Focus on Competitive Intelligence
Market Analytics Group believes in a big picture approach. Understanding that your brand does not operate in a vacuum, we rigorously employ a four step process to gather a firm grasp on your market space before moving to provide recommendations:
Each of these four steps is further outlined below:
1. Defining the Project
For a full understanding of the project and situational nuances, an initial in-person client meeting is suggested so that MAG may probe the client for information in the following areas.
How much additional information do you already have (about competitors, technology, your market, your customers, etc.)?
What more do we need to know?
Why do we need to know it?
How will we use the intelligence once we have it?
The initial groundwork for the project is laid out through this client competitive intelligence audit. This includes a discussion of therapeutic class trends, treatment trends, technology developments, competitive pipelines, life cycle stages and Rx volume, revenue and promotional histories. MAG will request all documentation that the client is willing to share which may contribute to answering questions in these areas.
2. Developing the Research Plan
Once MAG has comprehensively defined project objectives, the market research plan is outlined with all action items clearly defined, MAG shares this outline with the client for input to ensure a final deliverable which fully satisfies the client’s needs. Some of the the potentially suggested forums MAG would uses and/or recommends for collecting information are indicated in the following table:
Types of Research Data Used:
Written sources (i.e., books,
directories trade publications)*Thought Leader Interviews
Supplier Audits*
Physician Interviews
MIS Databases
Patient Interviews
The Internet*
Pharmacist Interviews
Client Subscription Sites/Databases
Quantitative Surveys
*MAG may recommend the purchase of additional audit data or site subscriptions in order to provide a full view of the market background.
3. Collecting the Information
The research begins with a secondary review to identify key issues within the client's landscape – when appropriate, MAG uses these findings to develop hypotheses about the market that are further tested through primary research. MAG expertly defines the appropriate types of research, the ideal audience segments and the instruments (discussion guides or surveys) that will yield the most insightful findings.
With respect to both Secondary and Primary data - MAG is careful to weigh the potential for each of the following in their analysis of the information as they encounter it:
Accountability
Bias
Timeliness
4. Analyzing the Information
MAG will develop a presentation or whitepaper (as appropriate) synthesizing all findings into palatable, actionable information utilizing the following as the information uncovered dictates:
Presentation or Written summary both qualitatively and quantitatively (when possible) assessing situation of client and competitors. Will include identification of all current products, perceived strengths, weaknesses, future attributes/capabilities.
tabulation of data – use of tables, graphs, charts, etc will be used whenever possible to simplify the intake of information
Statistical techniques/Decision Models to perform “what if” scenarios regarding particular situations or problems
MAG will review all of its findings with you and discuss the implications on the project at hand.
Copyright 2009 Market Analytics Group
