The process outlined in Exhibit 5.2 provides a general framework of the market research process.
The business objectives, spelt out in the research proposal, ought to provide a clear sense of direction. The objectives are framed to address issues confronting the business, or more specifically the brand. The research process must remain focussed on delivering the recommendations and action plans that address these issues.
The research objectives pose the questions that need to be answered, to illuminate the issues confronting the brand. The research is designed to answer these questions and grasp the facts. Conclusions are drawn from the answers, and from the interpretation of the facts. The recommendations ought to spell out how to address the business issues.
In order to derive a return on investment, actions need to be taken, based on the research programme. Good recommendations therefore state a course of action, based not only on the knowledge gleaned from the research, but also on other sources of knowledge. A good understanding of the brand’s strategy, and the market and business dynamics confronting it, is a prerequisite to crafting meaningful recommendations.
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Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.