Market Research Report - 245709
Pharmaceutical Market Research Groups
|Published by||Cutting Edge Information|
|Published||Content info||146 pages|
Market research knowledge proves critical in decision making throughout the product lifecycle. Despite their importance, however, market research teams absorbed significant resource losses during the global economic downturn. As the economy stabilizes, these groups are positioned to both grow in influence and to deliver unique decision support throughout their organizations.
Teams that succeed in these efforts build strong cross-functional ties and proactively address the needs of their internal clients. They also establish connections with senior leadership to boost autonomy and insulate themselves from potential resource cuts.
Use this report's in-depth benchmarks for market research operations, including budgets, staffing and structural details, to improve team management and raise market research's internal strategic profile:
Adequate staffing and budgetary support are crucial to building teams that perform requested studies alongside their own proactive projects. Learn which departments fund market research teams, and benchmark phase-by-phase market research budgets. Reinforce the team using compensation, training and outsourcing data.
Getting senior management to recognize market research's full value is a significant challenge for many teams. Learn how top-performing companies elevate the profile of market research teams and integrate them with high-level strategic groups, and explore how leaders measure ROI.
Market research teams must often maximize limited resources. Allocate those resources strategically using phase-by-phase benchmarks for 15 specific market research techniques, and track the time necessary to complete 7 major market research studies. Finally, weigh the pros and cons of online activities and tools.
The following excerpt is a key finding taken from the full report's executive summary:
Market research teams should not be only seen as a support function. Burying market research under another team risks stifling its ability to run wide-scale studies in a timely and cost-effective fashion. This does not mean market research teams need to be their own independent function, however. Many surveyed market research teams run effectively under marketing or other departments.
In some instances, aligning market research under another department is more effective than placing market research as its own department. Strategic alignments allow the team to be intimately familiar with the department in which it is placed. For example, a market research team that is focused on a particular brand will have access to brand-level data if it is placed under the brand team. This set-up removes a step involved with working across two distinctly different groups.
The danger, however, is when the larger group does not understand the importance of market research. Companies need to make sure that if they do place market research under another department, they are not demoting its importance. To do this, market research teams need to be given an equal voice and they need to be tied in with stakeholders. Market research teams need sufficient access to resources to be maximally effective. If given the funding to conduct research and a voice to ensure that research is considered, market research teams will improve the returns of decisions undertaken by the company.
54 charts focused on market research teams' structure, funding sources and outsourcing practices. Data are often broken down by company type: small companies, large companies and large company affiliate offices.
39 charts focused on market research budgets, data collection tools and studies. Data are often broken out by company type: small companies, large companies and large company affiliate offices. Information is also frequently broken down by clinical phase: Pre-Clinical through post-launch.
Percentage of companies using specific tools and methods to gather market research (by clinical phase):
Time required to perform 7 major market research studies:
11 charts focused on market research effectiveness, challenges, and budget allocation. Data are often broken out by company type: small companies, large companies and large company affiliate offices.