Question

Topic: Research/Metrics

Want To Start Up Market Research Company

Posted by Anonymous on 3/29/2010 at 8:37 AM ET 50 Points
Hi Everybody,

I have no market research or marketing background. I have to start a small Market research division in a Indian company. So can you tell me how can i start with my basic, beginning with the operations, key points, what kind of databases, what kind of employee profile I should look for etc.

Also I would like to know about the costs involvement in setting up the MR division.

I need your valuable suggestions and ideas on this topic. Hope I will get the best solution from your grey matter.

Regards
Prashant
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RESPONSES

  • Posted by Chris Blackman on 3/29/2010 at 9:03 AM Member
    Prashant

    You haven't explained how you came to be in this invidious position. Whatever made you accept a role for which you apparently and by your own admission have no education, knowledge or background?

    I can only imagine this must be a role in a family company where you have been co-opted by the patriarch to either fly or fall flat on your face.

    If I were you, the first thing I would do is recruit a properly qualified, experienced Market Research professional who will be able to provide the industry background and tactical know-how you so desperately need.

    Just for a moment think about the clients you might work for: Whether they are internal or external clients, why would they want to use the services of an MR agency where the principal knows nothing about MR?

    Best of luck

    ChrisB


  • Posted by mgoodman on 3/29/2010 at 3:43 PM Moderator
    I know several people here in the United States who could help you with this, but I only have one contact in India who knows the ropes when it comes to Market Research. (He is a former P&G market research professional.)

    It would help if we knew what industry you serve and why the market research function isn't going to be sub-contracted to an outside firm with the expertise already developed, trained and looking for a meaty assignment or two.
  • Posted on 3/30/2010 at 4:37 AM Author
    thank you for your response.
    Actually i am in a computer business and now i wants to invest my money in some other business to grow more in this competitive market for which I need your valuable suggestions and ideas on this topic to setup in India.
  • Posted by Chris Blackman on 4/1/2010 at 7:27 AM Accepted
    Prashant

    The fact it's your own money makes this even more critical.

    Your first priority must be to recruit a properly qualified, experienced Market Research professional who will be able to provide the industry background and tactical know-how you need.

    Otherwise, seek investment advice from a qualified financial adviser in your marketplace. Don't risk your hard-earned on something you don't understand.

    Chris
  • Posted on 4/1/2010 at 8:53 AM Author
    thank you for your valuable suggestion
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