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Role of Market Research Evolving to Take on a More Strategic Responsibility
Date:1/21/2011

CHAPEL HILL, N.C., Jan. 21, 2011 /PRNewswire/ -- Leading organizations understand the value of using market research to inform their strategic planning and operational tactics across numerous functions. As pharmaceutical, biotechnology and medical device companies evolve, market research in these companies must also evolve and develop new capabilities while refining current ones to support intelligent planning and decision making.

"The Future of Market Research: Challenges and Changes in a Core Pharmaceutical Function" is a new Best Practices, LLC report that provides executives and managers working in the market research/business intelligence area with forward-looking insights around critical market research topics.

Among the issues addressed in this report are:

  • Market Research Roles & Responsibilities

Currently, New Product Development and Strategic Planning responsibilities are split between Market Research and other organizations. A strong refocusing on development and planning suggests Market Research's vital role in strategic decision support.

  • Use of Outside Resources

Most respondents suggest that spending on outside resources is likely to grow, in part because vendors will be expected to be able to function as full partners—delivering fully vetted recommendations, not just data—and to provide access to innovative methodologies and techniques.

  • Market Research Talent Selection & Development

In the next three to five years, applicant expectations and hiring criteria will change. Senior level market researchers will be strategic thinkers. Mid level market researchers will provide insights and add value to projects. Junior market researchers must have the
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SOURCE Best Practices, LLC
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