The Integration Of Market Research And Competitive Intelligence March 2010
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The Integration of Market Research & Competitive Intelligence Presented by SIS International Research March 2010
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Transcript of The Integration Of Market Research And Competitive Intelligence March 2010
The Integration of Market Research & Competitive Intelligence
Presented by SIS International ResearchMarch 2010
THE OVERALL DIFFERENCE
Market ResearchTells you what you want and need to know “Is a science”
Business IntelligenceMay tell you what you don’t want to know “Is an art”
•2Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
THE EVOLUTION AND THE “ERA”OF MARKET RESEARCH
Market research evolved during the post World War II period, driven by the rapidly growing US consumer market
During the 1950’s – the 1970’s, application of scientific and analytical methods were employed for:
market segmentation market projectiondevelopment of consumer profilesattitudes and usage studiesnew product concept testingtracking and performance/measurement studies of retail productscustomer satisfaction studies
•3Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
THE “ERA OF COMPETITION” –THE EMERGENCE OF COMPETITIVE INTELLIGENCE
During the 1980s, the US economy experienced intense competition from Japan, followed by other Asian countries, in the automotive and manufacturing segments.
Out of “defensive” measures to protect their domestic market shares, US firms started to monitor their domestic and foreign competition.
CI Research methods primarily consisted of scanning the literature and primary research.
1986 – The emergence of SCIP; professional organization
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IN THE POST COMMUNIST PERIOD 1990s
The world began to “go global”
Market research “went global” to the developing countries [e.g. China, India, Russia, Latin America, etc.]
Was primarily quantitative
On the other hand, CI was most developed in the USWas primarily qualitative
The problem: Most firms knew how to use market research data and findings but did not know how to use BI/CI studies
The challenge remains: “to turn CI into actionable information”
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CONTRAST IN RESEARCH METHODSAspect of Research Market Research CI Methods
Focus On the present and past behavior
On past, present and future
Level of impact Moderate High – “have more to lose and gain”
Research Method “Structured”qualitative and quantitative
“Unstructured qualitative”
Target respondents Identified and known Unknown
Method of interviewing
Questionnaire and direct questions
“Oblique” or indirect
Method of Analysis Crosstabs, statistical analysis
“Putting the pieces of a puzzle together”
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IN THE 21ST CENTURY –THE INTEGRATION OF MARKET RESEARCH AND COMPETITIVE INTELLIGENCE
Corporate downsizing has forced strategic planning, market research, and competitive intelligence to become “more efficient,” and in some firms, to merge into one department.
The results of market research studies are comparatively easier to track than CI studies.
The integration of both of these methods generates a “powerful cocktail” of intelligence for the organization if they know how to utilize the information for strategic and tactical decision making.
•7Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
EXAMPLES OF HOW TO INTEGRATE MARKET RESEARCH AND COMPETTIVE INTELLIGENCE
Market Research Competitive Intelligence
Integrated Intelligence
Market Segmentation Study
Analysis of existing and new competitor entry into these segments
Results in strategic re-positioning of the markets
Focus Groups on new product concept test
Conduct a search of potential new products or start up firms
Integration of the competitive products into the focus groups and the analysis
Conjoint Price analysis
Competitive pricing Development of tactical and long term pricing analysis with scenarios
•8Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
SUMMARY/CONCLUSIONS Opportunity exists to integrate business intelligence with market research to achieve maximum “intelligence yield”
Caution: monitor the projects to avoid duplication
Remember: market research and BI/CI employ different skill sets
Do not assume that the research executives can be “cross functional”
A database should be created which catalogues these “hybrid” projects to enable your firm to track the success of this functional area
•9Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
