Introduction to Market Research

About Me

Passed out of Welingkar·s in 2004
Worked for the last 5 years with IMRB , stints in Media Planning and consulting prior to that

Worked on the following types of studies Brand Tracks Advertising Pre Testing Segmentation Product Testing Concept Testing Awards Research Pricing Research Agricultural Research .

Brands I have worked with .

So what comes to ´yourµ mind when I say the words market research? .

Questionnaires Surveys Door to Door Opinion Polls 100 page reports Analysis Secondary Summer Projects Tables Primary .

Dilbert's view on Market Research .

Lets examine a few objections to market research .

We just want to make great products -Lt .We do no market research. We don t hire consultants.Steve Jobs .

If I d asked customers what they wanted. they would have said a faster horse -Henry Ford .

it was staring in my face. people had to fly Capt Gopinath Founder of Deccan Aviation . If the economy improved. I mean.I never hired a consultant or did any market research to tell me whether people will fly.

Market Research may not give you the next Google or Facebook because« Customers don t know what they want Customers don t know what s possible Customers don t know each other It s very hard to envision the solution you want without actually seeing it Customers have no idea about the enabling technologies involved they re busy enough with their own lives and jobs they don t have a lot of time for analyzing what needs they have in common with others .

and not the new and dramatically better solution that you re looking for -Marty Cagan of the Silicon Valley Product Group .If you just ask customers what they want. do you ll end up with incremental and evolutionary improvements to what they already have (at best) or more likely a random collection of band-aid features.

So is Market Research Irrelevant? .

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2 Bn Industry .Global market research is a US$ 31.

There is a bit of Market Research involved in almost everything you do The ads you saw on TV yesterday The design of your Facebook page The fragrance in the soap you used today The ranking of your B-School The features on your Cell phone .

Fact # Market Research helps clients solve actual business problems .

The marketing team of an apparel brand wants to check if its recent ad campaign was effective How do they do this? .

A product manager at a telecom company wants to check if his new tariff plan will cannibalize customers from his old plan How does he ensure this does not happen? .

How does it choose from the variety of scents available? .A FMCG major wants to ensure the right kind fragrance for its new soap variant.

Fact# A host of major brands in India use market research very seriously in their marketing process .

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information relevant to the identification and solution of any problem in the field of marketing. and analysis of.Market Research Green and Tull have defined marketing research as follows: ³ Marketing research is the systematic and objective search for. ´ .

Market Research: What it is An integral marketing function A systematic approach Search for relevant information To support decision making .

Market Research: What it isn't Not an academic pursuit Not an oracle with all answers Not the absolute truth Not a substitute for judgment and creativity .

The world of research is vast ‡ FMCG Research ‡ Media Research ‡ Financial Research ‡ Business to Business Research ‡ Pharmaceutical Research ‡ Trade Research ‡ Panel Research ‡ Customer Satisfaction ‡ Agricultural Research ‡ Automotive Research ‡ Awards and Rankings Research .

When do I initiate market research? .

I have insufficient knowledge to take a marketing decision Do I have the key information easily available? Available from existing resources Not available from existing resources Sales Trends Sales Force Internet Consumer Feedback Industry Bodies Can I get valid information in time and within budget? Dealer Visits Yes No Initiate Research .

Somethings are not researchable : Figuring out the proportion of black money in a persons annual income? Somethings are not worth the time and cost: Knowing the number of Indians reading Russian newspapers? Somethings are not Ethical: Measuring the intention amongst teens to consume psychedelic drugs? .

What will this course offer you? .

A step by step approach Formulation of the marketing problem Development of the approach to solve the problem Creating a research framework Collecting the information Analysing Data Presenting Data .Practical guidance on how to conduct market research.

Why is this course very very important for you? .

What is the difference between Secondary and Primary Research? .

Category History. Economic Survey) ‡ Industry/Trade Associations (CII. unclear methodology Secondary Data is good for ‡ Spicing up your reports -Background. outdated. Fast. Offers a initial perspective into your problem Secondary Data Disadvantages: Low on accuracy. ‡ Developing hypothesis for your research .FICCI) ‡ Newspapers/Magazines/Journals ‡ Syndicated Sources (Indian Readership Survey) Secondary Data Advantages: Low Cost.Secondary research is nowadays synonymous with Any information that has been gleaned from studies performed previously(and not specifically for the problem at hand) becomes Secondary Data Sources ‡ Government Publications(Census.

Primary Data Wikipedia gives us very simple definition Primary research (also called field research) involves the collection of data that does not already exist.Time Consuming. Offline.Focused on specific research issues. which is research to collect original data Collecting Primary Data ‡ Interviewer administered or Self administered ‡ Data can be collected through ‡ Paper based questionnaires ‡ Diaries ‡ Digitally: Online. Primary Data Disadvantages: Expensive. Control on how information is collected. Cell Phone ‡ Telephonically Primary Data Advantages: Accurate . .

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