Table Of ContentThe Handbook of Market
Research for Life Science
Companies
The Handbook of Market
Research for Life Science
Companies
Finding the Answers You Need to
Understand Your Market
By
Jean-François Denault
CRC Press
Taylor & Francis Group
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Library of Congress Cataloging‑ in‑ Publication Data
Names: Denault, Jean-Francois, author.
Title: The handbook of market research for life science companies /
Jean-Francois Denault.
Description: Boca Raton, FL : CRC Press, [2017] | Includes bibliographical
references and index.
Identifiers: LCCN 2017005024| ISBN 9781138713567 (pbk. : alk. paper) | ISBN
9781315198606 (ebook)
Subjects: LCSH: Biotechnology industries--Research. | Marketing research.
Classification: LCC HD9999.B442 D463 2017 | DDC 660.6068/8--dc23
LC record available at https://lccn.loc.gov/2017005024
Visit the Taylor & Francis Web site at
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Contents
Preface ..................................................................................xi
Introduction to Market Research ...................................xiii
Author ..............................................................................xxiii
1 Market Research Basics ...........................................1
1.1 Introduction to Market Research Process ..................1
1.2 Market Research Process ............................................2
1.2.1 Prepare Your Market Research Plan ................3
1.2.1.1 Exploratory Research ..........................4
1.2.1.2 Descriptive Research ...........................5
1.2.1.3 Causal Research ...................................5
1.2.2 Data Collection Step ........................................6
1.2.2.1 Design Sampling Plan .........................6
1.2.2.2 Design Your Tool ................................8
1.2.2.3 Collecting Data ....................................9
1.2.4 Analyze Your Data ..........................................10
1.2.5 Prepare Your Data for Presentation ...............10
1.3 Case Study: Market Research Process in Action .......11
2 Primary Research ..................................................13
2.1 Importance of Preparing a Market Research Tool ...14
2.2 Designing a Data Collection Tool: Step by Step ......15
2.2.1 Step One : Define the Context ........................15
2.2.2 Step Two: Build Your Question Bank ............16
v
vi ◾ Contents
2.2.3 Step Three: Build Your Data Collection
Tool ...............................................................16
2.2.4 Step Four: Validation.......................................18
2.3 Formulating Questions ..............................................19
2.3.1 Closed-Ended Questions ................................20
2.3.2 Open-Ended Questions ..................................22
2.3.3 Projective Questions .......................................23
2.3.4 Choice Modeling Questions ...........................25
2.3.5 Question Banks ..............................................26
2.3.6 Mindful Surveys ..............................................27
2.3.7 Things to Watch For ......................................28
2.4 Incentives ...................................................................31
2.5 Data Collection Methods ...........................................35
2.5.1 In-Depth Interviews ........................................35
2.5.1.1 Keys to Performing a Good
Interview .............................................37
2.5.1.2 Different Types of Individual
Interviews ...........................................39
2.5.1.3 Motivating Interview Respondents ....41
2.5.1.4 Interviews in Life Sciences .................42
2.5.2 Focus Groups .................................................44
2.5.2.1 Guidelines to Preparing a Focus
Group ................................................. 46
2.5.2.2 Recruiting for a Focus Group ............47
2.5.2.3 Running the Focus Group .................49
2.5.2.4 Variation #1: Online Focus Groups ...51
2.5.2.5 Variation #2: Triads ............................53
2.5.3 Traditional Surveys..........................................54
2.5.3.1 Direct Mail Surveys ............................55
2.5.3.2 Telephone ...........................................56
2.5.3.3 In-Person/Street Surveys ....................56
2.5.4 Online Surveys ................................................57
2.5.4.1 Tips for Designing Your Web
Survey and Increasing Your
Response Rates ...................................59
2.5.4.2 Online Survey Tools ...........................60
Contents ◾ vii
2.5.4.3 Mobile Online Surveys .......................62
2.5.4.4 Getting Participants ............................63
2.5.5 Delphi Method ................................................65
2.5.6 Observation .....................................................66
2.5.6.1 Use in Life Sciences ............................69
2.5.7 Mystery Shopping ...........................................72
2.5.7.1 Use in Life Sciences ............................73
2.6 Closing Words on Ethics and Primary Market
Research .....................................................................74
3 Secondary Research ...............................................77
3.1 Active Secondary Research ......................................79
3.1.1 Government Data ...........................................79
3.1.2 Public Company Data .....................................81
3.1.3 Print Media ......................................................82
3.1.4 Trade and Industry Groups ............................83
3.1.5 Scientific Publications ....................................84
3.1.6 Market Research Firms....................................85
3.1.7 Competitive Start-Up Research through
Specialized Websites ......................................86
3.1.8 Blogs ................................................................87
3.1.9 Social Networks .............................................88
3.1.10 Discussion Boards .........................................90
3.1.11 Search Engines: Tips and Tricks .....................92
3.1.12 Power Up Google ...........................................93
3.2 Passive Secondary Research ..................................... 96
3.2.1 Rich Site Summary Feeds .............................. 96
3.2.2 Google Alerts ................................................. 96
3.2.3 Web Monitoring Tools ....................................97
3.2.4 Social Media Tracking .................................... 98
3.2.5 Online Collaborative Tools: Factr .................. 99
3.2.6 Google Trends ............................................... 99
3.2.7 A Word on Bots and Data Scrapers .............100
3.3 Internal Secondary Data .........................................101
3.4 Evaluating Your Secondary Research .....................102
3.5 Limits of Secondary Research .................................104
viii ◾ Contents
4 Analyzing Data ....................................................107
4.1 Initial Data Analysis ................................................108
4.1.1 Cleaning Up the Data ...................................109
4.1.2 Preparation of Data .......................................112
4.1.3 Specific Issues Relating to Cleaning Up
Qualitative Data ............................................113
4.2 Data Analysis: Quantitative .....................................113
4.2.1 Overview of Descriptive and Inferential
Analysis ........................................................114
4.2.2 Univariate Analysis .......................................116
4.2.2.1 Frequency Distribution, Central
Tendency, and Dispersion ................116
4.2.2.2 Central Tendency .............................118
4.2.2.3 Dispersion .........................................119
4.2.3 Multivariate Analysis .....................................120
4.2.3.1 Contingency Tables ..........................120
4.2.3.2 Correlation ........................................121
4.2.3.3 Regression Analysis .........................123
4.2.3.4 General Linear Model ......................124
4.2.4 Software for Quantitative Analysis ...............124
4.3 Qualitative Data Analysis ........................................126
4.3.1 Qualitative Data Analysis Process ................127
4.3.1.1 Step One: Familiarization .................128
4.3.1.2 Step Two: Identifying a
Framework ....................................128
4.3.1.3 Step Three: Coding the Data
Using the Framework .......................134
4.3.1.4 Step Four: Use the Framework for
Descriptive Analysis .........................137
4.3.2 Using Computer Software to Assist in
Qualitative Analysis ......................................137
4.3.3 Some Final Notes about Qualitative
Analysis ........................................................140
4.4. Obstacles to Effective Analysis ...............................140
4.4.1 Confusing Facts and Opinions .....................141
4.4.2 Researcher Bias .............................................141
Contents ◾ ix
4.4.3 Complexity of Data .......................................141
4.5 Future of Data Analysis ...........................................142
5 Estimates and Models ..........................................143
5.1 Appraising the Market Environment: The SWOT
Model .......................................................................143
5.1.1 Four Elements of a SWOT Model .................144
5.1.2 Developing Strategy Applications from
Your SWOT Model ........................................147
5.1.3 An Alternative to SWOT: The SCORE
Model ............................................................148
5.2 Appraising Market Size: The TAM-SAM-SOM
Model .......................................................................149
5.2.1 Three Parts of the TAM-SAM-SOM
Model ......................................................150
5.3 A ppraising Customer Attributes: The Kano Model ...154
5.3.1 Five Attributes of the Kano Model ...............155
5.3.2 Issues with Kano Modeling ..........................157
5.4 Appraising Competitive Space: The Strategic
Triangle (3C’ s) .........................................................158
5.4.1 Implementing 3C’ s Strategic Triangle ...........159
5.5 A Final Note on Organizing Complex Data ...........160
6 The Look n’ Feel ..................................................161
6.1 Presenting Quantitative Data ..................................162
6.1.1 Identification and Evaluation Step ................163
6.1.2 Transforming Quantitative Data into a
Graphic ..........................................................164
6.1.3 Building a Graph ..........................................167
6.1.4 Decision Tree Modeling ................................168
6.2 Presenting Qualitative Data ....................................170
6.2.1 Overview of Presenting Qualitative Data ....170
6.2.2 Using Quotes to Reinforce Qualitative
Presentations .................................................171
6.2.3 Visual Layouts to Display Qualitative Data ...172
6.2.3.1 Qualitative Matrixes .........................173
6.2.3.2 Flowcharts.........................................174
