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Majestic MRSS Offer Solutions- Market Research Helps Design Growth Strategies

SME WORLD Bureau
Sep 2011

Companies especially those forming part of the FMCG, Pharmaceutical, Consumer Goods segment have huge marketing and advertisement budgets. All these activities are aimed at acquiring higher visibility and sales for market share. Understanding the target market and its preferences apart from the logic behind buying decision is of utmost importance. The effectiveness of advertisement campaigns, sales promotion activities, product design and packaging can only be achieved if the customer inclination is identified. There is a huge market for research and survey firms to cater to these needs. The inputs from market research form an important section of the Marketing Mix.

Majestic MRSS is an ISO 9001 certified Independent Market Research Firm with the potential to extend the research activity to other countries. It is one of the largest such firm in Asia. The firm is also a member of the European Association of Opinion and Marketing Research Professionals ESOMAR.

Led by its President Raj Sharma and Executive Director Sandeep Bhatia, this firm offers a bouquet of research services. Some of which include: Point of Sale Experience, Quantitative and Qualitative Services, Healthcare Research, Online and Mobile Surveys, Mystery Shopping Experience and Video Streaming Services.

In an interview with SME WORLD, the Co-founder and President of Majestic MRSS, Mr. Raj Sharma, aims to introduce its readers to the intricacies of marketing and importance of market research for effective business decision making and strategy.

Marketing is one of the biggest problems for SMEs in India. What could be the common causes behind this negative trend?

Small and Medium sized enterprises (SMEs) are the backbone of our industrial and commercial activity and are the very life-blood of innovation, creativity and the power houses of our economic success. SMEs however, do not have very good reach for marketing that restricts their volumes and makes them too dependent on large units. SMEs are generally starved for funds and have to spend too much time for collections of Accounts Receivable and external funding arrangements

Non-availability of Business plan leading to ad hoc decision making
Lack of Forward planning resulting in unforeseen situations
Lack of inadequate internal systems
Lack of awareness of modern Management practices and specifically Project Management practices and methodologies amongst them.
Inability to attract & retain highly trained manpower in this segment little understanding of markets, segments or competition, so little idea of how to improve their competitive position
An inability to accurately measure outcomes of campaigns, so no idea of what works and what doesn't

Market research is usually neglected, if we talk about the micro and smaller companies across all the verticals and regions in India. What such organisations are losing if they are not conducting proper market research?

In India, SMEs have played an important role in boosting economic activity and creating ample job opportunities for skilled as well as unskilled labour. The SME sector in India is defined on the basis of investment in equipments, plants and machinery made by enterprises. The SME segment officially includes micro, small & medium enterprises, known as MSME. Research provides value accretions to business which provides both sustainability of business and viable returns based on accurate decision making mix. SME's would require seeking market insight which the market will provide through market research. Research will give coding, editing, transcription and verification of data advantage which will lead to major decisions on products, pricing, promotional measures and distribution channels. Marketing research will always give us both conceptual and practical viewpoints.

How affordable market research could be for the small companies and in what ways?

Until recently, limited budgets kept most types of market research out of reach for entrepreneurs and other small- budget businesses. Today, through Internet, small-budget businesses have more research options. Secondary research sources are easier to find. More affordable primary research methods - both qualitative and quantitative - are available online as well.

You have quite a long presence in Indian markets as well apart from the other Asian and Gulf countries.

How do compare the market research trend in India and other Asian countries?

An extensive Market Research in India takes care of all the queries of the marketers - giving them the required information for a smooth marketing journey. Market research involves giving insight to all the categories of marketing - valuation, distribution, promotion of product and services. For betterment and improvement, market research is absolutely essential. Market research firms like us exist to help you break into a new market or strengthen your brand identity and profitability overseas. Firms collect, record and analyze data and information about consumers, competitors and the industry market. You can find out how Asian consumers see your product or service and how they see others on the market.

In India, Market Research helps you to understand what consumers want from the market products. Market research will tell you how your products measure up against the consumer needs. Majestic market research has its presence pan India; cover all the main areas of marketing - spanning B2B and industrial research, social research, media research, brand research, corporate and employee research, channel and retail research, product and packaging research, pricing research and business-specialized consumer research.

How do you evaluate or judge the market research need of a company and how much involvement that company is required to ensure in the market research assisted by Majestic MRSS?

RS. Market research is actually a pretty important tool that can save your business time and money. It gives businesses the opportunity to find a specific target and focus their attention rather than shooting in every direction, wasting time and money on groups that do not need or want the product or service your company provides. It is important to know if there is a widespread need for the product or service, or if it is a niche product specific to a small group. Once you know the demand for your product you can find the best methods for reaching this group.

Majestic Market research helps understanding consumers - the trends of the customers can be tracked by our agencies. Their needs, perceptions, projected demands are all studied and marketing strategies are formed accordingly. We at Majestic also partner with clients to investigate the current state of market.This method helps in mapping the market conditions and demands are estimated.

Our team of consumer research experts conceptualize the product development and positioning strategies, thus product and service strategies are formed accordingly after taking into consideration the marketing research results.

Majestic MRSS renders variety of services in the area of market research. Can you share little brief about all of them?

MMRSS is Asia's Largest Independent Marketing research firm specializing in Multi-Country Studies. It is also Asia's Largest Qualitative Research Facility Service Provider with State of the Art Focus Group Suites across major cities in India, Asia & Middle East, all of which are centrally located in their respective cities.

Majestic MRSS key products are mCATI™ (CATI data collection and analysis), mQL™ (qualitative practice), mRX™ (pharma & healthcare research), mMS™ (global mystery shopping practice), mPANELS™ (panel management services), mARS (Automotive Research), mUEP (Usability Engineering Practice), mAAP (Advanced Analytics Practice).

Majestic Research has key access to Focus Vision which provides 'On-Demand Global Video Streaming' services are available across all the facilities. Analyzer MMRSS's aim, promise and challenge is to develop eye tracking study that is a combination of high accuracy and precision with unrestrained and unobtrusive tracking that works on every research project under all conditions in an easy and automatic way. Uses of Perception Analyzer for Ad Testing, Focus Groups, Concept testing, Product Testing, Program evaluation, Meetings / Conferences / Events.

MMRSS has special vertical called Focus-suites which are specialists in conducting all kinds of healthcare research and services. MMSS is present in Middle East, China, Vietnam, and Indonesia with its full service research offices and Focus groups facility with video streaming. Every facility provides one –way mirror room for client viewing.

'Ethnostream' is a proprietary service of Majestic Market Research. Ethnographic research is a qualitative methodology which requires the ethnographer to interpret the real world from the perspective of the informers in the investigation. Real world act and behavior actually gets recorded and video streamed on demand to get a feel of the consumer act towards the product and services and how it is affected to various circumstances, environmental, psychological and societal.

The basic premise in ethno steam studies is that concepts, behaviors, and theories develop inductively, from the specific to the general.

How Ethnostream could be a right tool for SMEs for their market research need?

RS. Majestic has introduced a new research tool, Ethnostream. The idea comes as a solution to an actual research challenge. A huge number of clients are interested in visiting the consumers' location but there is a limitation on that merely because of logistics. SME can use this tool to understand the consumer and accordingly develop consumer orientated product and services. We, at Majestic MRSS, simply look forward to see what we can do to make things convenient for the client.

Which are the targeted industry segments for Ethnostream?

Ethnostream can be conducted in FMCG (hair care, skincare behaviour understanding, mobile phone, home electronics, television, automobiles).

How much investment is needed for the full-fledge implementation of this service and what is the operational cost?

Investment required is around INR 1 million and operational cost is around 25000 per day.

For more information, contact: info@mmrss.com

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