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Communication a Major Challenge for Market Research Teams
| Source: Cutting Edge Information
RESEARCH TRIANGLE PARK, NC--(Marketwire - November 28, 2007) - Pharmaceutical market research
teams find internal communication to be a significant challenge, according
to "Developing Integrated Market Research Functions: Decision Support for
2008," a new study by Cutting Edge Information
(http://www.PharmaMarketResearch.com). Overcoming functions working in
silos was rated an average of 6.2 out of 10 in terms of the challenge it
presents to market research teams.
Continuous conversations between market research and other departments help
the company more fully utilize collected data. Open communication also
helps market research teams to understand what their companies' information
needs are.
Some companies report using email for communication, while others find
prearranged presentation meetings to deliver better results. One company
reports that 95% of the time, market research will not begin working on a
topic until it knows how the results will be used. This approach not only
reduces wasted time and energy but also goes a long way towards ensuring
the information collected is relevant, and is used once distributed.
Understanding the internal audiences' desired communication medium is also
important in communicating the results. Traditionally, many market
research teams were focused on writing long reports to convey findings, but
this practice is very rare as teams found that the results were not being
read. The study found that information is most often used when all
departments within a company are able to leverage a centralized server
housing collected information.
"Market research budgets have recently been decreasing at most surveyed
companies," said Elio Evangelista, a project team leader at Cutting Edge
Information. "Maintaining strong communication between departments may
help the market research teams justify their budgets when funding might
otherwise be cut."
"Developing Integrated Market Research Functions: Decision Support for
2008," available at http://www.PharmaMarketResearch.com, is an extensive
guide outlining surveyed companies' market research structures, budgets,
staffing and outsourcing metrics. The report also includes best practices
and strategies for elevating the market intelligence function to a
stronger, more strategic decision support organization.
To download a free summary of this 173-page report, visit
http://www.cuttingedgeinfo.com/pharmamarketresearch/index.htm#body.