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Market Research

Summary

  • Market Research involves collection of data in a systematic and objective manner through primary research or secondary research, in order to analyse the target market, competition or environment. It can be carried in two ways: Quantitave research, which is gathered through survey and questionnaires. Here the researcher focuses on coming up with numbers, example- what percentage of the population buys a particular product. Qualitative research, gets behind the facts and figure to find how people feel about a particular product. Researchers take interview, use questionnaires and interpret the result.

Career Opportunities in Market Research

  • Product Research
    Product research is done to gather information about the individual product. It studies the product from its initital stage to marketing of the product. It studies the size, shape, colour, quality, packaging, brand name and price of the product. It also looks into the product modification, product innovation, product life cycle, etc. As per the need and want of the consumer, the product is modified (changed) as per the needs and wants of the consumers.
  • Consumer Research
    Consumer research is done to understand consumer behaviour. It studies the consumer needs, their buying motives, atitutde, age, sex, income, demographic location, etc. This data is used to take decisions about the product, its price, place and promotion.
  • Packaging Research
    Packaging research is important part of product research, which is done to attract attention of the target audience towards their product. It looks into the the quality of the product, makes packaging interesting, reduces cost of the packaging by selecting suitable packaging material, etc.
  • Pricing Research
    Pricing Research studies the pricing of the product. It fixes the price for the product by comparing the companies price with the competitor's price. It also fixes the discount and commission and predicts the future price trends by studying the market price trends.
  • Advertising Research
    As the shelf life of advertisement is low, so the main objective of the advertising research is to decide on the advertising message, layout, copy, slogan, headline, etc. which is catchy and sets them apart from their competetiors and make the advertisement memorable for the audience. Apart from this it also sets the advertising budget and selects a suitable media for advertising. It also evaluates the effectiveness of advertising and other sales promotion techniques.
  • Sales Research
    Sales research studies the selling activities of the company. It studies the sales outlets, sales territories, sales forecasting, sales trends, sales methods, effectiveness of the sales force, etc.
  • Distribution Research
    Distribution research studies the channels of distribution. It selects a suitable channel for the product. It fixes the channel objectives. It identifies the channel functions like storage, grading, etc. It evaluates the competitor's channel.
  • Policy Research
    It studies the company's policies and evaluates the effectiveness of the marketing policies, distribution policies, sales policies, pricing policies, inventory policies, etc. and thus makes the necessary changes in it, if required.
  • International Marketing Research
    Data of international market is collected to help their product entre and sustain in the international market. It collects data about the consumers behaviour, their economy, political sitiation, etc. as well as the data about the foreign competitors which is useful for the exporters.
  • Motivation Research
    Motivation research studies consumers' buying motives. It studies those factors that motivate consumers to buy a product. It mainly finds out, Why the consumers buy the product? It also finds out the causes of consumer behaviour in the market.
  • Market Research
    In order to increase the sale, market research is conducted which studies the market competition, market trends, buying habbits, etc. It fixes the sales territories and sales quotas as well as estimates the demand for new products and does the sales forecast.
  • Media Research
    Media research studies various advertising media. The different advertising media are television (TV), radio, newspapers, magazines, the internet, etc. Media research studies the merits and demerits of each media. It selects a suitable medium for advertising. It does media planning. It also studies, media cost. It helps in sales promotion and to avoid wastage in advertising.

How to Pursue a Career in Market Research

Stream Graduation After Graduation After Post Graduation
path 1
Clear Class XII in Commerce Pursue BA Economics, Statistics, B.com, BBA, (Marketing Specialization) (Preffered) Pursue Masters in Business Administration or Masters in Marketing Research-
path 2
Clear Class XII in any Stream Pursue B.Sc Marketing (Hons) or BBA (Marketing Specialization), BA Economics, Statistics, B.com, BBA, (Marketing Specialization) (Preffered) Pursue a Diploma Course in Marketing-

Important Facts

  • Most colleges have eligibility criteria of minimum 50% aggregate marks in Class XII
  • To pursue this field one needs to have knowledge of Economics, Statistics, etc. For example: A candidate who has completed BA Psychology/ any graduation and has knowledge of Economics or Statistics can opt for this course.

Leading Institutes

Top Market Research Institutes in India
College Location Website
Shaheed Sukdhev College of Business Studies (BBA) Delhi www.sscbs.du.ac.in/
Christ University (BBA) Bangalore www.christuniversity.in/
Sri Ram College of Commerce (Eco) Delhi www.srcc.edu/
St. Stephen College(Eco) Delhi www.ststephens.edu/
St. Xaviers College (B.Com) Mumbai www.xaviers.edu/main/
Loyola College (B.Com) Chennai www.loyolacollege.edu/
Lady Sri Ram College (Psychology) Delhi www.lsr.edu.in/courses-psychology.asp
Gargi College (Psychology) Delhi www.gargi.du.ac.in/
Indian Institute of Management (IIM-A) Ahmedabad www.iimahd.ernet.in/
Indian School of Business (ISB) Hyderabad www.isb.edu/
Indian Institute of Management (IIM-B) Bangalore www.iimb.ac.in/
Indian Institute of Management (IIM-C) Kolkata www.iimcal.ac.in/
Indian Institute of Management (IIM-L) Lucknow www.iiml.ac.in/
SP Jain Institute of Management and Research Mumbai, Maharashtra www.spjimr.org/
Mudra Institute of Communications, Ahmedabad Ahmedabad, Gujarat www.mica.ac.in/
Jamnalal Bajaj Institute of Management Mumbai, Maharashtra www.jbims.edu/

Important Entrance Exams

Undergraduate
College Tentative Date Important Elements Website
Delhi University (Join Admission test- JAT) May (Forms) June (Exam)

Written- English (Reading comprehension), GK, Reasoning aptitude, Analytical Aptitude

GD and Interview

www.du.ac.in
BBA - Christ University Feb- March

Quantitative and Numerical Ability, Logical Reasoning, English, General and business awareness, Data Interpretation/Data Analysis

Presenatation & PI

www.christuniversity.in/apply-online
Postgraduate
Institution Tentative Date Important Elements Website
CAT Forms - Aug-Sept Entrance test - CAT – Nov Quantitative Aptitude; Verbal and Reading comprehension, Data Interpretation and Logical Reasoning www.iimcat.ac.in
GMAT/GRE Anytime over the year GMAT/GRE – Anytime over the year Verbal Reasoning, Quantitative Reasoning and Analytical Writing www.isb.edu/pgp/admissions/admission-calendar
XAT Forms- Aug- Nov Entrance test- XAT - Jan Verbal Ability, Logical Ability; Decision Making, Quantitative Ability, Data Interpretation, General Knowledge. Also includes Essay Writing as a part of the test. www.xatonline.net.in/
SPJIMR Oot - Dec Quantitative Aptitude, Verbal & Reading comprehension, Data Interpretation & Logical Reasoning www.spjain.org/programs/undergraduate/entrance-test
MICAT Forms End of Sep – Nov (for MICAT I) Jan (for MICAT II) Entrance – MICAT I (Dec) MICAT II – (Feb) MICAT – Psychometric, Verbal Ability, Quantitative Ability, General Awareness, Divergent-convergent Reasoning, Descriptive test www.mica.ac.in/postgraduate-programme/selection-process-and-timelines
Jamnalal Bajaj Institute of Management Studies (JBIMS) Forms application – Jan – Feb Exam- March Centralized admission process (CAP) MAH-MBA CET Verbal Ability, Reading comprehension, Quantitative aptitude, Logical & abstratct reasoning www.jbims.edu/academia/admission/full-time/mms

Work Description

  • Collect data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand
  • Gather data on competitors and analyze their prices, sales, and method of marketing and distribution
  • Prepare reports of findings, illustrating data graphically and translating complex findings into written text
  • Devise and evaluate methods and procedures for collecting data, such as surveys, opinion polls, or questionnaires, or arrange to obtain existing data
  • Monitor industry statistics and follow trends in trade literature
  • Measure the effectiveness of marketing, advertising, and communications programmes and strategies
  • Forecast and track marketing and sales trends, analyzing collected data
  • Collaborate with marketing professionals, statisticians, pollsters, and other professionals

Pros & Cons of a Career in Market Research

Pros
  • High pay potential, as they are the backbone of their company.
  • Get to travel in various places.
Cons
  • Irregular working hours
  • Can be stressful due to deadline.
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