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Pros/Cons of Market Research Firms

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Locate the website for two research firms. Conduct a review of the services offered by these two different research firms.

What types of tools do they use, and how effective are those tools?

Be sure to respond to the following questions/topics, evaluating each research firm's capability of providing valuable services to its customers.

1. Contrast the services and tools provided by the two research firms.

2. Explain the advantages of utilizing these research firms.

3. Discuss why a company might decide to save the money and utilize its in -house team as opposed to one of these firms.

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Market Research Firms
Market research firms perform research for organizations, drawing on their expertise and resources. This can be an effective way to gather customer, competitor, and marketplace data. BrainJuicer (2016) uses a behavioral science approach to perform market research. The company uses psychology, behavioral economics and social sciences to "better understand and predict human behavior" (BrainJuicer, 2016). It serves clients in the food and beverage, retail, financial services, electronics, health and beauty aids, and entertainment industries. BrainJuicer focus on building brands for organizations, and to do this they concentrate on "fame, feeling and fluency" (BrainJuicer, 2016). Fame represents how readily an organization's brand comes to mind (this represents market share); feeling represents how strongly consumers feel about the organization's brand (this represents future market share); and fluency, how easily consumers recognize the brand (this represents assets for building the brand). In contrast, Wakefield Research focuses on "strategic and tactical research for corporations throughout the Americas, Europe, Africa, the Middle East, and Asia" (Wakefield Research, 2016). The company hires individuals with a wide range of backgrounds (career researchers to former marketers to non-profit employees) to help provide a unique team to perform research. Like BrainJuicer, Wakefield Research works in a diverse range of industries, and their clients include Procter & Gamble, MasterCard, Kellogg's, and BMW. Wakefield Research performs qualitative research (e.g., focus groups, in-depth interviews), quantitative research (message, brand, and prototype testing; ...

Solution Summary

This detailed solution provides a three page response on the benefits and challenges of using market research firms in business. Includes a comparison of two firms, benefits to using over in-house staff, and drawbacks. Includes intent citations and APA formatted references.

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