Retail measurement services (RMS) exist in a wide range of industry sectors including FMCG, consumer durables, pharmaceutical, vision care, pet foods (pet shops), Chinese tonics (Chinese Medical Halls), writing instruments, computers and peripherals, mobile phones/telecom products, and hardware and sanitary ware.
Within FMCG, Nielsen is the largest global service provider. IRI has a strong presence in North America, Aztec (acquired by IRI in 2013) is leading in the Pacific, and Intage is the sole service provider in Japan (Nielsen discontinued its Japan retail index in 2009). GfK is dominant in consumer durables, and IMS in pharmaceuticals.
The following steps outline the key processes in the development of a retail index:
Steps 1 to 3, the universe definition, census (i.e. universe estimation), and sample design and set up, pertain to the design and development of the service. They form the foundation for the measurement service.
Steps 4 to 6 constitute the ongoing measurement process that is repeated every reporting period.
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Suite of interactive, online dashboards that seamlessly integrate retail and consumer data sources in a manner that makes it easier to glean insights.
Suite of dashboards to visualize/analyse retail scan data.
Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.