Narayana Murthy Says India Lacks Quality Market Research Firms
Recently, Narayana Murthy, co-founder of the renowned Indian IT major Infosys, highlighted the lack of quality market research firms in India. He said that while India has a large number of market research firms, the quality of their services remains a major concern.
Murthy noted that the quality of market research firms in India is far behind the standards of those in countries like the United States and the United Kingdom. He added that the lack of quality research firms in India is a major hindrance to the growth of the Indian economy and its businesses. Murthy’s comments come at a time when Indian businesses are increasingly looking to invest in market research to gain insights into customer preferences and trends. Market research can be used to identify potential target markets, assess the need for new products, and track customer satisfaction.
“Towards the end of the year, reality finally sets in. Despite the fact that your income has not increased, your expenses have, causing you to incur significant losses “, he observed during a discussion with students. Murthy emphasized the value of market research and mentioned that the lack of it forced him to close his first business, Softronics, which he had created in Pune in the late 1970s. He stressed that it is crucial for businesses to gain the respect of all parties and that if they succeed, they will receive support from all significant players.
Murthy remarked, “If you become respected, the government will treat you with great respect and you won’t be a victim of any corruption or have to engage in unethical behavior.” When asked why he had failed to find the ideal outside candidate for Infosys’ top leadership position, Murthy admitted that competence and values are the two most important qualities to consider.
Cries like “Mera Bharat Mahan” are only words, according to Murthy, and we must all work hard to ensure that we may rise to new heights.
“There is only one medicine if we want India to perform economically, if we want India to become powerful economically. Every Indian should work very hard, show discipline, act quickly as if there is no tomorrow. Simply saying ‘Mera Bharat Mahan’ and all of that are mere words, they have no value,” he said.
However, due to the lack of quality market research firms in India, many businesses are unable to access the necessary data to make informed decisions. This is especially true for smaller businesses, which often lack the resources to hire high-quality market research firms. Another issue with the lack of quality market research firms in India is that it can lead to inaccurate data and reports. Poor quality research can lead to incorrect assumptions and incorrect data which can, in turn, lead to wrong decisions being made.