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Web Assignment: Review of Wakefield Research and TNS Global Research Firms
The success or failure of any business is dependent on its ability to finding, understanding, and connecting with the best consumers of their product. Notably, market research is a critical strategy to undertake in the realization of business success. Importantly, it shows the business on the happenings in their market. Accordingly, it gives them substantial information of what to introduce to or remove from the market.
Wakefield Research
Wakefield Research. WAKEFIELD. (n.d.). http://www.wakefieldresearch.com/
Basically, Wakefield Research is a market research firm which offers end-to-end quantitative, qualitative, and hybrid solutions. In essence, this is made possible through the offering and deployment of tailor made methodologies to help their clients. Firstly, their quantitative research analysis is concerned with customer targeting and market segmentation. In turn, it conducts the product concept and prototype testing for its customers (Wakefield Research, n.d.). Additionally, the firm offers creative development and advertisement testing to the potential customer base. Finally, it conducts an analysis of the customer satisfaction, market sizing, and price-point research.
Secondly, its qualitative analysis tools include sessions with live response feedback dials, focus groups, and in-person interviews. Moreover, the firms “MergedMethod Research Tool” seeks to unify the two foregoing approaches by converging the “what” with the “why”.  Ideally, participants are exposed to stimuli where they interact and react to products in a secure controlled setting (Wakefield Research, n.d). Additionally, it undertakes product design for its clients to enable the products to ‘speak’ to the customers without even saying a word. Similarly, the company’s Multi-Variable Communications Testing tool is tasked with creating a product messages which appeals and wins over the target consumers (Wakefield Research, n.d.).
TNS Global Research
TNS Global. TNS. (n.d.). Retrieved from http://www.tnsglobal.com/
Essentially, TNS conducts research on a myriad of issues across the society, as well as in the business world. For example, it ventures in both the social and political scenes. In contrast to Wakefield, TNS has adopted the use of pre-conceived tools in its data gathering and subsequent analysis. Firstly, the use of Connect tool ensures there are predictive strategy recommendations for brands while integrating behavioral economics (TNS Global, n.d.).
In addition, Concept eValuate serves to analyze ideas based on their progressive potential. Fundamentally, this guarantees the customer that whatever investment is undertaken will be rewarding in future (TNS Global, n.d.). Thirdly, the ConversionModel tool seeks to determine brand potential while evaluating the risks involved, and the competitors who pose the greatest threats. Moreover, NeedScope tool guarantees that the commodities taken to the market will be likable and the consumers will not resist these products. Similarly, TNS uses the Matrix tool to help eliminate guesswork in determining the present growth opportunities (TNS Global, n.d.). Finally, the company uses ValueManager tool to model the product features that consumer’s value.
Advantages of Using the Research Firms
Notably, the research firms’ core competency is data mining. Consequently, contracting them assures businesses that the research services they want are being handled by specialized professionals. In addition, having worked on similar assignments over and over again, these firms are at an advantaged position as they have the prerequisite experience needed for such work (Stone, 2004). Further, with their deployment of extensive resources in the proprietary research tools and pools, the research firms are in a privileged position to give an accurate forecast.
Additionally, hiring the marketing research firms saves the business managers ample time which they will otherwise be using observing and deducing market trends. Furthermore, since internal marketing departments may not cover all geographical locations where they wish to sell their products, they may contract these firms and leverage on their expertise and wide geographical reach (Stone, 2004). Basically, this is an important factor that businesses consider when entering foreign markets.
In-House Team Market Research
Notwithstanding the expertise of the research firms, businesses may as well use their in-house teams. For example, if there is a need for insider know-how in the whole research process, internal teams may come in handy. Ideally, internal employees deploy products and support staff for in-depth product knowledge, by asking questions and advice. Consequently, this resource advantage allows internal marketing teams to customize and maximize research efforts (Sarstedt & Mooi, 2014). Further, a market research may be flexible but working with research firms. Noteworthy, businesses may favor internal processes as they have a built-in ability to modify the research due to various changes they may discover along the way (Sarstedt & Mooi, 2014). Furthermore, the in-house research team may save on the expensive costs used in hiring market research firms.
Tools Usage for In-house Market Research
Importantly, having the requisite tools can guarantee a more thorough market research by the internal marketing department. Notably, data gathering is a complex process. Noteworthy, it is the most complex in a marketing research. Nevertheless, if a business has the Connect tool to aid in this noble activity, this function may not be as complicated (Sarstedt & Mooi, 2014). Further, the eValuate enables fast and accurate interpretation of research information. Essentially, accurate interpretation of this information is paramount for the realization of the positive gains of a market research. Moreover, the quantitative research methodology can be effectively used by the internal department to segment the customer targeting and market segmentation. In fact, the use of the market research tools by in-house staff may prove to be invaluable as it combines perfect product knowledge with software and laid down procedures (Sarstedt & Mooi, 2014).
Conclusion
In summary, the ability of a business to determine with appropriate accuracy on whether to use in-house research teams or external research firms is paramount in determining the effectiveness of its research. Importantly, this also determines the probable risk of exposing the business strategies to competitors. In light of this, businesses should train their research teams on how to conduct, accurate, fast and effective research for business strategies. Accordingly, managers should also learn to determine when they should rely on external or in-house research teams.
 
 
 
 
 
 
References
Sarstedt, M., & Mooi, E. (2014). A concise guide to market research: The process, data, and methods using IBM SPSS Statistics (2nd Ed.). New York, NY: Springer.
Stone, M., Bond, A., & Foss, B. (2004). Consumer insight: how to use data and market research to get closer to your consumer. London, UK: Kogan Page Limited.
TNS Global. TNS. (n.d.). Retrieved from http://www.tnsglobal.com/
Wakefield Research. WAKEFIELD. (n.d.). http://www.wakefieldresearch.com/