Pros/Cons of Market Research Firms
Not what you're looking for?
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.
Purchase this Solution
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.
Solution Preview
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; ...
Education
- BA, University of Southern California
- MSS, United States Sports Academy
- Ed.D, Boise State University
Recent Feedback
- "Thank you!:)"
- "Thk u"
- "Thank you!:)"
- "Thank you!:)"
- "Thank you!:)"
Purchase this Solution
Free BrainMass Quizzes
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.