Session 1-Introduction to Market Research

8/3/2019 Session 1-Introduction to Market Research

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Introduction to Market Research


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About Me


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Passed out of Welingkars in 2004

Worked for the last 5 years with IMRB , stints in

Media Planning and consulting prior to that


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Worked on the following types of studiesBrand Tracks

Advertising Pre Testing

Segmentation

Product TestingConcept Testing

Awards Research

Pricing Research

Agricultural Research


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Brands I have worked with


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So what comes to your mind when I saythe words market research?


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Surveys

Questionnaires

Door to Door

Summer Projects

Tables

Opinion Polls

100 page reports

Analysis

Primary Secondary


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Dilbert's view on Market Research


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Lets examine a few objections to marketresearch


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We do no market research. We dont hire consultants. We just

want to make great products

-Lt .Steve Jobs


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IfId asked customers what they wanted, they would have

said a faster horse

-Henry Ford


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I never hired a consultant or did any market research to tell me

whether people will fly. I mean, it was staring in my face. Ifthe

economy improved, people had to fly

Capt Gopinath Founder ofDeccan Aviation


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Market Research may not give you the

next Google or Facebookbecause

Its very hard to envision the

solution you want without actuallyseeing it

Customers dont

know what they

want

Customers have no idea about the

enabling technologies involvedCustomers dont

know whats

possible

theyre busy enough with their ownlives and jobs they dont have a lot of

time for analyzing what needs they

have in common with others

Customers dont

know each other


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Ifyou just ask customers what they want, do youll end up with incremental and

evolutionary improvements to what they already have (at best) or more likely a

random collection ofband-aid features, and not the new and dramatically

better solution that youre looking for

-Marty Cagan ofthe Silicon Valley Product Group


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So is Market Research Irrelevant?


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Global market research is a US$ 31.2 Bn

Industry


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There is a bit of Market Research involved

in almost everything you do

The ads yousaw on TVyesterday

The fragrancein the soap

you used today

The features

on your Cellphone

The ranking of

your B-School

The design ofyour Facebook

page


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Fact #

Market Research helps clients solve actual

business problems


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The marketing team of an

apparel brand wants to check

if its recent ad campaign waseffective

How do they do this?


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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?


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A FMCG major wants to

ensure the right kind

fragrance for its new soapvariant.

How does it choose from the

variety of scents available?


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Fact#

A host of major brands in India use market

research very seriously in their marketing

process


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Market Research

Green and Tull have defined marketing research as follows:

Marketing research is the systematic andobjective search for, and analysis of, information

relevant to the identification and solution ofany

problem in the field ofmarketing.


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Market Research:What it is

An integral marketing function

A systematic approach

Search for relevant information

To support decision making


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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


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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


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When do I initiate market research?


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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

TrendsInternet

Consumer

Feedback Can I get valid information in timeand within budget?

Yes No

Initiate

Research

Sales

Force

Dealer

Visits

Industry

Bodies


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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?


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What will this course offer you?


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Practical guidance on how to conduct market research.

A step by step approach

Formulation of the marketing problem

Development of the approach to solve the problem

Creating a research framework

Collecting the informationAnalysing Data

Presenting Data


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Why is this course very very important for you?


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What is the difference between Secondary

and Primary Research?


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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

Secondary Data Advantages: Low Cost, Fast, Offers a initial perspective into your

problem

Secondary Data Disadvantages:Low on accuracy, outdated, unclear methodology

Secondary Data is good for

Spicing up your reports -Background, Category History,

Developing hypothesis for your research

Sources

Government Publications(Census, Economic Survey)

Industry/Trade Associations (CII,FICCI)

Newspapers/Magazines/Journals

Syndicated Sources (Indian Readership Survey)


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Primary Data

Wikipedia gives us very simple definition

Primary research (also called field research) involves the collection of data

that does not already exist, 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, Offline, Cell Phone

Telephonically

Primary Data Advantages: Accurate ,Focused on specific research issues, Control on

how information is collected.

Primary Data Disadvantages:Expensive, Time Consuming,

Documents

Session 1-Introduction to Market Research