Best Practices, LLC Research Highlights Evolving Role of Market Research in Organizational Success
CHAPEL HILL, N.C., Oct. 1 /PRNewswire/ -- The pharmaceutical and biotechnology sectors have long turned to the market research function to help organizations navigate the competitive landscape. As the marketplace has evolved, leading organizations have learned that the market research function needs to change as well.
Specifically, effective market research groups are shifting from the traditional tactically focused function to one involved with shaping strategic objectives for key commercial groups. To meet this new need, market research groups will increasingly use new and innovative tools such as Webcams for interviewing physicians in-office, social media/Web analytics, and Webcast focus groups, according to new research from Best Practices, LLC.
"Market Research: Impending Challenges and Changes to a Core Pharmaceutical Function" highlights how market research leaders will balance tactical and strategic activities to best serve internal customers like new product planning and strategy, which are two areas where market research leaders anticipate providing more support in the future, according to the report.
Other timely topics in the written report include:
- Developing staff and optimizing structure
- Managing vendors and outsourcing
- Demonstrating the value of market research
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 that will enable the market research function to continue to provide value. "At the end of the day, we shouldn't be looked at as support people; we should be looked at as strategy partners. We're seeking to help them realize their goals. That's what we should be focused on," said one Market Research director who participated in