SOURCE: Cutting Edge Information

November 28, 2007 07:26 ET

Communication a Major Challenge for Market Research Teams

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.

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