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 as defined by the ICC/ESOMAR International Code on Market and Social Research includes social and opinion research 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.
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.
There are some important things to be considered:
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 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, use of product differences, psychographic differences and gender differences.
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.
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 to measure marketing effectiveness are:
* Customer analysis
* Choice Modeling
* Competitor analysis
* Risk analysis
* Product research
* Advertising the research
* Marketing mix modeling
2. RESEARCH OBJECTIVE
Gujarat Co-operative Milk Marketing Federation is a dairy product producer and distributor. Amul is one of its well known brands. Under this brand name G.C.M.M.F. sells varieties of milk, i.e. Amul Fresh, Amul Gold, Amul Taaza, Amul Lite, Slim and Trim, Amul Shakti.
Along with Amul milk there are loose milk suppliers operating in the market. All these loose milk suppliers have their own regular customers. So, it is interesting to know the consumers preference towards Amul Milk and loose milk traders.
By conducting a comparative study between Amul and loose milk suppliers we would be able to know consumers preference. We would also be able to know various reasons behind consumers’ preference and future trends towards milk’s purchase and consumption.
3. RESEARCH METHODOLOGY
Consumers' preference towards Amul milk and Loose milk traders
The Indian dairy sector has an annual production of 70 million metric tons and it is the second largest in the world next to USA. In India there are more than 75,000 dairy co-operative societies which are spread all over the country and their membership is more than 10 million. Marketing is an integral functional activity of all human beings in their day-to-day life.
It is a body of knowledge, capable of influencing the development of individuals and also organization. The consumers play a...