Understanding role and application of marketing research at idea to startup stage- Foundation level

Date: 14 May 2020
Time and duration: 5:00 PM 30 Mins
Resource Person with affiliation: Shri Dipin Kumar Sahu, National Coordinator, IIC, ARIIA, & NISP
Program Theme: Market Research
Approximate no. of student participants: 2
Benefit in terms of learning/Skill/Knowledge obtained: Enhanced knowledge and awareness level Pertaining to market analysis
Overall report of the activity:
The session was started by Shri Dipin Kumar Sahu, National Coordinator, IIC, ARIIA, & NISP on the topic of marketing research he made us introduce with the expert Dr. Preet Deep Singh (AVP, Invest India).
He made us aware about the importance of knowing the market size, market study at the time of start up he also told us that each team member should be acutely aware of the entire market value of who is the customer, who is the consumer, what is the price point, what is competition, what is that you are trying to solve, how are the things going.
He started with the presentation with an overview explaining the importance of Market Size, Market Penetration, Segmenting Targeting Positioning. He started briefing about what is market size as total number of people who could buy the product. He also told us about how we can estimate market size by measuring the total population by segmenting the population or paying ability of the consumers and by the reach of the consumers.
He also told us about the market size of Mutual Funds as it is only 2 crores with the population of 130 crore people in India. He made us aware about segmentation (by how we can divide the entire population into small parts) and the methods like on the basis of geographic, psychographic, behavioural, demographic or on the basis of retailers, wholesalers, consumers or we can also divide the population by adopting the method SEC (Socio Economic Classification) A B C as well as can also adopt any other method too for segmenting. He also told us about targeting as which segment, we want to target as well as it also depends on the type of product we have as B2B, B2C, B2G.
He also gave us the brief about positioning as product must have features like Design, Exclusive/Comfort, Punctuality, Reliability. He also made us aware the difference between Total Market Available, Served Available Market and Target Market with a diagram. He also gave us an example of Vehicle Inspection Start-up: Blockchain by making a market plan by segment, target, positioning, size. He also gave us that from where we can receive the data as we can opt for United Nations, RTI Data, Rajya Sabha/ Lok Sabha Questions, Fortune, Forbes, Economist, Research Papers, Annual Reports, Industry Reports, MOSPI (Statistics and Project Implementation).
Url of YouTube: https://www.youtube.com/watch?v=4lqYN1Xhoqg