Overview of market research

Published on June 30, 2020   21 min
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Good day. Today we will be going on the second module from our marketing strategy for life science course, and today's topic is going to be a quick overview on market research.
Before we start, a few words about myself, I am an independent consultant since 2002, I'm the author, I've written two books on market research and marketing strategy for life science companies, I have graduate degrees both in Communications and Consulting Management, and I specialize in life sciences. Most of my projects are here in medical devices, biotech, pharma. I work with companies from large pharma all the way down to small startups and innovative companies.
Today's presentation, we will be going over five points. We'll be going briefly over why it's important to do market research, then we'll go over three basic market research concepts that are very important to understand. We'll talk a little bit about how you prepare your market research plan, we'll talk about how you collect your data, and we'll conclude by talking about ethics and market research.
Why do you do market research? Well, there's two main people or stakeholders that need the information for market research. The first one is the organization. We as an organization will need the information market research to take optimal decisions. You have to make your market research to be able to make the best decisions for your organization, because if you don't, your mistakes will most likely cost you more than engaging in that marketing research activities. It's right about generating data, to make correct decision, and minimize risks. At the same time, you're doing that research for potential partners and investors, because you want to demonstrate the validity of your marketing strategy. You want to convince them of your investment opportunity, and also you want to convince them that you know the market that you're going to be attacking with your product, that you know where you're going, so you want to be able to convince them about the direction that you're taking.