Seminar on Marketing Research III


Seminar on Marketing Research III

Avant Garde Solutions organized a "Seminar on Marketing Research" in collaboration with Kathmandu University School of Management and Tribhuvan University Faculty of Management. Distinguished speakers emphasized the importance of quality market data and reliable insights. The event included a panel discussion with industry experts and academicians followed by a presentation highlighting the growth of the marketing research sector in Nepal.

 

"Decoding Trends and Strategies: Key Insights from the Seminar on Marketing Research 2023 – Avant Garde Solutions"
 

  • With the increase in competition and changing dynamics, how important is the market research? And how the industry is getting such data?

The key expectation from marketing research outcomes is a thorough grasp of consumer behavior. Contrary to the common notion that products should inherently appeal to the market, the emphasis lies in comprehending consumer needs. This understanding is essential in the development and design of new products, considering consumer preferences. Market research serves as a valuable tool for identifying these preferences, contributing to a more streamlined and organized product design process.

The significance of marketing research extends to the formulation of marketing strategies and tactics. With the ease afforded by technological advancements and digitalization, analytics and outcomes are more accessible than ever. Customer engagement emerges as a third essential expectation from marketing research. Beyond these considerations, understanding the competitive landscape is imperative. Knowledge of one's competition is often deemed as half the battle won, and marketing research provides valuable insights into competitors' strategies, enabling informed decisions to compete effectively and enhance market outcomes.

Furthermore, staying attuned to market trends is a vital aspect of market research. Data collection poses a challenge, prompting us to engage the services of private market research firms. While these agencies play a crucial role, there are also government agencies, industry associations, and college interns involved in conducting market surveys, serving as additional sources for data collection.

  • What is the importance of marketing research in development sectors? How has this been benefited?

The focus in development sectors is predominantly on international NGOs, often headquartered in the US, UK, Europe, and various other locations. In the realm of marketing research, the process is essentially driven by professionals for core reasons. For instance, conducting a water sanitation survey in Karnali involves creating a basic survey that the program officer sends to superiors in Europe, the US, and Canada. Subsequently, these offices often engage market research firms to streamline and test the proposed strategies. After that, we request to use certain brand names, and the whole process unfolds in this manner.

There's a recognition of the significance of social marketing and marketing research as crucial components, often performed somewhat independently. Generally, INGOs operate within budget constraints. They allocate funds for research, understanding that marketing research is usually not conducted in-house but outsourced to firms. These firms are not only tasked with executing the research but are also involved in its design. Ultimately, what they are offering is insight. The gathered insights are then communicated to country directors, owners, or founders, forming the basis for designing future programs.

This collaborative process involves in-house efforts initially and collaboration with consulting firms externally. Occasionally, INGOs may hire firms from regions like France, Bangladesh, India, fostering regional collaboration. However, the crucial aspect is preparing reports that possess valuable insights to attract additional funds from donors. Without this, the research efforts risk being overlooked. The research must have a clear executive summary and tangible programs, such as implementing toilets in schools in Bajura and Doti, where girls faced challenges attending school regularly. The end goal is to produce results that resonate in the corporate realm, showcasing the impact and importance of the research. This approach extends to how multilateral and bilateral organizations utilize these insights.

  • What challenges do you find in executing market research (inhouse or outsource) at your organization?
     

The need for in-house research teams in businesses arises from the critical role of data in decision-making, particularly in understanding markets and brand development. External agencies are often relied upon for comprehensive research due to the fast-paced nature of business and the array of research needs across multiple brands. However, in-house teams are essential for ongoing analysis, understanding customer insights, and adapting to market dynamics, especially for existing businesses in sectors like FMCG, automobiles, banking, and telecom. In-house teams offer quicker, albeit limited, research capabilities for instant results, complementing external agencies when a more extensive consumer survey is required.

In summary, in-house research teams are indispensable for in-depth analysis and alignment with market requirements, while external agencies are valuable for larger-scale surveys and comprehensive data collection, making them both crucial components of an organization's research strategy.

  • As industries are blaming that students are lacking the practicality with their education, do you think that the graduates that were polished by your university, are capable enough to handle the market research activities, are they professional enough to handle those activities?

The management program takes pride in its graduates, yet it acknowledges a gap in practicality.
While the students are equipped with valuable skills for the corporate sector, the two-month internships may not be sufficient for immediate effectiveness upon graduation. Especially for those specializing in marketing research, a more extended practical experience is essential. Understanding consumer behavior and related knowledge are crucial for success in this field. An integrative approach that combines marketing specialization with hands-on projects during the course can better prepare students for the demands of marketing research.

Both corporate and development sectors increasingly value marketing research, viewing it as a necessity. However, some MNCs and firms are hesitant to invest in training students for this role, as they seek immediate returns and may be reluctant to spend on internships or extended training. Bridging this gap and providing longer-term practical training will better prepare graduates for success in the corporate sector, meeting the industry's demands for well-rounded professionals in marketing research.

  • What efforts have universities made to collaborate with the industrial sector, share marketing findings, and involve industry professionals in student research?

While universities have focused on refining their academic programs and curricula, there's room for improvement in their collaboration with industries. Interaction programs between academia and industries are not as frequent as desired, often limited to specific departments, with a predominant focus on the management department. Despite some ongoing efforts in this area, there's a need for enhanced connections between educational institutions and industries.

Various initiatives have been undertaken by the management, although it is challenging to claim significant progress at this stage. Connections with various industries have been established, enabling internships and the production of research reports. Furthermore, occasional invitations extended to industry professionals foster insightful discussions, marking the commencement of valuable dialogues and collaborations between academia and industries.

 

 

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Seminar on Marketing Research III  Seminar on Marketing Research III

Seminar on Marketing Research III  Seminar on Marketing Research III

 

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