WINTER INTERNSHIP PRESENTATION

Submitted to: Mr. Gaurav Shrivastava

Submitted By: Himani Dixit

Acknowledgment
I have taken efforts in this project. However, it would not have been possible without the kind support and help of many individuals. I would like to extend my sincere thanks to all of them. I am highly indebted to Professor Ramola Kumar for her guidance and constant supervision as well as for providing me the opportunity to work in the corporate world and to learn the corporate culture. I would also like to express my gratitude towards Mr. Ashwani Arora, Mr. Gaurav Shrivastava, Mr. Rajesh and Ms. Anuradha Singh for giving me their valuable time and teaching me the deep insights of Market Research field. I cannot complete this project without thanking the co-workers of Market Xcel for it was their kind support that acted as the wind beneath my wings. Last but not the least I would like to express my gratitude towards Ms. Rupanjali Lahiri for her wise advice and suggestions which helped me in completing this project.

INDEX
Sr. No. Topic Page no.

Company profile

Management

Industry Association

Services offered

13

Market research

19

My work and understanding

26

COMPANY PROFILE

Market Xcel Data Matrix Pvt. Ltd.

The company was established in the year 2000, as a Data Collection agency. On completion of its fourth financial year the company transformed & up scaled from being a partnership firm to a Pvt. Ltd. Company, thus offering end to end research projects. It is a market research consultants offering business market research, industrial market research, automotive market research that includes online data collection, online surveys, web based surveys, telephonic surveys, and field work audit.

Mission of the company: mission is to become an entity offering a holistic marketing research service of any magnitude across regions. Vision of the company: To be the Enterprise of the future and viewed as one of the best & proficient people to deal with, in areas of our competence. Key to success: They focus on balancing three basic metrics for any project:
5

1) Quality 2) Price 3) On time delivery

MANAGEMENT

Market Xcel, was founded in 2000 by: Manish Narang R. Vishal Oberoi
7

 Ashwani Arora Together, these long-time friends and Colleagues have laid the foundation that has allowed Market Xcel to grow in size each year since its inception. Fostering an environment with a balance of academic strengths, strong recruitment policies, company ethos, and business acumen, the Market Xcel management team that has grown in size and content continues to propel the company forward as a leader in the Data Collection and Research space. Every member of the management team has relevant expertise and majority bears past association with organizations in: research, analysis, technology and marketing like IMRB, Synovate, Green Field, TNS, Zodiac, Usha International etc. These relevant backgrounds and skill-sets come together under one roof; with a commitment towards client service, quality assurance and on-time project management and a dedication to solving challenging research requirements. My winter internship was under the team administered and managed by Mr. Ashwani Arora.

INDUSTRY ASSOCIATION

Market Xcel is basically associated with four industries: 1) Market research society of India:

The Materials Research Society of India (MRSI) is an interdisciplinary society founded in 1989 by Prof. CNR Rao, F.R.S., dedicated to the field of materials science and engineering in India. The Society is committed to stimulate and integrate research in the field of materials for rapid industrial progress in the country.

2) Council of American survey research organization:

Founded in 1975, the Council of American Survey Research Organizations (CASRO) represents over 300 companies and market research operations in the United States and abroad. CASRO is the Voice and Values of the survey research industry.

We promote a rigorous code of conduct that enhances the image of survey research and protects the public's rights and privacy

We advocate our industry's effective self-regulation when legislators propose bills that threaten legitimate survey research

10

We champion legitimate research companies and marginalize disreputable research pretenders who threaten to tarnish the industry's reputation and alienate respondents

3) European society for market research:

The European Society for Opinion and Market Research (ESOMAR) is a world association for market, social and opinion researchers. It was founded in 1948, ESOMAR began as a regional association within Europe. Currently, with more than 5000 individual members in over 120 countries, ESOMARs global membership brings together professionals in market and opinion research, marketing, advertising, business, public affairs and media from across the world. ESOMAR currently does not offer corporate membership. According to its mission statement, ESOMAR encourages, advances and elevates market research worldwide. Its stated goal is to promote the highest standards in market research for improving decision making in the public and private sectors, by:
11

safeguarding the interests of the Market, Social and Opinion Research industries globally

improving and promote international best practice promoting the value of the industry to commerce and society

4) Alliance of international market research institute:

The professional interests of individual researchers have been served by national and international research societies for many years. There has been a distinct absence of an association which would represent the corporate and business interests of International market research agencies - one whose main aim is to help you win more business. To fill this gap, 32 independent research agencies founded the Association of European Market Research Institutes (AEMRI) at a meeting in Bruges in early 1991. By 2006 the Association had grown to over 100 members in 27 countries. The organization changed its name to The Alliance of International Market Research Institutes (AIMRI) to more clearly reflect the true
12

international nature of its members and its increasing role of enabling them to grow business by working together. AIMRI offers the best opportunity for members to develop their business by connecting them with fellow professionals worldwide. AIMRI welcomes membership applications from all professional research agencies.

13

SERVICES OFFERED

14

 Business to Business Advertising Customer Satisfaction Management & Competitive Bench Marketing Customer loyalty Usage & Attitude Segmentation & Profiling Employee Satisfaction Brand Performance & Positioning Product Development Mystery Shopping/Visits

Business to Business: This type of research requires real expertise. At Market Xcel, the consultants and interviewers are well experienced in conducting in-depth interviews (face-to-face and over the telephone) and focus group discussions, with a variety of decision makers in MNCs. Their C-level audiences include CEOs, IT Managers, Financial Directors, Purchasing Managers, Business Line Managers, Retailers, etc.

By providing in-depth research insights, they help their clients to understand the business market in a variety of situations:

Understanding business environments and measuring business needs Segmentation and profiling of business customers
15

Markets and competitive analysis Vertical market analysis Understanding decision making process Assessing market potential and feasibility New product/service concept tests Analysing distribution and sales channels - channel mapping, channel needs analysis

Benchmarking performance against competitors (e.g. product performance, customer satisfaction, brand perception)

Advertisement: Making the brand stand out in a crowded market requires advertising to be impactful, memorable, and deliver the desired message and call to action effectively. The brand has some great ideas but how can it make sure that the creative elements are closely aligned with its key brand elements? Market Xcel helps the brands maximize its advertising spend by testing branding, creative and advertising concepts at the initial stages of development with members of its target audience. This allows it to proceed with confidence into its actual campaign launch. Before, during or after a campaign, Market Xcel objectively evaluates how well these are performing in all of its targeted market segments. By knowing more, it will be able to increase its ad efficacy and improve its advertising spend.
16

Test their advertising concepts for effectiveness based on your marketing strategy - acquisition or retention;

See the reaction of their target audience before going to market, test or fine-tune the creative message;

See how each of their target market segments responds to their advertising campaign once it is launched;

Monitor the impact of their advertising to ensure they are targeting the right people, with the right message, at the right time; Evaluate their competitors advertising for effectiveness, understand potential opportunities.

Customer Satisfaction Management & Competitive Bench Marketing: The key to the success of a business is held by its customers. Only by understanding them better will it be able to unlock your businesss future potential.

Our approach to customer satisfaction measurement and competitive benchmarking is flexible and can be tailored to their needs. We do not have a canned approach, but rather a starting paradigm. They also believe that customer satisfaction measurement should "peel back the layers" to examine the key drivers of customer satisfaction.They
17

incorporate all of the "standard" statistical tools to analyze customer satisfaction including regression/correlation, logistic regression, factor analysis, and discriminant analysis.

Products & Services:

Automotive Market Research Business Market Research Consumer Market Research Depth Interviews Field Work Audit Financial Market Research Group Discussions Hall Tests Healthcare Market Research Industrial Market Research Services Market Research Consultants Market Research Services Media Market Research Package Testing Services
18

Personal Interviews Telephone Interviews Technology Market Research

19

MARKET RESEARCH

20

Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Market research is a key factor to get advantage over competitors. Market research provides important information to identify and analyze the market need, market size and competition. Market research, as defined by the ICC/ESOMAR International Code on Market and Social Research, includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. Basically Market research is for discovering what people want, need, or believe. It can also involve discovering how they act. Once that research is completed, it can be used to determine how to market your product. Questionnaires and focus group discussion surveys are some of the instruments for market research. For starting up a business, there are some important things:

Market information
21

Through Market information one can know the prices of the different commodities in the market, as well as the supply and demand situation. Information about the markets can be obtained from different sources, varieties and formats, as well as the sources and varieties that have to be obtained to make the business work.

Market segmentation

Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, personality differences, demographic differences, technographic differences, use of product differences, psychographic differences and gender differences. For B2B segmentation firmographics is commonly used.

Market trends

Market trends are the upward or downward movement of a market, during a period of time. The market size is more difficult to estimate if one is starting with something completely new. In this case, you will have to derive the figures from the number of potential customers, or customer segments. [Ilar 1998] Besides information about the target market, one also needs information about one's competitors, customers, products, etc. Lastly, you need to measure marketing effectiveness. A few techniques are:

22

Customer analysis Choice modelling Competitor analysis Risk analysis Product research Advertising the research Marketing mix modeling

Market research process: 1)Problem Definition: The first step in any marketing research project is to define the problem. In defining the problem, the researcher should take into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making. Problem definition involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups. Once the problem has been precisely defined, the research can be designed and conducted properly. 2)Development of an Approach to the Problem: Development of an approach to the problem includes formulating an objective or theoretical framework, analytical models, research questions, hypotheses, and identifying characteristics or factors that can influence the research design. This process is guided by discussions with management and
23

industry experts, case studies and simulations, analysis of secondary data, qualitative research and pragmatic considerations. 3)Research Design Formulation: A research design is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making. Conducting exploratory research, precisely defining the variables, and designing appropriate scales to measure them are also a part of the research design. The issue of how the data should be obtained from the respondents (for example, by conducting a survey or an experiment) must be addressed. It is also necessary to design a questionnaire and a sampling plan to select respondents for the study. More formally, formulating the research design involves the following steps 1. Secondary data analysis 2. Qualitative research 3. Methods of collecting quantitative data (survey, observation, and experimentation) 4. Definition of the information needed 5. Measurement and scaling procedures
24

6. Questionnaire design 7. Sampling process and sample size 8. Plan of data analysis 4)Field Work or Data Collection: Data collection involves a field force or staff that operates either in the field, as in the case of personal interviewing (in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computerassisted telephone interviewing), or through mail (traditional mail and mail panel surveys with prerecruited households). Proper selection, training, supervision, and evaluation of the field force helps minimize data-collection errors. 5)Data Preparation and Analysis: Data preparation includes the editing, coding, transcription, and verification of data. Each questionnaire or observation form is inspected, or edited, and, if necessary, corrected. Number or letter codes are assigned to represent each response to each question in the questionnaire. The data from the questionnaires are transcribed or key-punched on to magnetic tape, or disks or input directly into the computer. Verification ensures that the data from the original questionnaires have been accurately transcribed, while data analysis, guided by the plan of data analysis, gives meaning to the data that have been collected. Univariate techniques are used for analyzing data when there is a single measurement of each element or unit in the sample, or, if there are several measurements of each element,
25

each RCH variable is analyzed in isolation. On the other hand, multivariate techniques are used for analyzing data when there are two or more measurements on each element and the variables are analyzed simultaneously. 6)Report Preparation and Presentation: The entire project should be documented in a written report which addresses the specific research questions identified, describes the approach, the research design, data collection, and data analysis procedures adopted, and presents the results and the major findings. The findings should be presented in a comprehensible format so that they can be readily used in the decision making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact.

26

MY WORK AND UNDERSTANDING

27

After working for 2 and half months in Market Xcel Pvt. Ltd. I understood the importance of a research for every company before taking a single step in the market. Basically I worked with the Quantitative research department. Though in many text books you will come to know some fixed steps of conducting a research, but my work brought me to a conclusion and created a frame work of conducting a research before me like this: First of all the client company meets you and conveys you their need for research. Through this you will come to know the aim and objective of the study you are going to conduct. On the basis of that objective you have to draw some key information areas (KIAs). Those areas which can give you the relevant answers of your important questions and will at last reach to a conclusion for the problem or the objective defined at the very beginning of the research. On the basis of KIAs one has to design a questionnaire keeping in mind the objective of the study. Once the questionnaire has been designed and focus group has been decided, process of interview starts. There are basically three types of interviews: 1) In depth interviews (IDIs) 2) Focus Group discussions (FGDs)
28

3) Telephonic interviews Once all the data are collected through these interviews, researcher has to make their notes or has to transform it in a form of script for easy understanding and viewing the most relevant data. All the data gathered from the notes made are then punched into an excel format to reach to some conclusions. This process of bringing the data in an excel format is known as Data punching. All the data are then analyzed and presented in a form of powerpoint presentation. I can present this process simply as: Design a research objective Design a marketing objective Finding the areas to cover for the information Designing the questionnaire on the basis of objectives drawn Conducting IDIs, FGDs or telephonic interviews Data punching, Content Analysis Presentation of the findings

29

Works performed
1)Transcription: When the interviews are taken, a video and an audio recording is also done by the moderator taking the interview for the back up purpose. As a human it is not possible for a moderator (person taking the interview) or any researcher to remember everything spoken by the respondent (person giving the interview) so just to solve this problem recordings are very important. Transcription is a process of writing the recordings in a form of a script, writing exactly what the respondent and the moderator have spoken. Key learning: we have to write exactly what one has spoken in the recording. It requires good listening skills because if we skip a single sentence it may bring a leakage in the findings 2) Notes making: It is somewhat different from the transcription, in actual it is summarization of the recordings. We do not have to write what exactly the respondent spoke, but we have to differentiate the most relevant answers from the whole recording and have to write that.

30

Key learning: one must know the jest and objective of the study so it becomes easy for him to differentiate the key points from the unimportant points the respondent has spoken. 3)Diary filling: It is a technique of knowing the lifestyle and daily usage of a particular type of a product by the customer. In this technique the respondents are given and asked to fill up a daily diary and accordingly the researcher can know the daily routine and usage of a particular product by the respondent. For eg. If the researcher wants to know the consumption of soft drink by customers in the whole day he can give him a diary for say 2 weeks and after that can reach to an approx conclusion of the usage. 4)In depth interviews: It is used to know the insights of a customers life. It helps the researcher to know the psychology and behavior of the customers. Key learning: it is good to make the respondent feel free to answer. The moderator should probe the respondent only when it is required.

31

5)Focus group discussions: In this a group discussion is done with the group of 7-8 respondents. Those respondents are selected on their some common grounds. 6)Data punching: Questions are converted in to some points and are captured in to a table form. All the answers are then written under that particular heading.

32

Work done
Sr. No 1 Transcription Renewable energy Marconi Emerald 2 Notes Marconi Emerald 3 4 5 6 7 8 Diary filling In depth interviews Focus group discussions Data punching Content analysis Made questionnaire Orangina Marconi Silverware items Rider bike Rider bike Emerald Silverware 9 industrial calling Emerald Ignition coil and magnets Work done Project

33

Projects worked on: Marconi-Product X, a telephonic industry Renewable energy-for the promotion of 5 star rating electronic items Silverware Emerald Rider bike

34

Renewable Energy As an intern my learning in the field of Market research started from the basic and simple work, i.e. Transcription of the audio recordings. I was given few audio recordings of the In depth interviews conducted for the project Renewable energy. Description of the project: This research was done on behalf of the government to know the awareness and usage of Star rating electronic goods among the general public. The main objective of this study was to increase the awareness and usage of 5 star rating electronic goods. The study was done basically about 5 star rated ACs and refrigerators, their tonnage capacity and their prices accordingly. Work done: I was given the audio recordings of interviews conducted for the project, and I had to transcript them which could further provide a comprehensive platform to the researcher for making conclusions and reach to a specific solution for the problem defined. Transcription are scripting of the audio recordings in the exact words spoken by the moderator and respondent.

35

My learning from the project: For a transcriptor good listening skills are very important, because skipping a single line may cause loss of an important nerve of the study. While transcription nothing is wrong or right spoken by the moderator or the respondent, transcriptor has to write exactly what was spoken. This whole process is basically like making a written script of the scene happened during the interview.

36

Marconi
It was a project for one of the famous telephonic company Brand X. The main objective of the research was to understand the psychographic profile of consumers, to understand their lifestyle, their needs, their likes and dislikes and their telephonic usage. With this objective, first we prepared the questionnaire according to the set areas of information. All the questions were aiming at capturing respondents lifestyle and usage of telephone in the whole day. This was moreover to know that besides calling and messaging where do the people need mobile phones.

37

For this some different types of questions were also made in which respondent has to think out of an ordinary track which indirectly reflects their likings and nature to the moderator and helps researcher to reach to some specific findings. This type of technique is known as Projective technique. In this technique the respondent is asked to answer the question in some creative way. For example: imagining the brand as a human being and tell his type of personality. This experience of being moderator was very good. I learned how to talk with different people with different background and how to present a specific question before each individual in a specific manner to seek the appropriate answer and their feelings.

38

39