“Maggi” swept into the Indian markets in 1983 and ever since then, there has been no looking back. The success story of Maggi has been attributed to the market research. Maggi very early on in the market realized that their major consumers were children and therefore their entire marketing strategy was based on targeting only kids. True to their research, it worked and Maggi has managed to oust every other similar brand, a recent casualty; Annapoorna Four o' clock Tiffin. Launching a product into the markets is no mean feat. There are a lot of other nitty-gritty’s that need to be considered. Consumer psychology being one of them. Any product when launched needs to strike a chord with the consumers. You can’t possibly shell out millions of dollars on something people don’t even think they need! Another important factor that needs to be considered is the time of launch; you just can’t launch woolen mittens in peak summer! In more than 90% of the cases, it isn’t the idea that is bad; it is the marketing that is bad. If you are someone who finds genuine interest in understanding the markets and loves the idea of extensive pre-launch research for a product/service then market research is a brilliant career option. Read on know all about the courses in market research.
Courses In Market Research
Eligibility
Market research is mainly a post graduation course, it is mandatory for a candidate aspiring to do a course in market research to be a graduate. A graduation in commerce, business management or business administration (BBA) are some of the preferred courses in order to take up a post graduation in market research. However, candidates with certain amount of work experience in the related field but a graduation in any other area of expertise are also acceptable. This course is also taught as a specialization along with MBA. Certificate courses are also available; they are of varying durations but help nevertheless.
Details Of The Course
Market research is an extremely interesting area of study. It involves a lot of practical and statistical data collection. Questionnaires form a major part of the massive data collection. It is the interpretation of this data that either breaks a product or gives it the right thrust to do well in the market. The post graduation course involves the following:
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Forming a marketing strategy
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Gaining customer insight and studying customer psychology
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Ways of identifying the target audience retrospective of the product.
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Questionnaire building
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Translating customer insights into Marketing strategy
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Product design based on customer insights
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Segmentation
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Positioning the product; using focus groups to generate and test positioning systems
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Advanced techniques for gathering customer insights
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Using the internet to gather customer insights
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Social media marketing for pre-launch research
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Customer value management; understanding the why’s and how’s of retaining customers.
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Conjoint Analysis to Determine an Optimal Feature Mix and Product Price
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Research Method To forecast demand
Skills Required
Extensive knowledge and a little bit of common sense, these are the two main attributes to become a market researcher. Reaction of the consumers to a product can be ascertained by asking the right questions. Once that information is obtained, through extensive surveys, polls, offers or questionnaires, all it requires is putting two plus two together and coming up with the most workable marketing strategy. Pricing, name of the product, usability, image of the company, launching time, production costs due to delays and competition from similar products; all of these questions are answered by the market researcher. A single flaw in any one of these interpretations and the product bombs; millions of dollars down the drain and a lifetime of regret! The job involves interpreting the numbers right and is an extremely stressful one with no window for mistakes.
Career Prospects
Taking into consideration the excess in consumer electronic goods, beauty and healthcare products, “grow your money” insurance schemes and dietary products (to just name a few); the consumer today is swamped with choices. So, while launching another one such product in an already never ending list of commodities, market research plays a very important role. Market researchers are those esteemed individuals who aid companies to come up with the right marketing strategy and ensure that their product stands out in the milling crowd. They are in great demand and after completing a course can join as market research directors, market research managers, market research supervisors or market analysts, depending on their skills.
Some Of The Institutes Offering Courses In Market Research
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University of Westminster, UK
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University of Liverpool, UK
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University of Alabama, USA
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University of Arizona, USA
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Indian Institute of Management, Bangalore, Kolkata, Ahmedabad, Lucknow, Indore, India
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Apeejay School of Marketing, New Delhi, India
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R.A. Podar Institute of Management, Jaipur, India
