Creative initiatives where lessons in management are taught seamlessly are an integral part of life in B-schools. It was no different with LIBA, Chennai, whose students hosted their third edition of LIBAzaar. The bazaar was an attempt to help businesses reach out to the public, through games, carnivals, stalls, and more. So, how does a disguised market research initiative work?
Says Sree Kshetraja, a second-year marketing student, “The idea is to give solutions to companies’ problems, and an experience of market research to students. Generally, companies invest a huge amount of time and money to conduct research and understand consumer behaviour. It takes enormous effort on their part to get the right sample of consumers at any given point. LIBAzaar provides a one-stop solution to this — it attracts people from different demographic segments in order to conduct its market research.”
Tanya Chopra, support organiser, explains how such an initiative allows students to interact with business conglomerates as well as startups, in a bid to look out for research opportunities that may help their businesses. “Games and fun questionnaires are presented through select stalls on the day of the carnival. Responses from the public are recorded; this data is then worked upon, in order to help the company find solutions,” she elaborates.
Underlying aim
The idea behind the conception of LIBAzaar was not merely to serve as a learning platform for students, but also to create an opportunity for business improvement, for various conglomerates.
“The carnival aims at finding real-time problems in the market and devising ways to solve them through public opinion. All of this, disguised under the cloaks of a mega-carnival means not only a fun-filled experience for people, but also provides students with an opportunity to learn through more pragmatic and enjoyable means,” adds Tanya.
Vimal. R, president, Mark-IT, Marketing club, explains how the primary focus is on converting the business problem/management dilemma into a game or an activity and ensuring that the public participates and plays it as a game.
“The public will not be able to find out that this is a research activity. To increase the number of people participating, we make the game or activity simple and provide them with many rewards even if they merely attempt it without winning,” he elaborates. “Entries are collated, interpreted and the final feasible solutions along with the alternatives are worked out, after which we submit a detailed report and presentation to the corporates about the findings.”
Disguised research
The event’s organisers found the initiative, an experience in learning. “It was valuable as it provided a deep insight into actual consumer behaviour, and gave us a peek into the exciting world of brands, marketing, and how brands struggle to occupy a place in consumer’s mental arena,” admits Gowri, a student.
“As a fresher, this is the first time I was a part of such an innovative initiative. LIBAzaar 3.0 rakes up major credit in enhancing my understanding of many concepts related to market research and has given me a holistic view of real-time corporate world. It was an exuberant experience,” adds Tanya.
