1. GOVERNMENT ENGINEERING COLLEGE,
BHARUCH.
Presentation on
Market research for the new venture
Guided by
U.V.Joshi sir
Prepared by
Name Er. No.
Godhani Kishor 160140119028
Gohil Divyesh 160140119029
Jambu Parth 160140119031
Joshi Pratik 160140119032
Kharva Tarun 160140119034
2. ✓What is Market research?
• Definition: The process of gathering, analyzing and
interpreting information about a market, about a
product or service to be offered for sale in that
market, and about the past, present and potential
customers for the product or service; research into
the characteristics, spending habits, location and
needs of your business's target market, the industry
as a whole, and the particular competitors you face
• Market research is an organized effort to gather
information about target markets or customers. It is a
very important component ofbusiness strategy.
3. • Marketing researchers gather and analyzethe
information related to market suchas:-
• Who will buy the product orservice?
• What is the size of the potential Market for the product
or service?
• What price should be charged for the product or
service?
• How the product or service should be promotedin
most effective manner?
• Which distribution channel should be adopted to
reach potential customers?
4. ✓Importance of Marketresearch
• Identifying problem and opportunities in the market
• Formulating market strategies
• Determining consumer needs and wants
• For effective communicationmix
• For salesforecasting
• To revitalize brands
• Determine export potentials
• Managerial decision-making
• To facilitate smooth introduction of new products
• Better CustomerManagement.
• Increased Sales.
• Minimize loss in your business
5. ✓Steps for Market research for the new
venture:-
1. Identification and Defining the Objectives
2. Collection of data from Secondary Sources
3. Collection of data from Primary Sources
4. Analysis and Interpretation of the Result
6. ✓Types of Market research
• There are two types of market research – Primary
research and secondary research.
1) Primary Research:
• In this research, new data is gathered directly by the
company or their researchers using different techniques
such as:
1. Interviews
2. Surveys
3. Questionnaire
4. Focus groups
7. 2) SECONDARY
RESEARCH
• In this type of research, you collect and analyse
secondary data thathas already been published (books,
statistical reports, top market researchmagazines, etc.)
.
• There are two methods for collecting this data. They
are:
1. Quantitative methods:-This method employs the
statistical analysis and require a large samplesize.
2. Qualitative methods:-This method is used to get an
understanding of reasons, opinionsand motivations.
8. 1) IDENTIfiCATION OF
PROBLEM:-
• First and foremost should have a clearunderstanding
about the problem as well the reason for which the
research is undertaken.
• The senior most level of management along with the
middle level management should engage and work
together to find the problem and work on the same.
• They also need to agree on the aim of undertaking the
research.
9. 2) DESIGN AN APPROPRIATE
MARKET RESEARCH PLAN:-
• In this step, the team of market of marketers and
researchers work together to decide upon the exact
details they need by developing a fool-proof plan to
secure it in shortest possible time and in the best
possible way such as interviewing of the focus group,
drafting the perfect market research questionnaireor
by determining a sample researchplan.
• A good market research plan or service should
encompass the problem faced by the management,the
research aims along with the essential information
needed for collecting crucialdata.
10. 3) DATA
COLLECTION:-
• This is the most crucial among all stages of market
research services.
• Chances of commitment of mistakes at this stage
cannot be ruled out. Say for instance, in a survey
method of research of data collection, if the
respondents are not available, then it becomes difficult
to record the data.
• This might lead to further problems as the decisions
would be taken on the basis of the collected data.
Moreover, the cost of data collection is also expensive
making it all the more difficult to collect the same.
11. 4) IMPLEMENTATION OFTHE MARKET
RESEARCH PLAN:-
• Once assimilation ofdata takes place, the market
research department gets down to the work of
analyzing and studying the datacollected.
• On the basis of the findings, the next stage of
implementation of information gathered takes place.
• This is the last but most important stage of all stages
because if the management fails to meet the desired
results then the need to revise the process of the
market research would arise.
