What are the main advantages of using Mintel’s reports?
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The first evident advantage is the cost. Most of the medium and all large companies can afford a 15,000 price considering the long-term benefits of the research. Next, Mintel is a professional in its field, which guarantees remarkable quality. To conduct market research internally, the company’s staff must have relevant knowledge and be experienced enough to appropriately collect and process data. Besides, even secondary research requires the allocation of resources which the company might not possess. Finally, an external party guarantees that the research is not biased in any way and is conducted objectively. It also offers access to data that may either be unavailable or obscure to the companies which decide to act on their own.
What disadvantages might there be in using Mintel’s reports?
The most evident disadvantage is the lack of familiarity in the field. Mintel specializes in the food and drink industry, which opens up the possibility that it is less familiar with the principles and specificities of other fields. Even more prominently, Mintel’s research can omit important details, the absence of which will evaluate the obtained results. While some companies could complement it with their data and find a connection to patterns known to them, this is highly dependent on the analytical capacity of their employees. Next, secondary research is based on data not specifically gathered for the matter. Thus it can omit important variables crucial for obtaining the right results. Finally, as Mintel is an external party, its flexibility can be limited to ensure efficiency and standardization, which can restrict the customer from introducing necessary or desirable adjustments.
Why would a firm carry out primary research, even after buying a report?
Primary research offers several advantages for a company. First, the information collected during primary research is highly specialized and, therefore, targets the issue in question more precisely. Second, some forms of primary research, such as interviews, present the possibility of in-depth inquiry and can point out details unobtainable by secondary research. Third, the overview offered by the secondary research can prime the following primary one by eliminating falsely allocated directions, providing a better focus, and highlighting areas that were either unforeseen or incorrectly deemed unimportant. Fourth, the results of the secondary research can help the firm in decreasing the cost of the primary research by optimizing the process and the areas of interest.
How might Mintel expand its market?
Two directions that Mintel can cover are training and research based on innovative methodology. The former can take the form of training sessions, workshops, and lectures aimed at firms that do not have internal research departments. Such training can cover the topics of making use of the data obtained from secondary research and applying existing information available to the customer to complement it. This will provide Mintel’s customers with better opportunities for reaching an appropriate conclusion and increase customer satisfaction with the results of its services. The latter will provide the company with additional capabilities for data collection and analysis in unfamiliar conditions and, more importantly, allow Mintel to keep its inventory and toolset relevant.
What research method might complement Mintel’s approach?
One of the secondary research methods which are missing from Mintel’s list is the meta-analysis. Since the company already uses data from external sources, it would be logical to utilize it for additional objectivity. Many areas of market research, such as customer behavior and employee satisfaction, are thoroughly studied and documented in academic literature. Aside from generalized knowledge, a significant portion of studies focuses on specific areas and phenomena. A meta-analysis provides additional opportunities both for gaining an overview in a given field and ensuring the objectivity and uniformity of data. While it requires skill and resources to be effective, Mintel possesses both, which increases its chances for successful adoption of the method.