BNMIT in association with Skill Genix conducted a Skill development program from 19th to 24th October 2020 for the III sem MBA students. Market research is a powerful marketing tool. Today, there is a growing demand to carry it out in an intelligent, innovative and faster way. Consumers communicate at breakneck speed. With mobile phones in hand they immediately let you know what they think and experience. Creating campaigns based on a traditional market survey done months ago may be of little use today. The real-time market research is the one that would help the brand to react quickly and according to the needs of its customers.

TOPICS COVERD

1. Introduction to Market research
2. How to write business overview
3. Making of company snapshots
4. Ways to collect the information about companies
5. Types of company strategies
6. Understanding SWOT analysis

MORE INSIGHT ABOUT TOPICS

• Why research? to understand the market trends like restraints, challenges where you can overcome within short period of 3-5 years, drivers like persons, tools required for the smooth running of business.
• To understand the impact of the new government regulation and pandemic. Yes, pandemic has affected the economy. Increase of unemployment, supply chain problems, etc.
• The market research is done in every domain like ICT, Food & Beverage, Semiconductor & Electronics, Healthcare, Aerospace & Defense, etc.
• You can become a researcher, research associate, senior research associate, research analyst, etc.
• We cannot just add any sort of information while writing the company profile/business overview, right? yes, first we should mention the official name of the company, mention the business segments the company operates, if this information is not available, we can write the revenue of the company. Mergers / acquisitions if any. The service provided if it is a service company, the brands of the company.
• Company snapshot is an overview of financial analysis at least of three years, the business revenue mix, geographic revenue mix. How to gather this financial information? If it is a public company use. gov is a website where later you can type the company name and check for annual reports. If it is a private company you can check in owler.com
• There are organic and inorganic strategies. Mergers & acquisitions come under inorganic strategies. How to write a company strategy? Mention the company name, kind/type of company, what is the strategy & why it is done. Now how to gather the information about strategy? one thing is you can google it , but for more appropriate information we can check in press release section in the company website. It might be at the top right corner/downside. Most of the private companies, small companies might not have this press release section.

Learning OUTCOMES

• The SDP gave more insight about how to find the appropriate information related to the company.
• How important to write a business overview.
• How market research will help us to plan the strategies for the companies.
• The importance of market research in setting up a new business.
• Opportunities in this particular field.