What are the main advantages of using Mintel reports?
Mintel reports are extremely helpful for business owners as they provide sufficient information for decision-making. There are many benefits of using Mintel reports. The major one is that the data is precise and comprehensive. Also, the company provides reports regularly, which is another obvious asset. Further, Mintel reports cover every industry, which guarantees that one can find any data there.
One of the company’s assets is its regular subscribers. Having such influential names as Associated Newspapers and SmithKline Beecham on their client list, Mintel reports demonstrate their reliability and solidity.
Another advantage of Mintel reports is that they present the integrated research comprising every possible feature of the product described. Instead of merely suggesting a concise characterization, the website provides an instructive editorial on the market and the place which the product in question possesses in that market.
Finally, a huge asset of Mintel reports is that they are intended to encompass the coming five years. Thus, the companies save time and money on planning. The firms using Mintel reports admit that the services performed by the website are of the highest quality and provide stable assessment and development of business.
What disadvantages might there be in using Mintel reports?
As the website produces extremely comprehensive reports, it is evident that their price is high. It is probably the biggest disadvantage of Mintel reports. The high price is explained by the cost of the original research. However, the expenses on the report are completely justified. Every company using Mintel reports realizes that the benefits will make up for the price. While a typical report costs approximately £1500, it may take up to twenty times as much if a company chooses to run a dedicated fundamental research exercise which will most likely bring the same information.
Another limitation of Mintel reports is that they do not always give precise answers to the company’s questions. However, they do their best to give almost all of the responses.
Compared to the numerous benefits provided by Mintel reports, the disadvantages are minute and can be easily justified.
Why would a firm carry out primary research, even after buying a report?
Some companies still choose to carry out primary research even after obtaining Mintel’s report. The explanation of their choice is connected with the fact that notwithstanding their most strenuous efforts, Mintel reports sometimes fail to provide the most exhaustive data. However, they do their best to allow the companies to perform the research at a low-cost effort. When a firm chooses to carry out primary research it does not mean that it is dissatisfied with Milton’s report. The reason for the research may be in some specific questions not covered by a report.
How might Mintel expand its market?
While Mintel performs a fantastic job by providing reports about food and drinks and household and pharmaceutical goods, it could expand its market with the modern gadgets assessment. Nowadays, life cannot be imagined without various devices. The information about their quality and reliability is not easily accessed. Adding this market to Mintel’s capacity would benefit both Mintel reports and the companies worldwide.
What research methods might complement Mintel’s approach?
Mintel’s approach is so thoroughly designed that it is difficult to suggest any improvements for it. However, the company might consider applying some additional methods to fill in the gaps which occasionally drive the clients to perform supplementary research. For instance, more profound surveys could be implemented to give a full picture of the necessary product or service.