Few MRA Final Notes

[sagar sankhe]

1. Explain brand tracking methods with examples 

Ans: 

Brand Tracking includes measurements of awareness, usage, brand attitudes, perceptions, and purchase intentS

The brand score/ metrics can be classified into three types:

> Perception metrics, 

> Performance metrics 

> Financial m

etrics

Brand Score: is a “Perception metrics”, wherein factors like Salient Features, Brand Relevance, Perceived Quality, Consistent Brand Image, Credibility, and Brand Support & Development were measured

> What is your perception of the brand on functionality of brand extension?

Brand score: The brand stays relevant

> Have you invested in product improvements that provide better value for your customer? 

> Are you in touch with your customers/ tastes with the current market conditions? 

> With new trends as they apply to your offering ? 

> Are your marketing decisions based on your knowledge Of the above?

Brand Equity:

Following parameters used to measure Brand Equity:

> Product offers something new to the consumer

> Product will improve or change the habits like usage, buying pattern

> Product offers advantages over the existing competitive products

> Perceived benefits scores over the price

> Product matches with current requirements of consumer, which is not yet fully filled

> Product profile can be communicated in communication media effectively

> Product does not require concept selling

Performance metrics measures:

> Performance of the brand in the market (Repeat Purchase, Brand Preference, Customer satisfaction & Retention)

2. Explain the following terms: Product, Brand, Branding, Market research and Marketing research

Ans:

“A product is something that is made in a factory; a brand is something that is bought by a customer. A product can be copied by a competitor; a brand isunique. A product can be quickly outdated; a successful brand is timeless.” Definition by Stephen King, WPP Group

Product: is anything that can be offered to a market that might satisfy a want or a need

whereas 

Brand: sum of the perceptions that are held about you, your company or your products, includes perceptions held by both external and internal audiences and stakeholders

Market Research: is an organized effort to gather information about target markets or customers

Marketing Research: is marketing specific research which can help identifying marketing opportunities and problems

Difference:

Market Research is a more narrow concept because it is research focused on a specific market, 

 Marketing Research, however, scales on a much broader level, 

 

It encompasses areas such as:

> Research into new products

> Modes of distribution

> Product development

It can also include promotion research, pricing, advertising and public relations.

3. How to measure the effectiveness of sales promotion

Ans:

Sales Promotion: is an activity like contests, discounts, coupons, giveaways, special offers etc to stimulate (promote) your sales

Measuring Effectiveness:

> Sales Volume/Profit Increase

> Brand equity Increase 

> New customers addition 

> On the spot consumer response

4. How will you measure the consumer attitude after seeing a comparative advertisement? Prepare a questionnaire for the same.

Ans:

1. Graphic Rating Scales: 

graphic continuum anchored by two extremes

    > Easy construction and use

    > 

Ability to discern fine distinctions

    > Extreme anchors force responses toward the middle

E.g.

2. Itemized Rating Scales: Respondents  must select from a limited number of ordered categories rather than placing a check mark on a continuous scale

    > Easy to build and administer

    > Produce reliable ratings

    > Not as fine distinction as graphic rating scales

E.g.

3. Rank Order Scale: 

Respondent judges one item against another (Comparative scale)

    > Easy to give and understand

    > Quick responses

But…

    > May not include all choices

    > Problem my not be relevant to respondent

    > No difference in how far apart responses are

4. Paired comparison scaling: respondent is presented a pair of objects or stimulus or brands and the respondent is supposed to provide his or her preference of the object from a pair

5. Constant sum sales: respondent to divide a given number of points, typically 100, among two or more attributes based on their importance to the persons.

6. Semantic Differential: researcher selects opposite pairs of words or phrases that describe the object Respondents rate on a scale

7. Likert Scales: Favorable or unfavorable attitude toward the concept, respondent tells his level of agreement or disagreement with each statement (numerical score)

8. Staple Scale: Similar to the Likert scale and the semantic differential scale, here points are at equidistant position both physically and numerically, which usually results in the interval-scaled responses.

 9. Purchase intent scale: 

During new product development: provides a rough idea  of demand, Its

Most popular scale; good predictor of purchases

 E.g., Definitely Will Buy Probably Will Buy Probably Will Not Buy Definitely Will Not Buy

5. What type of questionnaire will you prepare to measure the role of music in retail, restaurants, etc.

Ans:

Design own questionnaire as per choice of questions

6. Santoor has a low market share in the urban area. How will you conduct a market research and make a research proposal

Ans:

Market Research for Santoor:

> Prepare set of questionnaire (based on the objective of the research)

> Circulate Survey (Online filling, personal visits to shops, malls, circles) 

> Tabulate the responses

> Analyse the data

Research Proposal ensures that:

> Sufficient preliminary reading/research in the area has been done by candidate

> Issues involved have been thought off and broad description of the topic is clear

Below is a standard format:

> Title Page (personal info and people involved)

> Abstract/summary statement of the research project (one page summary on research topic)

> Review of research literature (give past research references, your research scope and motive of your project)

> Your history/preparation 

> Objective of the research project 

> Outline the project (your research procedure, sources, methods of gathering data)

> Timetable (sequence of research phases)

> Selective research bibliography  (academic works in ur research outline & other works to be referred by you during research)

> Attachments (CV, reference papers)

7. Short note on Applications of market research

Ans:

Market Research: is systematic and objective identification, collection, analysis and reporting of information for the purpose of assisting management in decisions relating to the identification and solution of problems and opportunities in marketing

8. Show perceptual map for Amul sugarless chocolates and Cadbury dairy milk. Develop the positioning strategy for Amul and justify the same

Ans:

Draw perceptual map of Sugarless Amul using below notes:

Perceptual Mapping: Marketing research technique where we plot consumer's views about a product on a chart (Perceptual Map), their responses are used for improving/developing product, In other words perceptual map shows consumers reactions to brands, products, services and other market offerings

Perceptual maps tell us how consumer sees us and we already know how we see ourselves and how we want our consumers to see us, so this is areality check after which we can bridge this gap by taking some actions (change positioning etc)

Example: Automobiles in America

Subjected to your perception: Cadburry (Silk, Temptation) chocolates may come towards high price and high quality, Indulgence, where as Amul comes atlow-medium cost and medium quality/taste/Indulgence, perk at low indulgence and low cost

Example is below:

Write answer putting your own perspective about positioning of Amul. Cadbury is positioned as a sweet start towards festivals (shubh arambh), previously as tempting chocolate as an excuse to eat, (khane waalo ko khane ka bahana chahaiye), Amul chocolate did not have any prominent positioning in past which would leave a strong impression on consumer's mind. Devise your own positioning and explain.

9. Short note on TAM

Ans:

TAM is  television Audience measurement analysis firms (a joint venture company between AC Nielsen & IMRB) TAM India’s panel is among the top five in the world ( largest sample size: 33,500 respondents across 164 cities)

> Local PeopleMeter (LPM) technology (PeopleMeter device attached to TV records which channel is being viewed for how much duration)

> PeopleMeter is a box shaped device(attached to TV) + remote control, remote control starts the recording channel status

> TAM is does this for Terrestrial TV Homes, Cable & Satellite TV Homes and the Digital TV Homes

TAM Finds out:

> Measure TV audience for a TV channel e.g. Star Plus

> Determines ad rates 

> Nielsen rating :number of households tuned into a specific TV program e.g. IPL

> Share :number of households with TV on watching a particular program (Count)

                                         No of households tuned to a program

Nielsen Rating=      ---------------------------------------------------------

                                            Total No of households in a market

Program share however is counted on the base where total number of households with TV tuned on (maybe watching same channel or something else) as opposed to super-set of no of total households (TV on and off both)

> TAM while selecting representative towns does not select top 6 metros 

> Select metros with population of > 1.1 million

> TVM5 Digital meters are compatible with Plasma/LED/LCD/CRT TV sets as well as CAS/DTH/IPTV service provider's devices (set top boxes)

Problems:

> June 2013 showed widespread protest mentioning TAM is faulty/biased

> TAM was also accused of manipulation of data to pull in advertisers

10. Reliance digital has been showing very high growth compare to Croma. Croma has reported a slow growth in sales. What research will you do to find out the cause of slow growth of Croma & how will you differentiate Croma from Reliance digital

Ans:

"1.Role and value or market research in marketing -2013" ppt explains the same issue

Thanks & Regards,
Sagar Sankhe

Sagar Ramkrishna Sankhe

Ex-Employee: TATA CONSULTANCY SERVICES. (2009-2012)

MMS 2012-14

Consultancy & Entrepreneurship Committees Member at
Sydenham Institute of Management Studies, Research & Entrepreneurship Education (SIMSREE), Mumbai.
Contact No: 9773682257