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Government Engineering College, Bharuch.
Presentation on
Market research for the new venture
Guided by
U.V.Joshi sir
Prepared by
160140119007 Bhargava Chitrank
160140119009 Bidiwala Khizar Mahedi
160140119010 Borda Zeelkumar
160140119011 Chaudhri Vatsal
160140119012 Chauhan Lalu
✓What is Market research?
• Market research is an organized effort to gather information
about target markets or customers. It is a very important
component of business strategy.
• Market research is considered to be indispensable in order
to start a new business venture. As an entrepreneur, it is a
prerequisite to hiring market research companies to
conduct proper research on the existing marketing scenarios
in order to launch a new service of the product.
• Marketing researchers gather and analyze the information
related to market such as:-
• Who will buy the product or service?
• 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 promoted in most
effective manner?
✓Importance of Market research
• Identifying problem and opportunities in the market
• Formulating market strategies
• Determining consumer needs and wants
• For effective communication mix
• For sales forecasting
• To revitalize brands
• Determine export potentials
• Managerial decision-making
• To facilitate smooth introduction of new products
• Better Customer Management.
• Increased Sales.
• Minimize loss in your business
✓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
2) Secondary research
• In this type of research, you collect and analyse secondary
data that has already been published (books, statistical
reports, top market research magazines, etc.).
• There are two methods for collecting this data. They are:
1. Quantitative methods:-This method employs the
statistical analysis and require a large sample size.
2. Qualitative methods:-This method is used to get an
understanding of reasons, opinions and motivations.
✓Steps for Market research for the new
venture:-
1. Identification of problem
2. Design an appropriate market research plan
3. Data collection
4. Implementation of market research plan
1) Identification of problem:-
• First and foremost should have a clear understanding 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.
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 questionnaire or by determining a sample research
plan.
• 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
crucial data.
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.
4) Implementation of the market research
plan:-
• Once assimilation of data takes place, the market research
department gets down to the work of analyzing and
studying the data collected.
• 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.

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Market Research for new ventures

  • 1. Government Engineering College, Bharuch. Presentation on Market research for the new venture Guided by U.V.Joshi sir Prepared by 160140119007 Bhargava Chitrank 160140119009 Bidiwala Khizar Mahedi 160140119010 Borda Zeelkumar 160140119011 Chaudhri Vatsal 160140119012 Chauhan Lalu
  • 2. ✓What is Market research? • Market research is an organized effort to gather information about target markets or customers. It is a very important component of business strategy. • Market research is considered to be indispensable in order to start a new business venture. As an entrepreneur, it is a prerequisite to hiring market research companies to conduct proper research on the existing marketing scenarios in order to launch a new service of the product.
  • 3. • Marketing researchers gather and analyze the information related to market such as:- • Who will buy the product or service? • 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 promoted in most effective manner?
  • 4. ✓Importance of Market research • Identifying problem and opportunities in the market • Formulating market strategies • Determining consumer needs and wants • For effective communication mix • For sales forecasting • To revitalize brands • Determine export potentials • Managerial decision-making • To facilitate smooth introduction of new products • Better Customer Management. • Increased Sales. • Minimize loss in your business
  • 5. ✓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
  • 6. 2) Secondary research • In this type of research, you collect and analyse secondary data that has already been published (books, statistical reports, top market research magazines, etc.). • There are two methods for collecting this data. They are: 1. Quantitative methods:-This method employs the statistical analysis and require a large sample size. 2. Qualitative methods:-This method is used to get an understanding of reasons, opinions and motivations.
  • 7. ✓Steps for Market research for the new venture:- 1. Identification of problem 2. Design an appropriate market research plan 3. Data collection 4. Implementation of market research plan
  • 8. 1) Identification of problem:- • First and foremost should have a clear understanding 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 questionnaire or by determining a sample research plan. • 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 crucial data.
  • 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 of the market research plan:- • Once assimilation of data takes place, the market research department gets down to the work of analyzing and studying the data collected. • 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.