However, even if it comes from the mouth of Steve Jobs, it is not a conclusive debate against the relevance of market research, not by any stretch of imagination. Apple’s iPhone has suffered a lot of flak in India, for instance, since it was a market Jobs hadn’t prepared the product for. Research In Motion, which is the player Apple is competing with fiercely in the smartphone segment, believes passionately in consistently lapping up consumer insights through its Blackberry Market Research Panel; which sends short questionnaires to selective people on a monthly basis. Moreover, especially when resources are limited, and when you are not an Apple or a RIM, it’s better to adhere to the age old military lesson of using precision bombing over carpet bombing. Without quality MR, it is virtually impossible to know who to target, with what product and how.
But yes, one has to admit that market research is a relatively less understood and insufficiently applied part of the marketing budget in today’s time as compared to say, the advertising industry (and also not given that kind of attention by the media). This was evident when companies began to make deep and painful cuts into their market research budgets (especially big American B2C companies, which made cuts by up to 20%) during recession; even at the risk of affecting expansion plans, getting out of touch with vital consumer intelligence, delaying product launches and possibly giving competition a leeway. The key word, though, has to be cost optimisation and not cost cutting. The Greenbook Research Industry Trends Report for Summer, 2010, talks about how clients and companies in US are perceiving growth trends. Around 33% actually saw higher spending on market research, as compared to a mere 6% in the winter of 2009. Alarmingly, around a third of respondents from the research industry felt that market research is not as respected today as it was earlier, citing unrealistic client expectations and the competition from the growing trend of online surveys. The feeling that quality of research has come down and important insights are lacking were the major issues that clients had, with 14% of respondents surveyed offering this view.
But yes, one has to admit that market research is a relatively less understood and insufficiently applied part of the marketing budget in today’s time as compared to say, the advertising industry (and also not given that kind of attention by the media). This was evident when companies began to make deep and painful cuts into their market research budgets (especially big American B2C companies, which made cuts by up to 20%) during recession; even at the risk of affecting expansion plans, getting out of touch with vital consumer intelligence, delaying product launches and possibly giving competition a leeway. The key word, though, has to be cost optimisation and not cost cutting. The Greenbook Research Industry Trends Report for Summer, 2010, talks about how clients and companies in US are perceiving growth trends. Around 33% actually saw higher spending on market research, as compared to a mere 6% in the winter of 2009. Alarmingly, around a third of respondents from the research industry felt that market research is not as respected today as it was earlier, citing unrealistic client expectations and the competition from the growing trend of online surveys. The feeling that quality of research has come down and important insights are lacking were the major issues that clients had, with 14% of respondents surveyed offering this view.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles
2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human Face
IIPM – FLP (Flexi Learning Program)
