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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,