Use of Market Data and Application of Marketing Research tools and Methodology- Advance level

Report Submission:
Date: 20/05/2020
Time and duration: 03:00 pm to 04:15 pm ( 1 hr 15 min)
Resource Person with affiliation: Dr. Preet Deep Singh, AVP, Invest India.

Program Theme: IIC Online Session
Objective: To have an informative talk with Dr. Preet Deep Singh regarding the use of market data and application of marketing research tools.
Benefits in terms of learning/skill/knowledge obtained: The talk session regarding the use of market data and application of marketing research tools and methodology. The talk was to gain knowledge about the various ways in which marketing data can be used by startups and the going business hubs and also about the methodology regarding the same.
Overall report of the activity:
The IIC Online Session with Dr. Preet Deep Singh was held on 20th May 2020 from 3 pm in the afternoon was very informative and important for not only students but for the startups as well. As we know that Dr. Preet Sing Deep has very good knowledge regarding the marketing data and marketing research methodology.

As we know that marketing is the most important component for any business and is the continuous process throughout the life span of any business. Use of marketing data is not only done by researchers but the startups as well to understand their product and market segment for the same. Dr. Preet Deep Singh gave an insight knowledge about the segments in which the market can be divided to target the right audience for the business product and to adopt the strategy regarding the same accordingly. The Drake’s equation was also explained by DR. Preet regarding the applicability of the same in the positioning of the target for the startups. After targeting the audience for any business it is important to know about the price of the product and which should be done very carefully. Regarding the price Dr. Preet told us about the different segments, utility, convenience, durability of the product. Only after analysing this data about the product the marketing strategy should be planned and the future course of the product. The very important aspect to remember all this while to understand the market is the percentage of the salary or income the customer is willing up to give away for the product. The one example of the various steps taken business firms or should be taken care of were discussed with the example of baby stroller and various strategy regarding it were discussed by Dr. Preet to give the better understanding regarding the segmentation and making it more understandble for the students.

The next important aspect discussed by Dr. Preet was regarding the population while taking care of the price and the market. To know the population it is very important to know, how to target the correct population ad from where all these can be gathered. To know the right population for the study and the research there are various data which can be used for same like census, income tax department, etc.

Dr. Preet also talked about the various analysis tools which are available to use such data and make some conclusions about it, which can further help us for the development of the product and how it make more profitable. Some of the tools talked about are SPSS, Python, Tableu, Google Analytics, Data Website, Site Profiler, Survey Monkey, Mail Chimp. All these are the tools which can be used to summarise the whole data and make analysis out of it.

In the end Dr. Preet also talked about the various sources and availability of these various tools and technology which can help to make best use of the data and help in the research and analysis of marketing data not only for students but for startups as well.
To conclude the session Dr.Preet was thanked such knowledgeable and informative session.