Future Role of Market Research Made Clear in New Report from Best Practices, LLC

Wednesday, May 12, 2010 General News
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CHAPEL HILL, N.C., May 12 /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.

Two areas where market research leaders anticipate providing more support in the future are new product development and strategic planning, according to new research from Best Practices, LLC. "The Future of Market Research: Challenges and Changes in a Core Pharmaceutical Function" provides executives and managers working in the market research/business intelligence area with forward-looking insights around critical market research topics.

To view a summary of this report, download a complimentary excerpt at http://www3.best-in-class.com/rr998.htm.

This study provides data on activities, roles, talent development, and effectiveness measures around the market research function. The research also identifies recent changes, new directions and best practices in market research that will enable the market research function to continue to provide value.

Among the topics addressed in this report are:

  • Market Research Roles & Responsibilities
  • Use of Outside Resources
  • Market Research Talent Selection & Development
  • Metrics & Performance

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. Study participants included Abbott, Bayer, Boehringer Ingelheim, Alcon, EMD Serono, GlaxoSmithKline, Merck, Johnson & Johnson, Novo Nordisk, Pfizer, Vertex, Ortho-McNeil and Wyeth.

Among the key findings in this report are:

  • 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. 
  • More than two-thirds of respondents believe Market Research will balance strategic and tactical work in three to five years. Few believe tactical market research will be the main focus of the function in three to five years.

To learn more about this report, download a complimentary excerpt at http://www3.best-in-class.com/rr998.htm. For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/. 

ABOUT BEST PRACTICES, LLC 

Best Practices, LLC is a research and consulting firm that conducts work based on the 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. Best Practices, LLC has been a leader in pharmaceutical research and consulting for 17 years; our clients include 46 out of the top 50 pharmaceutical companies. For more information, call 919-403-0251 or visit http://www3.best-in-class.com/.

SOURCE Best Practices, LLC



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