INDEX 2011 - 18th Edition of The Annual Market Research Competition at IIM Lucknow
Most research methods are affected by the sensitization effect resulting in a flawed or unreliable survey data. This occurs since the target audience is aware of the intentions of the surveyor and provides a feedback based on what he wants to hear rather than their actual opinions.
- (1888PressRelease) November 03, 2011 - Information through Disguised Experimentation
IIM Lucknow would be conducting its Annual Market Research Competition INDEX on 19th and 20th November 2011.
What is INDEX?
Market research is any organized effort to gather information about markets or customers. It is a crucial step in developing business strategies for all companies. The idea is to gather information about the market which will provide insights into the market need, market size and competition. Most research methods are affected by the sensitization effect resulting in a flawed or unreliable survey data. This occurs since the target audience is aware of the intentions of the surveyor and provides a feedback based on what he wants to hear rather than their actual opinions. For example, on being asked their favourite mobile device and its features at a Nokia showroom, customers will inevitably identify a Nokia model. The choice may not even be in accordance with the favourite feature they would personally choose given all the options.
Student community of IIM Lucknow along with the faculty members came up with a solution to this problem in 1994 through INDEX, an acronym for "Information through Disguised Experimentation". Questionnaires are disguised in the form of games open to the target audience, and unaware of the hidden survey they let their guard down while being immersed in the fun of the moment. The games are designed in such a way that the observers can elicit all the required information just by observing and noting down the behaviour and the responses of the participants. The data obtained from these sources have proven to be more reliable than traditional research methods.
INDEX is one of the oldest and most prestigious market research competitions organized in a business school within the country. From its introduction as a competition in campus involving the IIML community members, INDEX has evolved to include a larger and wider segment in Lucknow as target audience. The event carries out market research for corporate houses across various sectors such as banking, FMCG, telecom, automobile etc. Each participating company will have a dedicated team of 18 IIM students working on their research project. Prominent names in the market research industry such as AC Nielsen, associate with IIM Lucknow, signifying the quality of the research analysis proposed by the students to the participating company.
The event spans over 5 months with 4 key stages in the process. The first stage involves selection of the team which will handle company's research requirements throughout the process. The teams receive the research briefs obtained from companies and formulate proposals based on initial primary research and extensive analysis of secondary research. The best proposal is chosen by the respective company executives in coordination with the faculties and they are awarded the "live" project. During Stage 2, teams develop disguised games and related questionnaire to create an effective data collection method for their projects based on the inputs received from the company.
The third and most extensive stage involves a two day fair, INDEX, organised in Lucknow city, where the primary research is carried out. A carnival-like, fun-filled atmosphere is created at a central location in the city so as to provide a ground for the research to be conducted. Preparations are made so as to entertain public from relevant age groups & demographic segments at the fair. The INDEX teams along with other students of IIM Lucknow carry out a month long promotional campaign, organizing competitions and events to ensure that there is participation from the people of Lucknow at the fair. The game stalls set up by the competing teams blend in with the "mela" like atmosphere provided by other vendors, food stalls, science exhibitions etc. With the footfall at the fair rising up to 10,000 in recent years, the data collected can be assured to be unbiased and evenly distributed.
In the final stage the data collected from the fair is analysed and insights relevant to the business problems faced by the companies are obtained. These are presented to a panel of faculty and representatives of prominent Market Research companies. After incorporating their feedback, the resulting analysis is submitted to the company executives. The success of the competition and the deliverables is highlighted by the 50% retention capacity INDEX has with the companies.
Since its inception, INDEX has been in a state of constant evolution. Research briefs at the event have also included rural projects with the participating teams travelling to rural areas to obtain the necessary information. In its 18th year, INDEX continues to grow with times, as INDEX and IIM Lucknow introduced e-INDEX, the online Market Research Competition, open to all business schools throughout the country. Through the dedicated efforts of the students and the companies involved INDEX is constantly growing in size as well as quality of research.
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