"MARKET RESEARCH IN INDIA"

INTRODUCTION TO MARKET RESEARCH

                        Conducting market research in India is partially science, partially art. Market information

 that is needed by companies is very sketchy. Internet and other communication tools that is mature in

developed world is not systematically available. At the same time the market is growing at an

unprecedented rate which changes the market landscape. There are pockets of Indian market

where we can use the most sophisticated data collection methods that can match with any other

country, but on some other segments we have to use the techniques from the 60s. There are too

many moving parts to this system.

                 Large multi billion dollar companies with large research budget can conduct research at big

budgets, but in the same market, small and medium size business are trying to compete with

these large competitors and they need market information. Market information is the

battleground of tomorrow. Everyone needs market information to succeed. We have been

helping many small and medium sized companies with Market Research in India using

innovative techniques that involves secondary research that is combined with primary research

and business savvy to deliver results..

             In today’s competitive business scenario, every company small or big, Indian or MNC, family

owned or professionally managed would like to make better business decisions. It has now been

accepted that the best way to make better business decisions is through professional support

rather than gut feel and experience as earlier. Marketing today is a complex task in a competitive

market. In this context, Market Research is becoming increasingly popular as far as business

decision making is concerned

Market Research is a very actionable tool . The findings of Market Research are directly

linked to profits and growth of the business. Companies commission Market Research

because it can help them increase profits and grow the business.

 Market Research helps companies in three ways;-

•      By helping understand current customer tastes and preferences in order to ensure that

they continue to buy company’s products

•     Help understand the tastes and preferences of competition customers in order to try

and sell company’s products to them

•     Helping launch new products and services effectively by understanding the potential

of the market

Market Research has grown substantially during the last 20 years. The current size of the Indian

Market Research industry is estimated at Rs. 675 crores – small compared to the size of the

advertising industry which is estimated at Rs. 16,300 crores but large compared to what it was

around 20 years. The growth of Market Research during the last 20 years is a testimony to its

increasing popularity in India

At the same time, Market Research in India is at a crucial phase as far as acceptability is

concerned. Although many companies accept the importance of Market Research, decision

making related to commissioning a Market Research study can sometimes be long and time

consuming. Some of the typical questions / issues / concerns which companies have before

commissioning a Market Research study are;