A STUDY ON IMPLEMENTATION OF RESEARCH METHODOLOGY ON

“SRIRAM GROUP”

Submitted by

Jyoti Ranjan Jena

(Rollno3080)

A STUDY ON RESEARCH METHODOLOGY IN FINANCIAL SECTOR IN INDIA

BY

JYOTI RANJAN JENA

(ROLL NO - 3080)

Of

VISHWA VISHWANI INSTITUTE OF SYSTEMS AND MANAGEMENT

A PROJECT REPORT

Submitted to the

FACULTY OF RESEARCH MANAGEMENT

In partial fulfillment of the requirements

For the award of the degree

Of

POST GRADUATE DIPLOMA IN BUSINESS MANAGEMENT

IN

FINANCIAL MANAGEMENT

BONAFIDE CERTIFICATE

Certified that this project report titled “ A STUDY ON RESEARCH METHODOLOGY

IN FINANCIAL SECTOR IN INDIA.” is the bonafide work MR. jyoti ranjan jena

(RollNo.3080) who carried out the research under my supervision. Certified further,

that to the best of my knowledge the work reported here in does not form part of any

other project report or dissertation on the basis of which a degree or award was

conferred earlier occasion on this or any other candidate.

ACADEMIC DIRECTOR PROJECT GUIDE

EXTERNAL EXAMINER

ACKNOWLEDGEME

I take this opportunity to express my sincere thanks to Mr. SRIDHAR

(MANAGING DIRECTOR), Sri S Ranganathan (FINANCE DIRECTOR), for their

encouragement and support during the course of my project work in their esteemed

organization.

I express my sincere thanks to our DIRECTOR ACADEMIC Prof. MOHAN.S.RAO. I take

this opportunity to record my everlasting thanks and hearty feelings of gratitude to my

project guide, for his valuable suggestions and continuous encouragement in doing this

project.

I express my sincere thanks to my guide Mr. M.MADANA MOHAN lecturer for

her valuable suggestion and continuous encouragement in doing this project.

I thank my department Staff Members and my well wishers for their involvement in

helping me in completing this project.

I would like to express my deep sense of gratitude to the respondents who extended s

their immense help by providing the required information, which in turn helped me in

achieving the objective of this study.

Last But Not The Least, this work will be incomplete if I fail to thank my family and

friends for their moral support. I also thank the almighty for making me complete this project

successfully.

What is Research?

Everywhere, our knowledge is incomplete and problems are waiting to be solved. We address the void in our

CHAPTER NO

CONTENTS PAGE NO

1 INTRODUCTION

2 General

3 Need for the study

4 Scope of the study

5 Company profile

6 RESEARCH METHODOLOGY

7 What research is

8 What research is not

9 Type of Research

10 Statement of Objectives

11 Questionnaire Design

12 Data Collection

13 Limitations of Study

14 REFERENCE

knowledge and those unresolved problems by asking relevant questions and seeking answers to them. The role of research is to provide a method for obtaining those answers by inquiringly studying the evidence within the parameters of the scientific method.

The word research is used in everyday speech to cover a broad spectrum of meaning, which makes it a decidedly confusing term for students -- especially graduate students -- who must learn to use the word in its specialized denotation. Much that students have learned they must suddenly unlearn; many of the false concepts they had previously learned they must discard.

Unfortunately, many students have been taught misconceptions about the nature of research. From elementary school to college, they have heard the word research used loosely and given multiple, misleading meanings. On one hand, the word connotes the finding of an item of information or the making of notes and the writing of a documented paper. On the other hand, it is used for the act of informing oneself about what one does not know or of rummaging through available sources to retrieve a bit of information. Merchandisers use the word to suggest the discovery of a revolutionary product when, often, the truth is that only a minor alteration has been made to an existing product, with the purpose of enhancing the product's sales appeal. All these activities have been called research but should have been called by their appropriate names: information gathering, library skills, documentation, self-enlightenment, and an attention-getting sales pitch.

The word research has a certain mystique about it. It suggests to many people an activity that is exclusive and removed from everyday life. Researchers are sometimes regarded as esoteric individuals who seclude themselves in laboratories, in scholarly libraries, or within the precincts of an academic environment. The public generally is not aware of their daily activity or of the important contributions their work frequently makes to people's comfort and general welfare. Many people, therefore, regard research as a way of life dissociated from the common activities of the everyday world.

The purpose of this chapter is to dispel these myths and misconceptions and to present an accurate definition of research.

I define research here as the systematic process of collecting and analyzing information (data) in order to increase our understanding of the phenomenon with which we are concerned or interested. Although this conception of research may seem somewhat remote and academic, many people rely on a truncated form of it each day to solve smaller problems than those resolved by the more elaborate methodology of formal research. It is with formal research, however, that we are concerned in this text.

To appreciate the difference between people's common understanding of research and the more accurate definition, we can perhaps better understand the latter by first looking at the nature of the former.

WHAT RESEARCH IS NOT

I have suggested that the word research has been so loosely employed in everyday speech that few people have any idea of its real meaning. Here are a few guidelines as to what research is not; accompanying each guideline is an illustration depicting the popular concept often held about research.

1. Research is not mere information gathering. A fourth-grade child came home from school with this announcement: "Mom, the teacher sent us to the library today to do research, and I learned a lot about Columbus." This child has been given the idea that research means going to the library to get information or to glean a few facts. This may be information discovery; it may be learning reference skills; but it certainly is not, as the teacher so termed it, research.

2. Research is not mere transportation of facts from one location to another. A student completes a "research paper" on the Dark Lady in the sonnets of William Shakespeare. Although the student did, indeed, go through certain activities associated with formal research -- collecting data, assembling a bibliography, referencing statements properly -- these activities still do not add up to a true "research" paper. The student missed the essence of research: the interpretation of data. Nowhere in the paper did the student say, in effect. "These facts that I have gathered seem to indicate this about the Dark Lady." Nowhere did the student draw conclusions or interpret the facts themselves. This student is next door to genuine research; but the mere compilation of facts, presented with reference citations and arranged in a series, no matter how appealingly neat the format, misses genuine research by a hair. A little farther, and this student would have traveled from one world to another: from the world of mere transportation of fact to the world of

interpretation of fact. The difference between the two worlds is the distinction between transference of information and genuine research -- a distinction that is important to understand.

Unfortunately, many students think that looking up a few facts and transferring them to a written paper with benefit of references constitutes research. Such activity is, of course, more realistically called fact discovery, fact transportation, and / or fact transcription.

3. Research is not merely rummaging for information. The house across the street is for sale. I consider buying it, and so I call my realtor to find out how much my own home would sell for. "I'll have to do some research," the realtor says, "to find the fair market value of your property." What the realtor calls "doing some research" means, of course, going through files of recent sales of properties comparable to mine to see what they have sold for; this will give the realtor an estimate to report to me. This so-called research is little more than rummaging through files to find what the realtor did not know. Rummaging, whether in one's personal records or in the public or college library. is not research. It is accurately termed an exercise in self-enlightenment.

4. Research is not a catchword used to get attention. The morning mail arrives. I open an envelope and pull out its contents. A statement in boldface type commands attention:

Years of Research Have Produced a New Car Wash!

Give Your Car a Miracle Shine with Soapy Suds!

The phrase "years of research" catches my attention. The product must be good, I reason, because "years of research" have been spent on developing it. I order the product -- and what do I get? Dish-washing detergent! No research. merely the clever use of a catch-word that, indeed, fulfilled its purpose: to catch my attention. "Years of research" -- what an attention-getting phrase, yet how misleading!

Formal research is entirely different from any of the above activities. I outline its essential nature and characteristics in the following section.

WHAT RESEARCH IS

Research is a process through which we attempt to achieve systematically and with the support of data the answer to a question, the resolution of a problem, or a greater understanding

of a phenomenon. This process, which is frequently called research methodology, has eight distinct characteristics:

1. Research originates with a question or problem. 2. Research requires a clear articulation of a goal. 3. Research follows a specific plan of procedure. 4. Research usually divides the principal problem into more

manageable subproblems. 5. Research is guided by the specific research problem,

question, or hypothesis. 6. Research accepts certain critical assumptions. 7. Research requires the collection and interpretation of data in

attempting to resolve the problem that initiated the research.

8. Research is, by its nature, cyclical; or more exactly, helical.

I discuss each of these characteristics in turn so that you appreciate more fully the precise nature of formal research.

TYPES OF RESEARCH

Research is mainly of three types;-

Qualitative research - Qualitative research allows you to explore perceptions, attitudes and motivations and to understand how they are formed. It provides depth of information which can be used in its own right or to determine what attributes will subsequently be measured in quantitative studies. Verbatim quotes are used in reports to illustrate points and this brings the subject to life for the reader. However, it relies heavily on the skills of the moderator, is inevitably subjective and samples are small.  Techniques include group discussions/workshop sessions, paired interviews, individual in-depth interviews and mystery shopping (where the researcher plays the role of a potential student, etc in order to replicate the overall experience).

 

Quantitative research - Quantitative research is descriptive and provides hard data on the numbers of people exhibiting certain behaviours, attitudes, etc.  It provides information in breadth and allows you to sample large numbers of the population. 

It is, however, structured and does not yield the reasons behind behaviour or why people hold certain attitudes.  Techniques commonly used in HE/FE include postal surveys (particularly appropriate in the case of student populations where name and address information is available), telephone surveys (appropriate for surveys of

employers), on-line or web-based surveys (very cost-effective for reaching audiences where e-mail penetration is high, such as students and university/college staff) and mystery shopping (in this case to test quantifiable aspects of the service). 

 Secondary or desk research - The collating and analysis of secondary data is called desk research.  Secondary data is data that already exists and may be found within your own organisation or is published by another party and readily available.  The types of research outlined here are by no means exclusive

SRIRAM GROUP

COMPANY OVERVIEW

Established in the year 1974, the Shriram Group, comprising 750 Branches and Service Centres, is India's premier financial services chain. We are the largest player in Truck Financing and Chit funds in the Indian subcontinent.

Our group, having an annual turnover of Rs. 6,000 crores (USD 1.3 billion), has a significant presence in the Insurance Consultancy, Consumer Durable Finance and Stock Broking businesses. We also have diversified investments in areas such as Information Technology, Pharmaceuticals, Property Development, Project Engineering, Packaging and Auto Components.

We employ over 11,000 employees across the country who are committed to providing excellent customer service. We also have over 75,000 agents nationwide who reach out to our customers in even the most remote areas.

The Shriram Group's business ventures are built on providing the most efficient and customer-focused services based on the simple principle of putting people first. This 'People First' business philosophy has earned us unstinted customer loyalty through many generations.

BUSINESS AREA

Shriram Truck Financing Companies: The wheels of progress

Largest NBFC in the country exclusively engaged in financing of heavy commercial vehicles.

Monopoly position in financing of used vehicles.

All India presence with a branch network of over 300 offices and employing over 4000 people

Growing at the rate of 30% per annum.

Positioned itself not merely as a loan giving entity, but as a financing partner to the truck operator.

Funds managed - Rs.9000 crores.

Equity investors - Citicorp, UTI Bank and FMO-Netherlands have added tremendous value and strength.

Shriram Transport Finance Company Limited was established  in 1979 to finance the much neglected Small Truck Owner.

Over 70% of India's freight moves on  trucks. A majority of these trucks, amounting to over 90%, are owned and operated by independent operators. Of the over 25 lakh truck operators in the country, less than 8 lakh operators have access to fair and equitable credit, thus making credit support to the majority truck operators inadequate, expensive, inequitable and exploitative.

Many private NBFC's started the concept of truck financing in order to address this enormous need to support the private truck operators and make it easier for new entrants to enter the business, but with limited success.

Enter the Shriram Group. We began financing individuals who wanted to purchase trucks in 1979. Today, Shriram is amongst the largest financiers of individual truck purchasers in the country.

More than 300 active Shriram Group branches across the country have successfully managed to transform over 5 lakh truck drivers into proud truck owners. We have deployed close to Rs.9000 crores (US$ 2 Billion)

AN OVERVIEW OF THE SHRIRAM GROUP TRUCK FINANCING BUSINESS IN INDIA

Area of Operation All India

Branch Offices 300

Employees 4000

Depositors 14 Lacks

Agency Force15,000 plus Resident Representatives – 1300

Funds Managed Rs.9000 crores

Net worth Rs.732 crores

Stock Exchange Listing

Major Exchanges including the BSE and the NSE

Shriram Chits - prosperity for the grassroots

Shriram Chits is the largest chits fund in the country. We have grown to become a trusted household investment option. The growth registered by Shriram Chits in recent years not only indicates the usefulness of this savings instrument, but is also a reflection our customers' trust in us.

Chits, one of the earliest investment instruments known to man, were founded by the enlightened rural communities of India. These have, ever since, worked to the advantage of communities that are battling with scarce capital resources.

Shriram Chits started its operations in the year 1974 with a single branch that has quickly grown into a trusted household name for making Chits a viable form of saving and borrowing to all sections

of the society.

Shriram Chits operates in four States. Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra, where it has a reputation for timely disbursement of funds and excellent customer service which differentiates it from other companies.

Using state of the art Computer Systems / Networks and a transparent accounting system, Shriram chits have transformed this contemporary method of Savings into an attractive personalized alternative to the Banking System. CHIT BUSINESS AT A GLANCE

  Area of operation

  Andhra Pradesh,     Karnataka,   Tamil Nadu,   Pondicherry & Maharashtra

  Branch offices   465  Employees   Over 5,000  Subscribers   22,00,000  Agency Force   75,000

  Funds Managed

  Auction Turnover Rs.3,240 crores per annum and Prize money distributed Rs.2500  crores per annum

  Net worth   Rs.91 crores  Collection efficiency

  97.40%

We entered the Consumer Durable Finance business in early 2002 through 'Shriram City Union Finance Ltd., the consumer finance arm of the group. Within a short span of 2 years, we have managed a portfolio of over Rs.584 crores in this business.

Our monthly business amounts to over Rs.25 crores in individual loans, ranging from as little as Rs.8,000 to Rs.1,00,000, and with tenures ranging from 12 months to 36 months.

Since its inception, we have financed over 2,15,000 white goods and two-wheelers, with over 90% of the business arising out of the non-metro markets.

This financing is backed by lines of credit extended by ICICI Bank, UTI Bank and Development Credit

The Shriram Life Insurance Company is the Joint venture between the Shriram Group and the Sanlam Group

 

Sanlam  Life Insurance Limited, a part of the      Sanlam Group, is one of the largest providers of life insurance in South Africa with 3.2 million individual polices under administration. It is significant presence across South Africa, United Kingdom and Namibia and is a major provider of life insurance, retirement annuities, saving and investment products, personal loans, home loans and trust services to individuals. The shareholder's funds of Sanlam Life equates to USD 4.4 billion.

  

The Sanlam Group was established in 1918 and has a leadership position in financial services in South Africa. Demutualized in 1998, the group is listed on the JSE Securities Exchange in Johannesburg and on the Namibian Stock Exchange. It has a current market  capitalization of USD 5.4 billion. The Sanlam Group also operates in the areas of group schemes, retirement funds, short-term insurance, asset management and other financial services. It has an employee strength of 8,000 and has shareholder funds in excess of USD 4.6 billion. On 31st December 2004 it had more than USD 48 billion assets under management.

Our stock-broking arm operates under the name Insight Share

Brokers Pvt. Ltd. It is a Member of the National Stock Exchange, India and the Multi Commodity Exchange. This unit has expanded its network by nearly 150% over the last year and today it has more than 230 terminals spread across the length and breadth of the country.

It has a retail customer base of around 50,000. The company launched its new products like Derivatives and Commodity Trading in early 2004.A quick look at some of the salient features:Insight's risk-management team monitors the gross exposure, marked-to-market loss limit, margin money etc.

Limits of all clients are fixed at a pre-calculated level.This is beneficial to them in the long run as it prevents overtrading.Timely payments and direct share transfer facility from NSE Adequate risk control and research supportThe clincher: Proactive and preventive risk controlA centralized risk control mechanism helps in taking preventive steps for the client's protection, particularly during panic trading at the Exchange. This powerful mechanism has met with resounding success with the clients and has been useful to them in many crisis situations. Trading in futures, the future:Trading in Derivatives (Futures and Options) and Wholesale Debt Market (WDM) products will be introduced shortly. This will include, a highly sophisticated CTCL trading software facilitates execution of contracts. Our clients will be constantly updated on the notional or realized profit or loss, depending on the latest market price. Thus, it will act as a reliable information system that will enable our clients to take informed and effective decisions during trading hours. Furthermore, the presence of a Wide Area Network ensures that clients can trade and make deliveries or payments from or to any part of India.

INDUSTRY ANALYSIS

Market Equations offers Industry Analysis services to organizations globally contributing to fact based decision making. From Simple Data Mining solutions to Data Analysis

out solutions help companies take enduring decision. We keep organizations in touch with the alerts and signals produced by their respective industries as it goes through its life cycle. We provide valuable information on how the industry is changing, growing, consolidating, keeping an eye on the competition, helping you understand how your products will perform and the need for new products and what is going to be the defining factor for your company for the next few years. It helps you in identifying and responding to major changes in your macro environment.

Industry Analysis Solutions at Market Equations is a combination of Database services and Data Analysis services giving you customized solutions based on your need. Our Analysts delve deep into your Industry to give you information and insights that help you take the right decisions at the right time.

Liabilities and Assets of Financial Institutions

(As at end-March) (Amount in Rs. crore) Item Amount Percentage Variation 2006 2007 2005-06 2006-071 2 3 4 5Liabilities1. Capital 5,431 4,888 1.9 -10.0 (3.7) (2.9)2. Reserves 15,211 15,886 8.1 4.4 (10.5) (9.5)3. Bonds and 67,145 72,766 11.6 8.4Debentures (46.2) (43.5)4. Deposits 14,520 21,998 8.7 51.5 (10.0) (13.2)5. Borrowings 18,950 22,401 8.8 18.2 (13.0) (13.4)6. Other Liabilities 24,217 29178

0.5 20.5 (16.7) (17.5)Total Liabilities/Assets 1,45,474 1,67,117 8.2 14.9 (100.0) (100.0)Assets1. Cash and Bank 9,915 10,125 -39.9 2.1Balance (6.8) (6.1)2. Investments 10423 8,922 -23.5 -14.4 (7.7) (5.3)3. Loans and Advances 1,11,441 1,32,424 21.3 18.8(76.6) (79.2)4. Bills Discounted/ 1,810 1,922 72.7 6.2Rediscounted (1.2) (1.2)5. Fixed Assets 1,088 1,489 -5.0 36.9 (0.8) (1.0)6. Other Assets 10,797 12,235 5.2 13.3 (7.4) (7.3)

Note : 1. Data pertain to six FIs, viz., IFCI Ltd., TFCI Ltd. NABARD, NHB, SIDBI and EXIM Bank. IIBI Ltd. Was under voluntary winding up as on March 31, 2007. Data including IIBI Ltd. are only for the year ended March 31, 2006.2. Figures in parentheses are percentages to total liabilities/assets.Source : Balance sheets of respective FIs, unaudited off-site returns for NHB and audited limited supervisory return for TFCI Ltd.

SCOPE OF RESEARCH

Recognizing the immense scope for analytical chemistry in research and development activities, the Division of Ecotoxicology, Salim Ali Centre for Ornithology and Natural History (SACON), has been conducting training programs on

'Instrumentation and Analytical Techniques' for the last two years.

"The objective of the program is to give students an exposure to an analytical environment," said S.Muralidharan, Senior Scientist, Division of Ecotoxicology, SACON.

For those who have had some exposure to analytical chemistry, opportunities are plenty in pharmaceutical companies, Ph.D research programs and industry-based and pure research, he added.

About 30 students belonging to different disciplines such as chemistry, biochemistry, physics, microbiology, environmental sciences, biotechnology and wildlife Biology participated in the program.

Working principles and demonstration on the operation of many sophisticated analytical instruments including Atomic Absorption Spectrophotometer, Graphite Furnace Spectrophotometer, UV-Vis Spectrophotometer, Microwave Digestion system, High Pressure Liquid Chromatograph, Gas Chromatograph and Ultra centrifuge were provided to the participants.

Data validation through quality control measures, data management and statistical analysis of the information generated also formed part of the course curriculum.

"With newer chemicals entering the market to keep pace with industrial and agricultural needs, quantifying their environmental residue levels has become a challenge to analytical chemists," Mr. Muralidharan said.

Students from many colleges, scientists and technicians from industries and research institutions participated. The response from colleges had been good, Mr. Muralidharan said. PSGR Krishnammal College had three exclusive programs conducted for their chemistry students this year.

Research Methodology

EDITOFrom recorded history it is obvious that providers of medical

services are forever trying to devise better andmore efficient medicines, and surgical procedures for healing the sick faster and with greater success. In earliertimes a physician would experiment with newer methods of treatment based on trial and error, anecdotes, andinformation from peers. Experiments and clinical trials gradually evolved over thecenturies. Clinical experiments, controlled trials,randomized studies, field surveys, and developing and trying out of medicines or new surgical technics etc. constitute medical research which is going on since centuries. However, in the last 50-60 years the way we conduct research is radically changed.Until the middle of 20th century the patient was taken forgranted. He trusted the doctor completely and expected that all the actions of the doctor will be entirely in hisinterest. Hippocratic dictum of primum non nocere is as valid and relevant today as it was 2500 years back. Whilethis was followed to a large extent researchers often gave priority to their research interest over the welfare of thepatient even ignoring the harm likely to be caused to the patient involved in research. The Tuskegee study, aclinical research for studying the natural evolution of syphilis in patients to whom all treatment was denied whichwas conducted in USA for decades since the 1930s is a classic and very sad example of this. But what shook theconscience of the entire world out of its complacency is the cruel experiments conducted by Hitler’s physicianson Jew prisoners during the second world war. This resulted in the Nuremberg code in 1948. SubsequentlyWorld Medical Association devised Ethical Principals for Medical Research involving human subjects in the formof Helsinki Declaration in June 1964. The Declaration was revised periodically in 1975, 1983, 1989, 1996, 2000,2002 and 2004. The Indian Council of Medical Research formulated guidelines for Research Scientists in 1980. Asa result Ethics Committees have come into existence. All clinical research must be approved by the ethics committeeof the institution / hospital. In fact, even research studies on animals need to be approved by the ethics committeeto prevent unnecessary suffering of the animals. Besides, these are the days of empowerment of the patients. Everypatient is entitled to make a decision regarding his choice of treatment based on the complete and relevant

information provided by his physician. Besides every person, has a total freedom to decide regarding hisparticipation in a clinical trial after obtaining all the requisit information from the researcher. He also has a right towalk out of the research study at any time without his treatment being affected in any way. No research trialcan be conducted on any person without providing him full information and obtaining his consent in writing.Empowerment and autonomy of patients under care and of persons participating in any research must be dulyrespected without any compromise by clinicians and researchers.

Basic steps of a research project

► Find a topicàWhat, When

► Formulate questionsàWhat, Why

► Define populationàWho, When

► Select design & measurementàHow

► Gather evidenceàHow

► Interpret evidenceàWhy

► Tell about what you did and found out

Figuring out your study

► What?

► Who?

► When?

► Why?

► And How?

STATEMENT OF COMPANIES OBJECTIVES

Misson & vision,values

The Shriram Group set out with the objective of reaching out to the common man with a host of products and services that would be helpful to him in his path to prosperity. Over the decades, the Group has achieved significant success in executing this objective and has created a tremendous sense of

loyalty amongst its customers.

Efficiency in operations, integrity and a strong focus on catering to the needs of the common man, by offering him high quality and cost-effective products & services, are the values driving the organization. These core values are deep-rooted within the organization and have been strongly adhered to over the decades.

The group prides itself on its perfect understanding of the customer. Each product or service is tailor-made to perfectly suit the needs of the customer. It is this guiding philosophy of putting people first that has brought the Group closer to the grassroots and has made it the preferred choice for all financing requirements amongst the customers.

Types of methodologies

► QuaLitative Measures

● Descriptive ● Numbers not the primary focus● Interpretive, ethnographic, naturalistic

► QuaNtitative Measures

● N for numbers

● Statistical

● Quantifiable

DATA COLLECTION METHODS

Effective marketing strategies are based on planning. Planning involves assessing historical and current market conditions, setting objectives, developing marketing programs, and analyzing the results.Collection and analysis of data about markets and customers is an important part of the process. Factors such as sales trends, size and growth of a market, product life cycles, market share data, seasonality, profits, and industry capacity can be analyzedto develop marketing strategies.Using Primary and Secondary data, researchers can identify marketing opportunities and problems such as the following:

· Measurement of market potential· Determination of market characteristics· Market share analysis· Sales analysis· Business trends· Competitive product studies· Short-range forecasting· New product acceptance and potential· Long-range forecasting· Pricing studies· Testing of existing products· Establishing of sales quotas and territories· Measurement of advertising effectivenessPrimary and Secondary DataThe Research Process Uses Both Primary and Secondary Data. Primary research is original data collected for the problem at hand, usually at a significant cost. Typical examples are sampling and focus groups. Most marketing research consists ofsurveying samples of people either by personal interview, by mail, by telephone, or these days, via computer.Secondary research makes use of existing, publicly available data.Although the match between the problem and the data is not likely to be exact with secondary research, there are some significant benefits. You can save time and money by utilizing existing information, and often the secondary research process

will clarify the amount and kind of primary research that will be needed.Secondary research data includes the following resources available from libraries, government agencies, and trade associations:· Trade journals· Newspapers· Press releases· Demographic data· Industry analysts’ reports· Marketing research reports· Public opinion pollsPrimary Data CollectionsThe various methods by which primary data can be collected are:1. Personal InterviewingThe different methods of conducting personal interviews can be classified based on the respondents to be contacted and on the means of contacting them.The different methods are:· Door-to-Door Interviewing· Executive Interviewing· Mall Internet Surveys· Self-Administered Questionnaires· Purchase Intercept technique· Omnibus SurveysThe personal interviewing process is characterized by the interaction of four entities; the researcher, the interviewer, the interviewee, and the interview environment.The interviewer and interviewee interact and simultaneously influences one another in an interview environment· Door-to-Door InterviewHere the consumers are interviewed in person in their homes.The conclusion is based on number of factors:The door-to-door interview is personal, face-to face interview with all the attendant advantages, feedback from respondents, the ability to explain the complicated task, the ability to use special questionnaire technique that requires visual contact and so on The consumer is best seen as being at ease in a familiar, comfortable, secure environment · Executive InterviewThis type of survey involves interviewing business people at their offices concerning industrial products or services. This type of

interviewing is very expensive. First individuals involved in the purchase decision for the product in question must beidentified and located and then the next step is to get that person to agree to be interviewed and to set time for interview. Long waits, cancellations are very common.· Mall Intercept SurveysShopping-center interviews are a popular solution when funds are limited and the respondents must see, feel or taste something. Interviewers stationed at entrances or selected locations in a mall, randomly approach them and either question them atthat location or invite them to be interviewed at a special facility in a mall.

Since interviewers do not travel and respondents are plentiful, survey costs are lowSuch Surveys, known for their low cost, have recently been plagued by cost/quality issues. The desire to provide “better, faster, and cheaper” services has cost the research industry money, quality and efficiency of items and resources, and thesatisfaction of the customer.· Self-Administered QuestionnairesIn the self-administered interview method, no interviewer isinvolved. Self-administered interviews are often used in malls or other central locations. Airline frequently uses this technique to get information about their services; the questionnaires are administered in flight. Even though this reduces the cost of the interview process, there is one disadvantage, there is on one present to explainthings to the respondent and clarify responses to open-ended questions. The result in the answers to most of the openended questions is totally useless.· Purchase Intercept TechniqueThe purchase Intercept technique (PIT) is different from but related to the mall intercept approach. This technique combines both in-store observation and in store interviewing to assess shopping behavior and the reasons behind that behavior.Though the PIT involves intercepting consumers while they are in a shopping environment, however the PIT is administered at the time of an observable, specific product selection. The researcher observes the customer make a purchase in a particular product category, then interview him/her. The major disadvantage of the PIT it aids buyer recall. Interviewing at the point of purchase minimizes the time lapse between the purchase and data

collection and can provide neutral set of memory cues for the respondents while the purchase is still salient. The other disadvantage is it samples only purchases and not everyone else who might be influencing the decision on what to buy or where to shop· Omnibus SurveysOmnibus Surveys are regularly scheduled (weekly, monthly or quarterly) personal interview surveys with questions providedby a number of separate clients.The questionnaires, based on which the interviews are conducted, will contain sequences of questions on different topics. Each sequence is provided by one client, and the whole questionnaire is made up of such sequences of questions, ondiverse topics from different clients. Omnibus Survey is useful when limited number of personal interview questions is needed. The total costs are minimized. Advantages of Personal Interviews Personal interview arouse initial interest and thereby increase the rate of participation It is preferred when large amount of information is requiredand the questions are complex. The personal interview questionnaire has a high degree offlexibility.Useful when an explicit or current list of households or individuals is not available.Limitations of Personal InterviewPersonal interview studies are time consuming, administrativelydifficult and costly.Only 30-40% of an Interviews time is devoted to interviewingitself.If the number of interviewers increases, the problem of quality control will also increase Because of the time and administrative problems, the cost per completed interview is tend to be higher.2. Telephonic InterviewWith the introduction of technology, the telephonic methodhas become dominant for obtaining information from largesamples. The telephone interview is very similar to personal interview. Only certain unique aspects of telephone interviewing, such asselecting the telephone numbers, the call outcomes, the introduction, when to call and call reports are considered.

· Selecting the Telephone NumbersA researcher can use prespecified list, a directory or random dialing procedure.Prespecified lists include membership rosters, customer lists, or lists purchased from commercial suppliers of telephone numbers.

The tradional approach to obtaining numbers has been the use of directories. Other method, random dialing of numbers, is used to overcome the non-representative ness in the directory. ThisProcess is time consuming and does not lead to valid results. And not all possible telephone numbers are in service, so the attempt gets wasted.· Call OutcomesOnce the telephone number is obtained, a call is made. There are various possible outcomes like the telephone is not in service, number busy; number called is a fax number, answered by the right person. Advantages of Telephone Interviews· It can be conducted either from a central location or from interviewer’s house· More interviews can be conduced in a given period of time.· More hours of day are productive, especially the evening hours when working women or singles are at home.· Repeated callbacks at different times of the day can be made at very low cost.· Effective method for gaining access to hard-to-reach people such as busy executives.

Limitations

· Inability to employ visual aids or complex tasks.· E.g. it’s not feasible to ask the respondents to retain the names of nine dept. stores and ask them to choose one from them.· The interviewers rely solely on verbal cues to judge the reaction and understanding of respondents.· There is potential for sample bias, which is a consequence of some people being without phones, having unlisted phones, and telephone directories being able to keep up with a mobile population.3. Mail SurveysIn this survey mode, questions traditionally are mailed to potential study participants, who complete and return them by mail. Interviewing by mail consists of identifying and locating potential study participants, mailing them questionnaires, and waiting for completed questionnaires to be returned. This survey requires broad identification of the individuals to be sampled before data collection begins Some decision that are to be considered:· Type of return envelope· Postage

· Method of addressing· Cover letter· Questionnaire length, content, layout, color and format· Method of notification· Incentive to be given

Advantages1. This process gives better results including shortening of the period for collecting the data and more reliable answers.2. Mail survey yields accurate results because they are answered at the respondent’s discretion.3. They are generally superior when sensitive or potentially embarrassing topics such as finances etc are coveredLimitations1. The identity of the respondent is ambiguous, whom the respondent consult for help in answering questions.2. There are no: of possible flaws in the mailing list such as obsolescence, omissions, duplications and so forth.3. The response rate is very slow.Interactive Session· What kind of data collection procedure would you recommend to research the question of why female shoppers choose a particular retail store at which to buy clothing?· What can an interview do during the first 30 seconds of an interview to maximize the cooperation rate of (a) a personal interview and (b) a telephone interview?· (Assume the appropriate respondent is the head of the household.)· You are a publisher of national repute and you would like to find the potential for an academic book. You have decided to conduct a survey among college professors for this purpose. What form of survey method would you use? What trend do you see in the future for this survey method?· What are the advantages and disadvantages of computer interactive interviewing compared to traditional method of surveying?

Reference www.google.com

www.shriram.com

www.AnnualPublications.aspx%20RBI.htm

www.MarketEquations.com

www.netmba.com

www.wikipedia.com