The Future of Market Research: Challenges And Changes In A Core Pharmaceutical Function
Table of Contents
PROJECT OVERVIEW 3
Project Methodology and Study Objectives 4
List of Participating Companies 5
Job Titles of Participants 6
KEY INSIGHTS 7
Market Research Functions Along a Continuum 8
The Overall Balance is Shifting 9
Service Orientation 10
Support for Other Functions/Activities is Expanding 11
Managing Talent Must Address Future Needs 12
Innovation is an Integral Part of Evolution 13
Vendor Relationship 14
Measurement and Value 15
Ensuring a Successful Future for Market Research 16
DETAILED FINDINGS 18
Type of Companies Represented 19
Centralized & Distributed Market Research FTEs 20
No. of Brands Supported by Market Research 21
Current Market Research Support 22
Responsibility for Activities 23
Strategic Market Research 24
Strategic vs. Tactical Market Research 25
Expectations for Using Outside Resources 26
Expected Spending on Outside Resources 27
Expected No. of Market Research Contractors/Suppliers 28
Future of Market Research Statements 29
Market Research Staff Hiring Criteria 30
Changes in Hiring Criteria 31
Traits of a Senior Leader in Market Research 32
Most Effective in Developing Market Research Staff 33
Least Effective in Developing Market Research Staff 34
Key Metrics 35
What Constitutes a “Good Year?” 36
Changing Metrics/Definition of Success 37
Characteristics of Future Market Research 38
Recent Innovations 39
Fostering Innovation 40
Adding Value 41
Biggest Mistakes 42
Obstacles to Future Success 43
APPENDIX 44
Additional Quotes 45
About Best Practices, LLC 47
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List of Charts & Exhibits
Future Market Research Support Level
- Expected Spending on Outside Resources
- Average number of brands supported by market research at benchmarked companies
- Extent of support currently provided by MR to different parts of benchmarked companies, and how - if at all - do is the expected changes in these support levels in 3-5 years
- Responsibilities of functions tied to different activities?
- Expected usage of outside resources (contractors, consultants, suppliers) for each of the following market research activities at benchmark companies in the next 3-5 years
- Expected spending in total on outside resources for market research at benchmarked companies in the next 3-5 years
- Anticipated growth of market research function in the next 3-5 years with respect to several characteristics as explained by research participants
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