Importance of Collaboration between Market Research Industry and Business Schools

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Marcus McCarthy
8 years ago
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1 Importance of Collaboration between Market Research Industry and Business Schools Dr. Syed Ferhat Anwar Professor, Institute of Business Administration, University of Dhaka & Member BMSRS

2 The topic is highly pertinent and timely for Bangladesh

3 The Dilemma 1 The two groups are separated by, among many other things, the language and intellectual structure with which they attack management problems

4 The Dilemma 2 The linear, structured academic methodology and language employed by academics is often baffling to professional researchers trained to think more holistically about the issues confronting them

5 The Dilemma 3 The market research industry, at times, consider theoretical dimensions of research too tight jacketed to understand the flexibilities embedded within the market dynamics

6 The Dilemma 4 The academics are of the opinion that professional researchers are only focused on profits and thus too flexible

7 The Dilemma 5 They also raise the question Do such professional market researchers work for the company or the society?

8 The Dilemma 6 Building a relationship between marketing academia and professional researchers is considered difficult and acknowledged

9 The Dilemma 7 Professional researchers consider academia as competition rather than value chain partners

10 Need of the Day 1 The creation of relationships between academia and market researchers beyond collaborative research projects are shown to be desirable

11 Need of the Day 2 Relationships are not just essential in setting more collaborative research projects but also to enhance the validity, reliability and hence quality of research

12 Need of the Day 3 To ensure growth of an economy, one must move up from client orientation approach to knowledge based approach

13 Need of the Day 4 For this to take place, it is imperative that a strong linkage be established between the two Must entail win-win for both

14 Discussion for today 1. How academic research can strengthens the validity of research? 2. Why knowledge approach is important compared to client approach? 3. How business approach results in sustainability? 4. What could be the approach to collaboration?

15 1. How academic research can strengthens the validity of research?

16 Validity of research 1 Methodological principles are the most important Some examples of validity assurance

17 Validity of research 2 Problem identification issue client level is different from consumer level (TOR are written from clients perspective by professionals).

18 Validity of research 3 Symptoms issue Businesses have a tendency to blame failures on symptoms resulting in weak understanding of problems.

19 Validity of research 4 Qualitative versus Quantitative issue science of building hypotheses.

20 Validity of research 5 Sampling issue the agenda for probability versus non probability focuses on sampling errors.

21 Validity of research 6 Measurement issue Scales of measurement and questionnaire design is important for analysis.

22 Validity of research 7 Model Building issue The inclusion of new analytical models derived from other associated disciplines make earlier models redundant.

23 Validity of research 8 Analysis issue This depends on all of the above focusing on objectives

24 Validity of research 9 Academia are far more sensitive to the above and have greater ability for critical reasoning Thus, inclusion of academia in research is imperative

25 2. Why knowledge approach is important compared to client approach?

26 Knowledge economy 1 Societal issue Future of marketing is societal driven rather than firm driven

27 Knowledge economy 2 Social media issue is changing the behavioral pattern faster greater knowledge

28 Knowledge economy 3 Youth start experiencing knowledge with academia that influences shaping of the mind.

29 Knowledge economy 4 Adoption issue industry linkage provides early adoption and understanding of future customers and employees.

30 Knowledge economy 5 Reducing Bias academia are unbiased and thus cannot be influenced resulting in myopic conclusions.

31 Knowledge economy 6 Age of Discontinuity as coined by Peter Drucker is more pertinent under information age thus understanding of knowledge beyond research is important.

32 Knowledge economy 7 Growth industry issue understanding of the future growth industry can be gained from the academia example we know this century will be dominated by biotechnology and environment.

33 Knowledge economy 8 Innovation issue today comparative advantage is less relevant than competitive advantage which requires greater importance to innovation, the origin of which is in academic institutions.

34 Knowledge economy 9 Global village issue academia are global compared to individual organizations which have more protective agenda compared to open sourcing approach.

35 Knowledge economy 10 Policy issue social knowledge and policies are dictated by academia, as such, this influences business standards.

36 Knowledge economy 11 Academia provides a comprehensive understanding of the future prospects and sets tone for the market to change and help policies to be implemented Thus, inclusion of academia in research is imperative

37 3. How business approach results in sustainability?

38 Business Sustainability 1 Innovation to success issue not all innovations succeed since they fail to attain business goals.

39 Business Sustainability 2 Profit issue the future of business depends on profit motive. Though the inclusion of People and Planet, under societal dimension are very important. The rational element of profit is less understood by the academia and thus most innovations fail.

40 Business Sustainability 3 Consumer issue reduction in research costs by looking at consumer needs has immense impact on consumer purchasing power. Academia hardly look at consumers.

41 Business Sustainability 4 Marketer issue the success of a product depends on the ability of the marketer the brand value of a product depends on the ethos of the marketer.

42 Business Sustainability 5 Financing issue for innovations to be successful, link with and understanding of the industry is very important, since they are the source of financing.

43 Business Sustainability 6 Industry orientation professional researchers have far greater industrial orientation and thus capable of creating greater value for the marketer.

44 Business Sustainability 7 Understanding Value Chain Academics are focused on basic research issues and do not put emphasis on the value chain partners, making research outputs narrow.

45 Business Sustainability 8 Business give meaning to innovation and match this with the capability of the marketer Thus, inclusion of the industry in research is imperative

46 4. What could be the approach to collaboration?

47 Collaboration approach 1 Human capital exchange Business schools should use specialists from the industry to speak in classes as well as the professional should arrange sessions with academia.

48 Collaboration approach 2 Sponsor basic research Industry may sponsor some of the basic research programs of the academia utilizing the professional research groups as joint partners

49 Collaboration approach 3 Develop policy guideline The academia can undertake research for the industry to develop policy guideline promoting research agenda with the government.

50 Collaboration approach 4 Initiate research chairs Industry may start research chairs to facilitate learning and support research initiatives by partner agencies.

51 Collaboration approach 5 Joint venture Professional agencies can enhance brand value through developing joint venture with reputed academic institution.

52 Collaboration approach 6 Creating Endowment Professional research agencies with assistance from the industry can create research endowments for the academic institutions.

53 Collaboration approach 7 Student projects Industry can provide projects for the students under joint supervision of academic researchers to facilitate collaboration.

54 Collaboration approach 8 Sponsor training Academia can sponsor training programs for industry researchers to bridge gaps.

55 Collaboration approach 9 Strengthen curriculum Joint effort can be undertaken to upgrade and strengthen academic curriculum.

56 Collaboration approach 10 Develop research methodologies Some research initiatives may require development of methodologies that are unique. Joint effort is essential for such initiatives.

57 Collaboration approach 11 Publish Joint publications using applied and basic knowledge can provide greater recognition

58 Collaboration approach 12 Collaboration results in integration of the discipline called research and enhances value Thus, this is a win-win model

59 Thank You

Marketing, Recruitment and Admissions. Marketing Strategy 2013-2015

Marketing, Recruitment and Admissions Marketing Strategy 2013-2015 November 2013 The Marketing Strategy is created cooperatively by the Department s marketing managers and exists to advance the University