A unique Market Potential Index developed by MICA
The Indian market is an emerging potential for the marketers and business enterprises. However the diversity in the market related to political, socio-cultural and demographic differences makes it hard for the marketers to develop marketing strategies and launch new products. To enter the market effectively, marketers need authentic, accurate and up-to-date information. Mudra Institute of Communications, Ahmedabad (MICA) has developed a product called MICA Indian Marketing Intelligence (MIMI) which makes it easy for the marketers to get relevant information.
MIMI provides secondary data for socio-economic variables up to district level for all states of India. MIMI combines a variety of structured information, compiled from authentic sources, to provide a composite, granular market-view. It is built using data-fusion algorithm developed by researchers and professors of MICA.
One of the most critical needs of a marketer is to prioritize districts for purposes ranging from market entry to product/service launch. MIMI provides Market Potential Index that assists businesses in making strategic marketing and business decisions in India.
MICA has developed the Market Potential Index for 630 districts for rural, urban and total market. Greater the MPI, greater is the market prioritisation.
Main sources of data utilised by MIMI
• The Census of India – 2011
• Planning Commission (Government of India)
• Ministry of Agriculture
• Department of Agriculture and Cooperation
• Agricultural Marketing Information System Network
• National Horticulture Mission
• Livestock – Department of Animal Husbandry (2007)
• Reserve Bank of India (2009)
• Fertiliser Association of India (2009-2010)
• Audit Bureau of Circulations (January-June 2010-2011)
• National Sample Survey Office (2009-2010)
• Bureau of Economics and Statistics of States and UTs
MIMI can be used by strategic decision makers to make informed marketing decisions in various industry sectors such
as Advertising, Manufacturing, FMCG, Durables, Banking and Finance, Food Products, Automobiles, Pharmaceuticals, Travel and Hospitality, Telecommunication, etc.MIMI can also be used by researchers, consultants, entrepreneurs, academicians and students to get a better understanding of the market potential across India.
Posted by Anusha C_13pgp066
Group Members: Aniruddh Mukerji, Alok Jyoti Paul, Gurjot Singh, Rohit Garg, Anwesha Dasgupta, Chanyo YL