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“The value of research is directly proportional to the degree to which findings are
actionable.”
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7) Projects are allotted by the Head of Department / Programme Manager Business, at the
Campus. In the absence of the Head of Department / Programme Manager, the Projects shall be
allotted by the Campus Director / Campus Head. Coordination is by the Academic Coordinator(s).
PROJECT TOPICS:
12) Suggested Project Topics are:
i) MARKETING PROJECTS:
(1) Branding and Awareness
(a) What do people really perceive about a brand, product, or company?
(b) What are their perceptions of the competition?
(2) New Product Development
(a) We are designing a new product, but are unsure which components to include.
(b) Which product characteristics are most preferred by your potential customers?
(c) At what price should a new product be introduced to the market?
(d) How much of a market impact can we expect with the introduction of our new product?
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(3) Customer Service
(a) We have noticed a slip in business that may relate to customer service issues. Can we
pinpoint the problem?
(b) What do people really think of your customer service? What are its strengths and what
are its weaknesses?
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(i) Bibliography.
(j) Questionnaire.
(k) Annexure.
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Derivatives-Options, Forwards, Futures, Swaps, Derivatives and Commodities
derivatives market, Currency and Stock market derivatives.
(5) “Credit Risk Management, Market Risk Management & Operational Risk
Management”
(1) New Product/Services Development and Feasibility Studies. Test customer receptiveness
to new products, ideas, concepts, and features. In addition to more traditional approaches,
implement the leading edge conjoint analysis tool. This methodology is highly effective in
defining optimal feature bundles or best pricing strategies for emerging products and line
extensions.
(2)Customer Satisfaction and Preference Studies: Product or service satisfaction can be
measured against customer expectations. Beyond initial findings, results may be used to
develop indexes that establish benchmarks, track performance, and report achievement over
time. This type of study could be helpful in establishing performance pay baselines, for
example.
(3)Competitive Analysis: Gaining valuable insights on competitors is extremely useful in
developing products, programs, and services. Design studies that assess customer
satisfaction levels, awareness levels, and overall perceptions of competitors. Pinpointing
competitors' weaknesses helps identify market opportunities. This type of study is also
useful when developing strategic marketing messages that can emphasize a product’s
strength over a competitor's weakness, real or perceived.
(4)Business Forecasting/Trend Analyses. Predicting where markets will move in the future.
Companies best prepared for the future are those who most accurately forecast industry
trends. Assess the impact and potential opportunity of new technologies, use of the Internet,
and various other factors affecting market niche now and for the future. In addition, use
multivariate statistics to analyze data a company has collected over time, to identify annual
and seasonal trends and predict future directions.
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(5)Customer profiling and Identification of Target Markets: Collect the appropriate
demographic and psychographic information, and then apply a suite of statistical methods to
discover the characteristics of those with propensity to buy.
v) PROJECT TITLES OF ADVERTISING AND MARKETING COMMUNICATION
(1) Image and Advertising Studies: Determine the most compelling advertising message, as
well as the effectiveness of advertising in various media, critical to successful marketing. In
addition, studies of brand recognition, awareness and preference can provide insights
relevant to product positioning and competitive challenges.
(2)Employee Attitudes and Opinions Studies: Companies facing organizational changes and
challenges can benefit from research on internal issues conducted by an objective outside
party. Define issues objectively, as well as diplomatically protecting employee
confidentiality. Elicit candid views from study participants, and converting this information
to drive meaningful messages in various communications, training programs, and human
resource initiatives.
1) Research is a vital component of the strategic marketing and management process. It leads to
effective product and service development, better communications, increased sales and more
meaningful customer service follow-up. We view market research as part of a holistic marketing
and management process where the best decisions are made by smart organizations that set goals,
plan strategies, research the unknown, plot courses of action, and equip their people with the skills
and knowledge to be a vital part of the process.
2) We, at WLC College, are committed to equip our students who would eventually take up roles in
assisting businesses and organizations with the upfront components of strategic decision-making.
Research is a vital component of the strategic marketing and management process. It leads to
effective product and service development, better communications, increased sales and more
meaningful customer service follow up.
3) Finding a Research Topic
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4) Good research depends on a clear question, understanding the context of the question, being able to
use appropriate methods to answer the question, knowing when to stop. Before thinking about how
to answer a research question you need to be clear about the topic, the concepts it includes and how
they are to be defined. Finding a suitable topic for research can be difficult. Starting points can be ,
discussion with a supervisor or colleagues, discussion using Internet facilities such as electronic
mail, discussion groups or mailing lists, “ further research needed” sections of journal articles,
papers, thesis and dissertations in the subject area of your interest, topic definitions in
encyclopedias and "state-of-the-discipline" reviews in the journal literature. In each case, you are
looking for topics where there is doubt and uncertainty, disputed or contradicted statements, topics
where evidence is incomplete, lacking, dated topics where evidence from a study on one
community or a group could be compared with evidence from an associated group.
5) Research Design & Methodology
6) The elements of effective research design include the following steps
a) Steps to Custom Research
b) Types of Studies
c) Methodology
7) Steps to Custom Research: There are, normally, the following six steps that lead to design and
completion of scientifically valid studies that have meaningful, real world applications. The overall
design of a research project is crucial, since it guides and shapes the study. Good research design
helps ensure project success.
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— important, so that questions are phrased and data collected in appropriate and effective
formats.
iv) Some examples of research problems are already covered under the heading ‘Project
Topics’ earlier in this document. Student shall allotted a research topic that they need to
work upon.
b) Step 2: Sampling Strategies: After you have defined your research problem and developed the
ideas to be tested in a survey, you must decide on the nature and size of your sample. Sampling
strategy is crucial to successful research because results gathered from the sample are indicative
of trends in the total population. Develop a sampling plan for you that is both effective and cost
efficient. Ensure results that are valid and reliable, and to reduce selection bias or sampling
error.
i) First, define the target of research– the population for the study. This definition most likely
includes geographical or regional boundaries, as well as gender, age, income, or
psychographic characteristics. This process ensures that the sampled population is the target
population.
ii) Second, with your objectives in mind, recommend a sampling approach aimed at producing
reliable and valid data, with results that can be confidently extended to the population of
interest. Define the specific sampling strategy, for example a simple random sample, a
systematic random sample, a stratified random sample, a cluster sample, or another type of
approach.
iii) Third, determine an appropriate size of the sample by estimating sampling errors against
cost factors. Recommend a sample size to keep sampling error within acceptable limits.
iv) Fourth, locate a list of contacts. You should be familiar with the full range of sources of
contact lists.
c) Step 3: Survey Instrument Development: The next step is to design a survey instrument to
collect the information you need, as framed by your particular research problem. The surveys
generally include a variety of question types. Each question is formulated to provide responses
appropriate to the intended type of analysis. In developing your surveys, take particular care to
minimize bias that can result from improper wording of questions (measurement bias). Use
language that is simple and precise. Also, field-test each and every survey prior to
implementation to ensure that questions are clear and understandable and that the flow of the
survey goes smoothly. Some types of questions often included are:
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ii) Generally speaking, results are examined question-by-question. Then statistical tests should
be run to reveal significant relationships between variables or other data patterns.
Incorporate graphs to provide powerful visualizations of the key findings. Take time to
synthesize results and summarize top conclusions.
iii) A full suite of statistical techniques for analysis may be employed, including:
a) Chi-square and related tests of association for nominal data
b) Difference of means tests for integer data
c) Non-parametric
d) Exploratory Data Analysis
e) Analysis of Variance and Covariance
f) Multivariate Analysis
g) Conjoint Analysis
h) Regression analysis
i) Discriminate analysis.
j) Factor analysis.
k) Cluster analysis.
f) Step 6: Application
i) Application, rather than analysis, is the final step.
ii) Take the research process one crucial step further by synthesizing study findings into a set
of actionable recommendations. Drawing upon your broad expertise in business and
marketing, develop intelligent, creative suggestions for action, and help formulate realistic
implementation plans.
8) Types of Studies:
a) The students can adopt a wide range of approaches to market research projects. They should
custom design and execute scientifically valid studies that produce meaningful results to clarify
issues and identify strategic opportunities for their targeted ‘clients’. Here are some types of
studies they can typically perform:
9) Methodology
10)The students can adopt a wide range of qualitative and quantitative approaches to collecting and
analyzing data. Customized research design, and thorough post-collection analysis is focused on
discovery of strategic opportunities. Work closely with your 'clients' to design, execute, and analyze
qualitative and quantitative studies that produce results that are useful and immediately actionable.
11) Students conduct, both, qualitative and quantitative types of studies, because we believe the two
approaches are not mutually exclusive. Generally speaking, qualitative research is most appropriate
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for identifying and fleshing out unknown issues. Quantitative research is most appropriate for
testing the issues using a sample that is representative of the larger population. Often opt to use the
two approaches together as complementary parts of a two-phase study.
12) Qualitative
a) Qualitative research is directed toward gaining an in-depth understanding of participants’
perceptions and behavior. Using these qualitative methods, provide your ‘clients’ with the kind
of detailed understanding possible through less-structured open-ended questioning, extensive
probing, and observation of participant behavior. The typical qualitative methodologies would
include:
i) Focus groups
ii) Ethnography
iii) Tele-focus research (unstructured, one-on-one, in-depth interviews with selected
respondents)
iv) Elite in-depth Interviews
13) Quantitative
a) Quantitative approaches are designed to gather hard data that can be analyzed using the most
advanced statistical methods in the industry. The primary advantage offered by most
quantitative approaches is that the results of these studies can be generalized to the entire target
population—something qualitative methods cannot, by themselves, provide. The students can
use a variety of techniques in gathering quantifiable data, including:
b) Face to face surveys.
c) Telephone surveys.
d) "Secret Shopper" surveys.
e) On-line internet-based surveys.
f) Computer Assisted Personal Interviews (CAPI).
g) Voice of the Consumer (VOC) panels.
h) Group sessions using the Option Finder® Interactive Keypad system.
i) Choice-Based Conjoint.
i) Paper and Pencil Administration.
ii) CAPI Administration.
iii) On-line Administration.
j) Adaptive Conjoint Analysis
i) On-line Administration.
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ii) CAPI Administration.
k) For typical quantifiable studies, the interview process should be guided and controlled to ensure
that questions are asked in the same way of every respondent. Questions most often include
response alternatives or request scalar/numeric responses. The larger sample sizes typical of
quantitative studies ensure that results accurately reflect characteristics of the target population.
l) An analytic approach to all of your quantifiable studies typically would make use of many of
the following:
i) Chi-square and related tests of association for nominal data.
ii) Difference of means tests and exploratory methods appropriate to ratio-level data.
iii) Non-parametric alternatives to difference of means tests.
iv) Analysis of Variance (ANOVA).
v) Multivariate Analysis of Variance (MANOVA).
vi) Regression Analysis.
(a) Multivariate Linear Regression Analysis.
(b)Multivariate LOGIT, PROBIT.
vii)Conjoint analysis.
(a) Hierarchical Bayesian derivation of point.
(b)Estimates (for part-worth values).
(c) Price Sensitivity.
(d)Market Simulations.
(e) Importance Analysis.
(f) Utility Analysis.
viii)Discriminant analysis.
ix) Perceptual mapping using.
(a) Factor analysis.
(b)Cluster analysis.
x) Latent Class analysis.
xi) Scaling and Multidimensional Scaling.
xii)Segmentation modeling using.
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(a) Cluster Analysis.
(b)CHAID.
(c) Latent Class Models.
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Research Guides and Faculty at WLC College would ensure timely and effective execution of
Research Projects. WLCI wishes students all the best for their Industry Projects.
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