The Role of Market Research

Paper Summary:

The purpose of this paper is to analyze the market research department of the organization that the author works for. The author examines and describes the strengths of the department and then goes on describe those areas in which the department is lacking. Each of the areas of shortcoming are analyzed and a series of recommendations are presented for making the department more effective at meeting the current market research needs

Table of Contents:
Executive Summary
Background and Introduction
Main Conclusions
Recommendations
CRITIQUING A MARKET RESEARCH DEPARTMENT
Background
Lack of Competitive Analysis
Monitoring Customer Loyalty Long-Term
Lack of Substitute technologies and New Innovation Monitoring
Lack of a comprehensive information system to manage research
Future Trends
Limitations, Conclusions and Recommendations
BIBLIOGRAPHY

From the Paper:

"Market research needs to track competitors' product lifecycles more closely, so that at any time, product management and product marketing can see graphically how each competitor has chosen to enter the market, with which product and feature set, and which price, through which channels, and with what value proposition. None of this is captured today; instead there are only Adobe Acrobat files of competitive brochures. Clearly there needs to be a better system for managing this information.
Second, market research needs to do put a methodology in place for monitoring price moves by competitors and tracking them on a per configuration basis relative to our own configurations and pricing. Our sales force often must do this analysis quickly in the middle of completing quotes, and often their pricing information is wrong. Market research needs to be able to complete this analysis continually and have a database to track it."

Sample of Sources Used:

• Guenzi, P, & Troilo, G. (2007). The joint contribution of marketing and sales to the creation of superior customer value. Journal of Business Research, 60(2), 98. Retrieved December 4, 2007, from ABI/INFORM Global database. (Document ID: 1204763551).
• Zabriskie, N, Huellmantel, A. (1994). Marketing research as a strategic tool. Long Range Planning, 27(1), 107. Retrieved December 4, 2007, from ABI/INFORM Global database. (Document ID: 881022).
• Holmes, M, Reid, J (1995). Company market research departments - Expansion, contraction, privatisation. Marketing and Research Today, 23(1), 3. Retrieved December 4, 2007, from ABI/INFORM Global database. (Document ID: 8985970

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