Syndicated Market Research
Syndicated market research refers to a form of research carried out by a market research firm and then sold to companies. The marketing company leverages expertise and experience in a given industry to determine the scope and extent of the research (Burns et al., 2020). Also, the marketing firm determines the questions that will be asked in the research and the target audience. Henceforth, the research results are handed to different clients (Burns et al., 2020). Syndicated market research differs significantly from other custom market research.
The funding source is a key difference between syndicated and custom market research. In syndicated market research, the exercise is funded by the market research company from beginning to end. The case is different in custom market research, where a client initiates and funds the exercise from the beginning (Burns et al., 2020). Secondly, ownership of marketing data differs between syndicated and custom market research processes. In syndicated market research, the proprietor of marketing data is the marketing company. However, the data proprietorship in custom market research is the client that contracts a marketing company to conduct research.
One of the critical benefits of syndicated market research is that it provides an overview of the entire market. Custom research usually focuses on a specific population or industry issue, whereas syndicated research offers insights into a wide range of issues in the market (Zikmund et al., 2020). For instance, if the research is about smartphone penetration in the market, custom research may only offer insights into phone features that may be improved to penetrate a given market. On the other hand, syndicated research may provide further insights, including when such a company should move products. Another benefit of syndicated market research is that it gives competitive intelligence. Competitive intelligence helps business leaders understand how best to position their business to gain entry in a given market.
References
Burns, A. C., Veeck, A., & Bush, R. F. (2020). Marketing research. Pearson Education.
Zikmund, W. G., Lowe, B., Winzar, H., D’alessandro, S., & Babin, B. J. (2020). Marketing research. Cengage Australia.
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Syndicated Market Research
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