MHRD Innovation Cell organized a webinar as a live You Tube session on 14th May, 2020 in which te Leadership Talk was delivered by Dr. Preet Deep Singh, AVP, Invest India on the topic: “Understanding Role and Application of Marketing Research at Idea to Start up Stage- Foundation Level”. Mr. Dipan Sahu, Assistant Innovation Director, National Co-coordinator of NISP, IIC and ARIIA, was the program anchor for this webinar session.
In this webinar session Dr. Preet Deep Singh discussed about the market research, different ways that Market Research can be carried out and importance of Market Research from Idea to Startup phase for an entrepreneur. This was a foundation level talk on Market Research by him. He said it is important for an entrepreneur to do a realistic estimation of market size of the startup’s product/service offering which should be convincing to the investors who will be funding the business and will be the stake holders in the business.
Dr. Singh explained the difference between customer and consumer which may not be same for all products. He explained the market scenario with the example of market size for mutual fund market in India.
There are many methods of market segmentation: Method 1 – geographic, psychographic, behavioral, demographic, Method 2 – Retailers, Wholesalers, Consumers – this method is value chain based, Method 3 – SEC A B C (Socio Economic Classification) which is available in census data.
Dr. Preet Deep Singh then picked up a case study for a startup who wanted to put vehicle inspection on Blockchain whenever a break in insurance comes.
Dr. Singh concluded the session by stating the sources from where entrepreneurs can get data to estimate market size.