Sunfeast is a biscuit brand promoted by Indian Tobacco Company Ltd (ITC Ltd). ITC Launched Sunfeast Biscuits in 2003. During launch the Brand Encompassed only 3 categories of biscuits namely Marie, Glucose, Cream. Within span of 6 years the company has entered into almost all categories of biscuits. If we analyse how it was successfully able to enter all the categories the answer would be: “A Proper Market Research”. From the research ITC conducted, it was able to analyse trends in biscuit industry. ITC During launch of its biscuits, ITC captured the minds of its customer with its shiny new mascot sunny and King Khan Shah Rukh Khan as its brand ambassador.
How ITC gained quick success with its Sunfeast Range of Biscuits? What is the thing which scripted the success story of ITC?
What is Marketing Research?
Before we jump into marketing research it is important to understand what marketing intelligence is.
Market intelligence (MI) is “the process of acquiring and analysing information in order to understand the market (both existing and potential customers); to determine the current and future needs and preferences, attitudes and behaviour of the market; and to assess changes in the business environment that may affect the size and nature of market in future.”
The Definition of Marketing Research offered by American Marketing Association is:
Market Research is the function that links the consumer, customer, and public to the marketer through information-information used to identify and define, marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyses, and communicates the findings and their implications.
The research process was done as per the process illustrated in the book “Marketing Research” written by D Aaker, V Kumar, and G Day. The process can also be segregated into 3 phases namely
In analysis phase we get to know why we need to do the market research and the cost estimates associated with it. This is very important part of market research and the part which commands more time also. In this phase we analyse the market problems and issues. The Market Situation was illustrated with a table. The different situational components were arranged in tree structure. The Marketing Problem was considered as preamble to the research process. From the marketing Problem 5 research Problems are formulated. Each research problem gives rise to a set of research objectives. Based on the research objectives the Hypotheses are generated. These hypotheses are pillars of Market Research.
In design phase the decision on rules for coding the response sheet, the methodology of research, the respondent to be interviewed is prepared. The different data gathering methods are decided in this phase itself. This phase can explained as process of building the structure of research by addition of different parts of research. It’s in this phase the success of research can be measured. An ill-conceived research will be suffering more in this phase which will be transferred to next phase magnified. The design can also be considered as planning phase. This takes just 20% of time required but deliverers 80% of result.
In implementation phase – collection of data and processing happens. The statistical analysis of hypothesis happens in this phase. Based on statistical validity of the hypothesis the conclusion is derived. The SPSS is popular tool used for the statistical analysis. This phase ends with preparation of report and presenting it.
Note: Post was reblogged from Harsha’s Tech Space – Management.