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MRSSL Presents Marketing in the Engagement Economy - Building a Better Future Through Insights
Are we ready? MRSSL (Market Research Society of Sri Lanka) presents a reflective measurement.
(August 2019, In Colombo) MRSSL introduced the refreshed SEC classification to a captive audience of Business leaders, Marketers, and Consumer Insight Specialists to whom consumer behavior becomes a foundation for planning. Given the need to set up a classification more relevant to feature the evolving consumer, this initiative becomes pertinent and timely.
The Social, economic, and cultural fabric is changing; the consumer today had evolved from her counterpart 15 years ago. Marketers have got used to classifying the consumers using the traditional two-dimensional method, which takes into account the education and the occupation of the Chief Wage Earner. Although this has been prevalent for a long time the inadequacies of this measurement to reflect the true lifestyle is becoming apparent. With the evolving trends across SECs, we observe complex changes which can no longer be clearly articulated using the limited two-factor classification.
Delivering the welcome address, Roshani Fernando, President of MRSSL, Partner – Quantum Consumer Solutions said “ The need has been clearly established already, and the proposed classification that comes with extensive deliberations, and testing, will surely provide a more conducive landscape for planning purposes. It is a collaboratives effort endorsed by all member companies within MRSSL , which will support a consistent, comparable classification.”
Addressing the audience Sharang Pant CEO of Nielsen’s Sri Lanka,” The need cannot be emphasized any further. Most countries have already embraced this thinking to bring greater meaning to the definitions of the population. We would have benefited if this had been done some years ago.”
Presenting the Proposed Classification Himalee Madurasinghe – CEO Kantar Sri Lanka stated “ When exploring the alternative method, the following needs have been considered, sensitivity to changing Sri Lankan consumers with better discrimination across & better homogeneity within grades, eradicating Income disparity among same occupation categories and obtaining the combined effect of all earners” She added further “ The proposed new classification captures three dimensions – Ownership of Durables, Education, and Occupation. The two parameters that are continuing has been revised to meet the current realities. To establish the lifestyle measurements, 8 durables have been identified to be captured. It is believed the new classification will be able to deliver a far more realistic reflection of the existing socio-economic status of the consumer. With this system, the classifications become more heterogenous across and homogenous within”
MRSSL the Market Research Society of Sri Lanka embarked on this challenging project, with the active participation of all its stakeholders, which covered extensive, crafting, planning, testing, and finalizing prior to the launch of the proposed new method to the marketers for their use. This will now enable them to capture a more realistic situation of the current environment, which in turn will help them make far sharper, effective plans of action.
The insightful presentations were followed by an interactive panel discussion with, Deepal Sooriarachchi, Ravi Bamunusinghe, Prashanth Subramanium, and Tilan Wijesinghe who shared their thoughts on the need, importance and the relevance of a revised classification to suit the market context moderated by Nistar Cassim.
Market Research Society of Sri Lanka (MRSSL) is a professional membership body, dedicated to uplifting the knowledge and standards of the market research in Sri Lanka. The Society is managed by a committee drawn from the leading research agencies. The Market Research Society of Sri Lanka is founded on and aspires to achieve through its thought, deed and efforts a clearly set objectives that can help raise the standards of the industry and better support the needs of the corporates.