LG & Co is one of India’s oldest food ingredient manufacturers with a legacy of more than 125 years. The company wanted to conduct market research to drive improvements in its existing markets of operation as well as generate strategic inputs for new markets to enter.
The project included research on the following 3 elements:
- Retailer Surveys: To understand market sizing, brand penetration, market share of brands, most selling packs & price range, trade terms with manufacturers. A total of 1590 retailers were covered for the study.
- Consumer Surveys: To understand consumption profile, purchase considerations, buying behavior, satisfaction levels and loyalty for different brands in target category. A total of 780 consumers were covered for the study.
- Distributor satisfaction survey: Prominent distributors were provided by LG & Co, to understand their satisfaction levels on various business elements, gaps & unmet expectations. A total of 10 distributors were covered for the study.
Approach
- Retail store visits and consumer interactions were done to frame a relevant & cohesive questionnaire
- Retailer surveys were done in existing markets and with the target category stocking stores only
- Consumer surveys were done in new markets to enter and with target category buyers only
- Adequate systems were established to enable real-time data collection and cleaning
Outcome
The research helped generate insights around:
- Market sizing to identify potential of new market and priority of roll out
- Category penetration & Competition intensity
- Share of Shelf and Market share of prevalent brands
- Consumer purchase considerations, satiafcation levels and NPS
- Repeat purchase and inclination to switch to new brands
- Strategic recommendations market wise on push & pull elements
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