The glaring opportunity for value addition
Strategic market research is the glaring opportunity for value addition for market research - the customer is already in the board room in this era of customer-focused business strategy; the CEO is closely involved in the process of strategy development; the matter is central to company health and not a peripheral functional area issue; the stakes are high and no price is too high to get it right (certainly home out by the price premium that management consultants command over market researchers!). Even better strategic market research is a weapon that is capable of adding value to strategy development because it provides the winning edge to business strategy of superior customer and market understanding. This paper describes the business strategy development process and points out specifically where and how strategic market research can contribute; provides examples of some types of strategic market research products; and concludes by identifying the points of similarity and difference from conventional market research in concept operational processes and skills.
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