative techni%ues, there are also various types of %ualitative methodologies. Research of this sort is mostly done face-to-face. 0ne of the best-known techni%ues is market research group discussions (or focus groups . !hese are usually made up of 1 to 2 targeted respondents, a research moderator whose role is to ask the re%uired %uestions, draw out answers, and encourage discussion, and an observation area usually behind one way mirrors, and video and/or audio taping facilities. In addition, %ualitative research can also be conducted on a *one on one+ basis i.e. an in-depth interview with a trained e(ecutive interviewer and one respondent, a paired depth (two respondents , a triad (three respondents and a mini group discussion (3-4 respondents . Usin Market Research Data after compiling the data, Market Researchers evaluate it and make conclusions and recommendations to their client or employer based upon their findings. !hey provide an organisation/s management with information needed to make decisions on the promotion, distribution, design, and pricing of products or services , information that meets the initial research objectives.

MARKET RESEARCH !OR "USINESS

Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. 0nce that research is completed, it can be used to determine how to

market your product .&uestionnaires and focus group discussion surveys are some of the instruments for market research. 'or starting up a business, there are some important things5 Market in#or$ation

!hrough Market information one can know the prices of the different commodities in the market, as well as the supply and demand situation. Information about the markets can be obtained from different sources, varieties and formats, as well as the sources and varieties that have to be obtained to make the business work.

Market se $entation

Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, techno graphic differences, use of product differences, psychographic differences and gender differences.

APP%ICATION AREAS O! MARKETIN& RESEARCH

Pricing Research
"e provide pricing strategy consulting backed by strong pricing research capabilities. 0ur perspective is broad when dealing with pricing research and pricing strategy decisions, and focus on finding for your business optimum price-product-feature configurations in the conte(t of market positioning opportunities. "e employ both %ualitative and %uantitative pricing research tools.

Product Research
)roduct market research serves several goals5 new product design and market validation research, or assessing e(isting product strength and line e(tension potential. "e follow the product development cycle integrating research with creative positioning and technical product design efforts.

 Concept Testing
6oncept testing research evaluates advertising concepts, ad theme concepts and appeals, new product concepts, pricing, brand concepts, brand names, and positioning strategy concepts. "e select techni%ues -- %ualitative and %uantitative -- to both develop concepts, refine, and screen to assess market potential.

Positioning Research
"e offer e(perienced market positioning and creative branding research capabilities to define and go-to-market with a high-impact positioning strategy. 'irst, it re%uires understanding the market positioning concept, your current and potential markets, and the process needed to generate brand name impact.

Marketing Due Diligence

"e support venture investment firms with primary and secondary marketing research in a stand alone or component marketing due diligence study.

Customer Satis action Research

!he bu77 and interest around customer satisfaction research sometimes deflates if the research design does not lead to actionable results. $lso, customer e(pectations generally rise overtime as advances in technology in many categories boost the consumer consciousness of what to e(pect. "e build into our customer satisfaction study design 8action indicators8 to point to immediate use of customer satisfaction results.

!randing Research

9randing decisions drive branding marketing research strategy. 6orporate, product and advertising brand development is a mi( of creativity and marketing information to uncover brand positioning opportunities in cluttered market spaces.

!rand E"uit# Research

9rand e%uity research measures the breadth and depth of brand power in your target markets. "e use both standard and custom tailored brand e%uity survey measurements. $ key to research design is the goal of a brand e%uity measurement study.

Ad$ertising Research
$dvertising research design is determined by specific advertising goals and the stage of ad development, or campaign. "e use a broad range of advertising research techni%ues including ad recall surveys, message and theme salience and impact measures, buying motivation and association with the ad message or positioning theme. "e employ both %ualitative and %uantitative pricing research tools.

Market Segmentation
Market segmentation research maintains focus and delivers needed marketing information in today/s moving economy where new markets and new product categories emerge and traditional market segments fade away. Market segmentation research is a way to keep /your eye on the ball./ 0ften we start the market segmentation process with %ualitative research to the range and breadth of customers. !hen we follow with %uantitative research using appropriate multivariate analysis (cluster, k-means factor, etc to define meaningful segments.

Sales Anal#sis

:ata mining -- finding gems of insight from sophisticated or basic analysis of your internal customer and sales and margin trend data -- is a key first step in product and brand analysis. ;imply put, a marketing analysis data mining effort searches for meaning and insight among the stacks of sales data and marketing data already within a sales and marketing organi7ation. !hrough these tools we can better target your best customers, find which advertising and promotion methods are most efficient and effective.

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In'ia(s )** Most +alua,le "ran's 3); 9 ? M and Indian council for market research has once again, in the fourth consecutive year, brought the annual rankings of India/s @AA Most valuable brands. In the first )hase which started some 1 months before the final listing in the maga7ine, a holistic list of 3A,@BA brands across CD categories ? BB sub categories, I6MR whittled them down to @,3BB brands based on growth, reach, demand and availability. Ee(t, I6MR further shortlisted the top DAA brands across categories based on parameters of 9rand awareness and 9rand preference across DDAA respondents in 4 major cities. !he second phase began by conducting one-on-one interviews with 1,CAA respondents in @A major cities of India. !he respondents were asked to rate each of the brands on five parameters5 9rand Image ? perception, brand performance, 9rand loyalty, 9rand awareness and 9rand association. Fence, the aggregates of the survey provided the final *brand <%uity+ means as well as the final ranks of 3ps 9 ? M India+s @AA most valuable brands DAAB. !he third )hase took off with an opinion poll among D4AA respondents to vote for most promising, trusted, visible etc brands of the year. In'ia(s "est Markete' "anks Indian 6ouncil for Market Research (I6MR undertook a research on GIndia+s 9est Marketed 9anksH on behalf of the maga7ine 3)+s 9usiness ? Marketing. !he research was conducted based on financial parameters and a consumer perception survey conducted by I6MR. !he banks were categori7ed in C categories namely );. ()ublic ;ector .ndertaking , )rivate (Indian 9anks and 'oreign 9anks. !he banks were short listed on the basis of their balance sheet si7e (the balance sheet si7e of more than Rs. @A,AAA6r . !he final list of banks consisted of D@ );.+s, @D )rivate and 2 'oreign 9anks. 9anks from the Middle

<ast and co-operative societies were not taken under the purview of the research. !he list of banks was prepared on five broad categories5 )rofitability, Irowth, ;trength ? ;i7e, &uality of <arnings and the I6MR consumer perception survey. "ench$arkin Stu'- #or Pun.a, National "ank !o 9enchmark the services provided by )unjab Eational 9ank via-a-via their competitors and gauge the satisfaction for the same. In this study we covered @A )E9 branches, 3 other nationali7ed bank branches, 3 Indian )rivate 9anks and 3 'oreign )rivate 9anks. In this study we compared the %uality of services of all the bank branches mentioned above. It was conducted through random sampling of the target segment and interviewing them with a structured %uestionnaire. !his was :elhi E6R based study. Consu$er "u-in "ehaviour Stu'- #or S/encer0s !he )rime objective of the project was to propose practical solutions to ;pencer+s that would not only stimulate more business opportunities through effective and measured marketing and research tools but would also take into account the economic and social conse%uences. .nder the purview of the study, we have attempted to assess the consumer buying behaviour of various customers visiting the ;pencer+s store in Jolkata.

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innovative aspect of this strategy was the decision to communicate directly with end-users. !his was a very novel idea for a /pure technology/ company. Intel/s decision was eyed with suspicion by industry observers as no other company in the industry had ever done this before. It was reported that even many within the company also had the same opinion. Intel however decided to go ahead with its plans, and with the help of an advertising agency, :ahlin ;mith and "hite, designed a campaign for its products. !he company adopted a new tagline -/Intel...