An Introduction to MRTopic 1

AgendaMR Industry OverviewWhy MR? Why Important?MR Easier or Tougher now?What Can you Research?MR DefinedSteps in the MR processSummary

The MR IndustryIn India the MR industry is worth a few hundred crores, say Rs. 750 cr.Big players are ?Worldwide the industry is worth several billion dollarsIndia is small fry but growing very fastWorldwide norm is 0.5-1.0 % of turnoverIn India, if 0.25% were spent, Indian MR would be worth Rs. 3000 crore!What does that tell you?

Why MR?Why is MR important?Why should you learn MR?Why should companies invest in MR?

Why MR?Why do men buy Barbie dolls while buying Van Heusen shirts?

Why MR?Men spend a lot on the shirtEnd up being a little guiltyHence buy a Barbie doll for daughters!Hence, retailers place Barbie dolls near expensive shirtsWithout analysis of data, would such a thing be foretold or explained?What if they have young sons?!

Why MR?Marketing management is all about making decisions relating to 4 Ps, STP and issues like market entryEssentially, all management revolves around decision makingFor any decision-making, information is vitalMR provides managers this infoWithout this, managers will go by hunchesDoes this happen now?In God we trust, for the rest we need data

Why MR?MR helps marketers stay close to the consumerThere is a danger of losing touch with consumersAt Great Lakes, we have just 260students, so getting feedback is not a problemP&G has a billion+ consumers worldwideWithout MR, it would be impossible to keep in touchThe stunning success of the Koreans here

Why MR?What format is hot in cricket nowadays?Who came up with this format and how?

Why MR?Without MR, it is impossible to get certain insights which may be crucialManagers take better informed decisionsFor example, my research with a German pharma majorWhy did the Tatas go in for a cheap car and not a 3-wheeler?

Why MR?They did some MRAsked people why do you need a 4-wheeler?Answer was it will improve my marriage prospectsThus, emotional reasons were key, not rational ones3-wheeler was considered cheap

Why MR?You have two career choices MR vs. No MR companiesIn both, knowledge of MR will come in usefulHow?An MR career is very rewarding by the wayLot of variety Plus intellectual content quite high Also, consulting jobs involve quite a bit of MRHence, useful for you all

Why MR?Plus, at Great Lakes, special reason to learn MRThis is the empirical studyThis course will help tremendously in the ESThe tools and techniquesThe application of the above in the project will be a good practice match for the ESHence, listen carefullyPlus, instructor has unique insights thanks to great Profs teaching him and doing tons of research projects

MR Easier or Tougher now?Is MR easier to do now or harder?Why?

MR Easier or Tougher now?Certainly easier nowMany consumers own cell phones, phones, cars, bikes, club membershipsMeaning what?Also, companies nowadays no longer see MR as a waste of moneyFirst budget to be cut in a recessionNow they see it as a necessary investment

MR Easier or Tougher now?Plus, now MR companies are dime a dozenThough quality is suspect sometimesStatistical software is now sophisticated and user-friendly e.g. SPSSConsumer literacy has shown dramatic increase in the last 15-20 yearsNet has come in as a major boon as a toolKeeps changing everyday almost

MR Easier or Tougher?However, consumer apathy has grownWidespread disinterest and downright lying e.g. voter opinion pollsPrannoy Roy in 1984 started themOftentimes, time is a constraintHLL had how much time to react to P&Gs price cut? MR possible?Cavin Kare promosAlso, small companies lack the resources as MR is expensive

What Can You ResearchWhat are some areas that you can do MR on?

What Can You ResearchThus, almost everything is researchable, tactical and strategic Thus, it should be What Can You Not Research?MR is very importantElse, the company/industry is in bad shapeLike the film industryVacuumiser, Contessa were big failuresKorean giants do assiduous MRAs does P&G, LeversNot chance that they are successfulNeemazol is an excellent example of rural MR

MR DefinedSo what then is MR?How can it be defined?

MR DefinedMR is the systematic and objective ID, collection, analysis, dissemination and use of info for marketing-related decision-makingNote that it is systematic and objectiveIt is thus different from Marketing IntelligenceWhat is this?

MR DefinedMI is general, vague and usually done in-house, with focus on competition by and largeSome authors use MI as part or MRBut MR is always systematic and objective, or should be

Steps in the MR ProcessDefining the problemDeveloping an approach to the problemJust builds off first stepResearch designThe heart of the MR processData CollectionData analysisReport PresentationFeedback and Continue

Steps in the MR ProcessWe are going to take a look in detail at research design, data collection and analysisHow many of you know SPSS?

SummaryIn sum, MR is very important Good MR should be the basis of your decisions mostlyWe shall take a look at some steps in detail