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Creating an Effective Market Research Group to Generate High-Impact Business Results
Date:4/20/2008

CHAPEL HILL, N.C., April 21 /PRNewswire/ -- As the pace of global competition hastens, organizations are turning to their market research groups to keep up. Effective market research departments build influence within their organization by using customers, markets and competitors as reference points to help leaders with critical decisions, according to research from benchmarking leader Best Practices, LLC.

Best-in-class market research groups are able to deliver forward-looking insights and recommendations, in part, because their leaders effectively manage workloads, according to the research. More than 60 percent of the firms participating in the study annually manage 20 or fewer projects per market research professional.

The report, "Developing the High-Performance Market Research Function," contains more than 400 metrics and 70 best practices gleaned from 85 companies across 20 industries. The report is available online with a complimentary excerpt at http://www3.best-in-class.com/rr866.htm

Market research managers and executives across all industries can use this report to compare their operations in terms of structure, project management productivity, investment per staff member and market research strategy. The findings are based on surveys and interviews with 90 market research professionals at 85 companies, including AstraZeneca, Bayer, Eli Lilly, FedEx, Hewlett-Packard, IBM, Wyeth and Xerox.

"This research links insights with action items," said Chris Bogan, chief executive officer at Best Practices, LLC. "Consider this: 70 percent of the companies in the study use a decentralized market research structure and yet often don't provide training for the skills that make cross-functional decentralized structures work."

Download the report excerpt online at http://www3.best-in-class.com/rr86
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SOURCE Best Practices, LLC
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