Market Research: Vital Tool to Power Blockbuster Product Launches

Business Wire, Sept 30, 2004

CHAPEL HILL, N.C. -- Industry leaders strategically employ market research insights to spot market growth windows and create blockbuster product launches. The most effective market research staffs have the skill sets and competencies needed to fuel product launch and lifecycle growth. This vital link between successful launches and market research skill sets is one of many critical insights emerging from a new study of 85 market research organizations across 20 industries by benchmark leader, Best Practices, LLC.

Profiled in a free white paper online at http://www3.best-in-class.com/cr112.htm, this new research reveals best practices behind the market research departments most adept in capturing, articulating and implementing market research insights to create blockbusters.

Key findings drawn from surveys and exclusive interviews with executives include:

--More than 90% of surveyed companies identified market launch tracking capabilities and skills among one of the top 3 market research competencies that characterize high performance.

--Product profiling was identified as extremely important by 81% of healthcare market research heads.

--Lifecycle management was extremely important among 61% of health care market research professionals and nearly 50% of the larger class.

--Line extension analysis surfaced as extremely important by nearly 60% of healthcare companies and 50% of the entire 85-company class.

Cited in Pharma Market Research Report, this study is recognized to be a valuable tool for market research leaders: "The integrated insights of the "best of the best" create an improvement roadmap for a single company's current performance levels. This most intensive and insightful analysis of MRD activity, prowess and best practices in the last decade focuses notable attention on the global healthcare sector...."

Best Practices, LLC is a recognized leader in Market Research Excellence. Companies turn to Best Practices, LLC for the following Market Research services:

--Market research investment benchmarks

--Approaches to measuring market research return on investment

--Productivity benchmarks for staffing and project loads

--Systems to select and develop market research professionals' critical skills

--Customized assessments of Market Research department performance, growth opportunities and roadmaps for success

Visit http://www3.best-in-class.com/cr112.htm to download a free Market Research Excellence white paper. For an assessment of your market research department, contact Chris Bogan, President & CEO (919) 767-9228 or by email cbogan@best-in-class.com.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC, is a research and consulting firm that conducts work based on the principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. For more information, call (919) 403-0251 or visit www.best-in-class.com/.