Consulting and Analytics Club, today, organised their first ever event since their conception- An Introductory talk on market research by Prof. P. Vigneswara Ilavarasan, Department of Management Studies, IIT Delhi.
The consulting and entrepreneurship enthusiasts had all gathered in IILT2 as Prof. Vigneswara talked about the elements and advantages of Market Research for anybody planning a venture.
He kept the talk short and crisp and elucidated the concepts using various real-life, easy to understand examples. He explained what factors would constitute market research if somebody ventures to open an ice-cream shop in IIT campus- the time and location, the in-demand flavours, the budget of the students, availability of card swiping facilities and gender of the dispenser. Since these are essential to investment, a proper dig-in should be done which could be in form of interviews and an online or offline survey. This would come in more enlightening since one could observe more behavioral patterns than originally expected. And more often than not, the right questions should be asked in the right manner so that interviewee doesn't feel offended and a more natural response is generated.
He highlighted the importance of Analtyics in market research- which is essentially making sense of all the data collected through above procedures. The complete analysis of the VC(Venture Capitalist)-Start-up funding and profit-sharing business was particularly insightful with prospecting entrepreneurs in the audience putting up eager questions regarding the rounds and strings attached to the funding business.
Anshuman Sahay, the founder of the Consulting and Analytics Club has the following to say on his motivation about starting this new club:
"There had been widespread debates on the job preferences and for many, consulting industry doesn't ring any bells and still they are there for the sake of it. We live in a data driven economy and there is a lot to be explored, the club would offer projects in liaison with data driven start ups and analytics companies. A lot of intensive activities are planned to give an insight into the work profiles of the company and an opportunity to work and get hands on experience on similar projects."
Reported by Ishani Jain and Priyal Motwani