Saturday, 31 October 2015

INDEX 21 - IIM Lucknow

What is INDEX? Is it a fun filled event to entertain the people of Lucknow? Is it a pure market research activity to help big firms take critical decisions with real time data? INDEX is an acronym for Information through Disguised Experimentation and it is one of the flagship event of IIM Lucknow. It has a long legacy and is being organized since 1994 in the city of Lucknow. A lot has changed since then but the heart and soul of the event remains to do market research and gain valuable information. 

Usually the traditional method of surveying doesn’t yield the real picture as the target audience is aware of the purpose behind the process. They often tend to provide answers to suit the surveyor’s motives which significantly differ from their true opinions. This results in gathering of flawed and unreliable data that kills its sole purpose of knowing the consumer behaviour. Index has defined an innovative way to carry out the market research for various corporate houses. It involves multiple stages wherein the first stage the corporate houses put forward their research requirements in front of the students. Some of the brightest minds of the country then work on to formulate the proposals and the best among them is chosen by corporate executives in coordination with the esteemed faculties. The next stage involves finding creative ways to extract the required information for the project from a live audience. It proves to be the most challenging part where one has to truly showcase their artistry to meet the objectives. It often includes designing creative games and/or questionnaire and utilizing each moment of the interaction with the people to know consumer behaviour and get market feedback. 

A 2-day fun filled carnival is organised in the heart of the Lucknow city. It has seen extensive participation in the past and is considered as one of the biggest festival of Lucknow. It provides a platform to carry out the entire research activity on a live audience. The data collected during the carnival is studied and relevant insights are obtained for the project which helps the companies to solve their business problem.