MARKET RESEARCH

INTRODUCTION

Customers needs have become the focal point of action in the marketing function. The success of a product depends largely upon its popularity with the consumers. Market research executives organise surveys to identify customer choices both current and potential. Their job entails locating the potential customer population, assessing the need for a new or improved product, collecting relevant information about competing products, suitable location of sale outlets, price of the product and profitability. Feasibility market research is also carried on from time to time.
The market research industry in India is on a consistent growth path ranging from 20-2 5% in the last few years. India has a net share of $ 40 million yet far behind the US share of $5 billion, Japan's share of $ 1 billion and China with $ 100 million.
The globalisation of corporates demands globalisation of their research providers. An increasing number of companies which market their products and services globally are demanding a worldwide collection and evaluation of data via consistent techniques and models as they want to extend the core strengths of their brands across all countries including India.
Market Research has gained a prominent and a unique place in selling. There is no doubt that the success of any product depends a great deal on the marketing strategies employed to sell the product. With a diverse and ever growing marketplace, studying the needs and demands of the people has become crucial. Market Research involves study of the target population and its capacity to pay as well as both quantitative and qualitative analysis of consumer needs. The techniques of market research trancend all regional, language and national frontiers very much like the financial services. The feedback about customer satisfaction, the parameters as well as the issues a corporate wants to know are common to all users through out the world,

NATURE OF WORK

Market research involves data collection and data interpretation required for analysis and predictions for guiding business and related decisions. Research is conducted for assessing consumer opinion related to brand name, trademark, product design, packaging etc. for providing services to a company for its marketing and new product ventures. The study of the competitors is part of this function. Market Research also incorporates research related to sales methods and policies. Sales campaigns, sales quota allotments and commissions are based on information related to geographical distribution of sales, seasonal impact on sales, demographical changes influencing sales etc Assessment of other aspects such as consumer demand and opinions, consumer reaction to price, product or service quality, need and utility are market research excercises required for suggesting improvements.
Market Research involves the following stages

Project planning- Planning of all details for the market research exercise. This is carried out by the project incharge in consultation with statisticians who determine the sample size and the nature of inputs in the questionnaire requiring interpretation.

Designing a questionnaire- Psychologists and demographers prepare the questionaire and decide upon the locations for the survey.

Field Interview - Door to door interview is carried out by field staff who complete questionnaires by asking questions from respondents. The job involves fieldwork i.e. home visits, market study, tours of other cities

Statistical Interpretation- This involves tabulation of each item of the questionnaire. The responses are counted and report prepared. Data analysis is done as a team exercise to interpret the findings

Analysis- Market analysts analyse the data on the basis of the objective of the research and make interpretations and suggestions.
Geographical Information makes demographic data useful.

Market research executive and investigator

An important person in the research team is the market research analyst.Results after having gone through statistical measures for authentic quantitative evidence are analysed for forecasting causes of sales decline which serves as a basis for planning and coordinating most of the activities of the firm. Besides the interpretation of results market research executives work as a team with the production, distribution and advertising personnel to interpret the results of their findings for suggesting improvement in an existing product or in planning new products.

WORK ENVIRONMENT

Market Research requires minimum of a 40-hour office work. Often when the deadlines have to be met working time goes into late hours. Some travelling is required for planning a research exercise or for collecting data. The office work involves working on the computer and hence it is essentially a desk job.

PERSONAL CHARACTERISTICS

Market research professionals require an analytical mind, numerical aptitude, good communication and peoples skills. Interest in working with numbers and words and interest in problem solving is required. Patience and computational skills are important. The job requires an organised approach as volumes of data has to be handled. Ability to work under stress to cope with work pressure is essential.

EMPLOYMENT AVENUES

Market Research Organisation, industrial houses, corporations, marketing organisations, consultancy firms, government /non government organisations offer employment to market research professionals.

Earnings

Research Assistants, or Junior Research Executives begin at Rs. 8,000. Senior Research Executives get a higher salary. Middle level executives get about Rs. 12,000 to Rs. 15,000. At the top levels, salaries are comparable to what managers draw in other sectors.

STUDY/TRAINING

Market Research professionals are management graduates/ postgraduates or degree holder's in economics, psychology, sociology or statistics. Management programmes are conducted by privately run business schools and university departments. The choice of an institution is determined by the competition a candidate is prepared to take as business schools of repute recruit candidates on the basis of their merit in the entrance test. Graduate/ postgraduate programmes in economics, psychology, sociology and statistics can be pursued in most reputed universities

COURSES/INSTITUTIONS

A BSc. (Hons) course in Statistics is offered by the Indian Statistical Institute, 203, Barrackpore, Calcutta 700035 and its regional centre. Selection to the course is through a written examination.
For Management and Marketing Courses refer to the cluster on Management. Refer to Chapters on psychology, sociology, anthropology, economics for study in these areas.

LIST OF TRAINING INSTITUTIONS

Place

Institutions

Courses offered

Eligibility criteria

Agra

Dr bhim rao ambedkar University

Senate house

Paliwal park

Agra 282004

Phone: 361264-68

1-year PG diploma in market research statistics

After graduation

Gwalior

School of studies in commerce & management

Gwalior 474011

Master of marketing administration (MMA)

Graduation with 50% entrance test

Jaipur

R.A Podar institute of management

(Faculty of management studies),

Jawaharlal Nehru marg

Jaipur 302004

Phone: 511349

Fax: (0141) 510339

Marketing management

Graduation with 50% entrance test

Lucknow

Institute of development studies,

Lucknow 226007

Master of marketing economics & management

Graduation

Mumbai

Narsee monjee institute of management studies,

V l mehta road

Vile parle W,

Mumbai 400056

Phone: 26134577, 26183688

Fax: 26114512

E-mail: nmims@nmims.edu

Website: www.nmims.edu

2-year PG diploma in advertising and communication management

Graduation with 50% entrance test

Mumbai

K.J. Somaiya institute of management studies & research,

vidyanagar, vidyavihar

Mumbai 400077

Phone: 25140006, 2510 6552

Fax: 91-22-25156583

Website: www.simsr.com

Diploma in marketing management

MMS with marketing specialisation

Graduation

Graduation with 50% entrance test

New Delhi

Apeejay school of marketing,

Sector 8, institutional area,

Dwarka, papankalan,

New delhi 110045

Phone: 25087275-78

Fax: 25087274

E-mail: asm.tvu.del@apj.edu

PGDBM with specialisation in marketing

Bachelor’s degree with 50%

Notified in April, test in April

New Delhi

Times school of marketing,

10 Daryaganj,

New Delhi 110002

Phone: 23273514 PBX

23266081-7, 23271911-13

1-year PG diploma in marketing management

Graduation with 50% entrance test

Notified usually in January; admission test:

March 3rd week.

Pune

Symbiosis institute of business management,

Senapati bapat marg

Pune 411004

Phone: (022) 5654626, 5655978

Fax: 91-22-5659499

2-year PG diploma in advertising and communication management

Graduation with 50%

Notified in January; written test in February at Mumbai, pune. Kolkata, chenai, delhi, hyderabad, allahabad, Bhopal and patna; GD, PI at pune.

NIS offers the 11-month PG diploma in sales and marketing at its selected centres in various cities.

Listing is indicative

Note: candidates are advised in their own interest to verify dares for session commencement, eligibility criteria and admission procedure directly with the concerned university/institution or through their notifications in the newspapers. It is expected that there will be and entrance test for admission into master’s degree programmes in most cases.