On Sep 11th, 2020, MBA students (4th intake) had a chance to attend a specialized lecture on Market Research. The lecture was conducted by Mr. Tran Nguyen Phuc – Business Development Manager from INTAGE Vietnam LLC.
In his lecture, Mr. Phuc talked about an overall introduction to market research and various types of research (desk research, retail audit, consumer panel…). He also mentioned methodologies in market research such as concept testing, product research, and consumer research. Understanding the value of market research in the context of business is necessary, Mr. Phuc explained. Market insights can help you adapt and change at a rapid pace, making it more likely to you to craft successful sales and marketing strategies. The market insights offered by market analysis can help you identify new consumers, potential buyers, collaborators and their values.
One part of the lecture focused on data visualization, in which the lecturer gave a brief introduction to Power BI and showed practical examples. After that, MBA students had a case study using a real case of Japanese miso ramen in foreign countries. That was a large-scale study conducted in 3 countries (Viet Nam, Japan, and Indonesia) to see how each region responded to the designed packages of a Japanese ramen brand. From analysis of the case, students can have an insight of market research in general and how cultural differences and preferences generate when it comes to new products.
The lecture did not only provide students general knowledge about market research but also create a platform for them to make questions and discuss with the speaker, which offered them an overview of how a big consultancy company in Viet Nam works in market research.