With the placement season wrapping up in almost all premier colleges, I would like to pen down this article to help the juniors who are confused between various roles for their executive placements.
What is Market Research?
Keeping bookish definitions aside, I would like to talk about the Ansoff's matrix. Like any strategic decision a company implements, be it product development, diversification or market penetration, it requires a solid backing of market research. It includes an understanding of the market, of consumer behavior and of competitors. Drawing a practical analogy, a market researcher is that detective who investigates the feasibility of a strategic decision.
What is the reach of Market Research?
The answer to this question includes a lot of layers, the depth of which is slightly tough to articulate in a short answer.
Be it an innovation or building brand, studying customer-employee relationships, brand health tracking, predictive analytics, social research, corporate reputation building, survey management, and analysis. Research is everywhere
What are the competencies required?
Well, I would like to suggest the students that,
we should opt for a role that we are passionate about. If we see ourselves working and growing in a company 10-15 years in the same field, then only we can add value to the organization. I feel if we are sure enough that particular organization can add value in terms of experience, growth, and knowledge to us we can do the same.
So coming back to competencies
If you are passionate about marketing and have the concepts on your fingertips and can apply it in practical scenarios, If you are curious to get into the crux of the matter.
If you have a creative bend of mind, If you like reading and understanding about brands then I feel it's the right place for you.
Qualitative vs Quantitative?
I probably see debates going around which is the most reliable method of research on the net (Read Quora).
Well, it's a very subjective topic cause it completely depends on the problem statement, that would determine which method would be more appropriate to reach the solution.
If you are interested in How's and what's of a problem and enjoy number crunching and need statistical data to justify and analyze your arguments. Then it's quantitative for you.
If you are more interested in the why's of a problem and more of a creative person it's qualitative for you.
Who are the major market players?
Kantar, Neilsen, Ipsos, Gfk.
What preparation is required?
Well knowing the concepts is just not enough but applying them in real life scenarios is. Please be thorough with the basic marketing concepts. Solve case studies, participate in contests to get that exposure and broaden your horizon.
Knowledge of excel: An online course on advanced excel would suffice.
Latest developments in the field of market research.
About the key players and their, unique selling proposition. It is very important to research about the company and it's competitors before the interview .Be thoroughly with the swot of your company as well as the competitors.
Read, Read and Read: Don't restrict your self to newspapers and textbooks..Read books and articles on marketing.
Try reading books like Brand positioning by Subroto Sengupta, Alchemist to enhance your creativity.
I hope this article is of help to you...