February 21, 2023
By:EmpoweringCPO Insights Team

Non Syndicated Market Research-Cost Benchmarking

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Non-Syndicated Market research is customized research that is designed and executed to meet a specific client’s objective and is often called primary research or custom research. Custom research offers a tailored approach to researching niche topics. A benefit to working with a custom research firm is that a company can control the requirements for a project, ensuring that all results, data, and analyses fit specific needs. Non-Syndicated Research is a costlier alternative to Syndicated Research and also has lower reusability, but its precise assessment delivers better clarity, competitive exclusivity, and timeliness that a firm requires. This report gives insights into cost benchmarking of Non-Syndicated Market Research spending.

Abstract

  • As a part of this research, our focus was on presenting preliminary information for cost benchmarking of Non-Syndicated Market Research spending.
  • We have presented an estimated breakup of costs across different
    • Research methods
    • Phases of research
    • Resource types
  • Qualitative and Quantitative NSMR studies are conducted to achieve different research objectives; the studies are conducted through different modes such as telephone, online, face-to-face, etc.
  • Qualitative research is conducted to study opinions, attitudes, beliefs & intentions while Quantitative research is conducted to study respondents through statistical, mathematical, or numerical data.
  • The cost Components of MR are linked to the type of test being conducted; the most common components are Material Cost, Incentive Cost, Data Processing cost, Manpower cost, and other costs.
  • Research Phases and activities involved in each phase are mentioned along with the cost drivers; these factors can be used for benchmarking if historical data is provided for the same.
  • The cost components listed in this research are applicable to various types of research methods and can be used for benchmarking if a detailed breakup across these components is provided.
  • Qualitative Research Methods include In-depth Interviews, Focus Group Discussions, Triads, Observation, Ethnography, and Workshops.
  • Quantitative Research Methods include Mail Surveys, Phone Surveys, Online or E-mail Surveys, and Structured Interviews.
  • The cost of resources associated with the study can vary based on factors like location, industry experience, and job profile among other factors.
  • Proposed methodologies for benchmarking can include Blind RFP, Comparison with Benchmarks, and Comparison across Vendors and Key Vendor Pricing Review.

Table of Content

ContentSlide No.
Background & Methodology2
Classification of Market Research3
Qualitative research v/s Quantitative research4
Cost Components of MR5
Research Phases6
Cost components for various types of research methods7
Qualitative Research Methods8
Quantitative Research Methods9
Cost of resources10
Proposed methodologies for benchmarking11

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Compliance management is very critical as otherwise the procurement organization may run into a scenario where there is a huge gap between realized savings and reported savings. Many procurement functions estimate large savings numbers when contracts are signed. They also invest significant time and effort in negotiating contracts for necessary goods and services, only to have a third or more of their purchasing dollars flow outside those deals. Some of the obvious fall-outs of non-compliance and maverick purchases are:

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