Role of Market Research Evolving to Take on a More Strategic Responsibility

CHAPEL HILL, N.C., Jan. 21, 2011 /PRNewswire/ -- Leading organizations understand the value of using market research to inform their strategic planning and operational tactics across numerous functions. As pharmaceutical, biotechnology and medical device companies evolve, market research in these companies must also evolve and develop new capabilities while refining current ones to support intelligent planning and decision making.

"The Future of Market Research: Challenges and Changes in a Core Pharmaceutical Function" is a new Best Practices, LLC report that provides executives and managers working in the market research/business intelligence area with forward-looking insights around critical market research topics.

Among the issues addressed in this report are:

• Market Research Roles & Responsibilities

Currently, New Product Development and Strategic Planning responsibilities are split between Market Research and other organizations. A strong refocusing on development and planning suggests Market Research's vital role in strategic decision support.

• Use of Outside Resources

Most respondents suggest that spending on outside resources is likely to grow, in part because vendors will be expected to be able to function as full partners—delivering fully vetted recommendations, not just data—and to provide access to innovative methodologies and techniques.

• Market Research Talent Selection & Development

In the next three to five years, applicant expectations and hiring criteria will change. Senior level market researchers will be strategic thinkers. Mid level market researchers will provide insights and add value to projects. Junior market researchers must have the potential and adaptability to move around and up.

• Metrics & Performance

Respondents emphasize different aspects of what almost all agree on: Market Research has to be measured on the timeliness and impact on the business of actionable insights.  The quality of the work (based on feedback from stakeholders) is often the mechanism for measuring these attributes.

Data for this study were collected utilizing primary research via an online survey that drew 42 representatives from 35 companies in the pharmaceutical, biotechnology and medical device sectors. In addition, six interviews were conducted with selected participants. Participants included eight top 20 pharma companies.

To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1039.htm. For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/. 

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Best Practices, LLC serves 48 of the world's 50 top pharmaceutical companies.  For more than 17 years, we have conducted work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.  For more information about the company, go to www.best-in-class.com.

SOURCE Best Practices, LLC