Market information is an important basis for enterprises to formulate strategies and decisions, and obtaining and making good use of market information is the key to obtain advantages and success in the fierce competition. In order to meet this demand, both market research companies and internal market analysis teams are constantly developing and improving. Then, what are the similarities and differences between these two forms? What kind of relationship exists between them? This article will discuss from the following three aspects.

1. the advantages and disadvantages of both

A market research company is a professional service organization that provides market information, analysis and advice to its customers, and they usually have the following advantages:

Rich industry experience. Market research companies usually have years or even decades of industry accumulation, have in-depth understanding and insights on the characteristics, trends, opportunities and threats of different industries, and can provide customers with more comprehensive, in-depth and more professional analysis reports.

Professional research methods. Market research companies usually master and use a variety of advanced and scientific research methods, such as quantitative analysis, qualitative analysis, data mining, scenario simulation, etc., to collect, organize, analyze and present market information from different angles and levels to improve the effectiveness and credibility of research.

A wide range of data sources. Market research companies usually have a wide range of data sources, such as government statistics, industry association data, third-party databases, expert interviews, consumer surveys, etc., which can provide customers with more comprehensive, truthful and objective market information.

However, market research companies also have some disadvantages:

High cost. Market research firms often charge higher fees for their services, which can be an unaffordable or uneconomical expense for some small and medium-sized businesses or projects with limited budgets.

Lack of in-depth customer knowledge. Market research companies usually need to face many different customers. Each customer's needs, goals, backgrounds and problems are different. It is difficult for market research companies to have sufficient understanding and attention to each customer, which may lead to research reports. Lack of pertinence and practicality.

Lack of flexible response capabilities. Market research companies usually need to conduct research according to a predetermined schedule and process. If the market environment changes or customers have new needs, it may be difficult for market research companies to adjust and adapt in time, which may lead to the loss of timeliness and relevance of research reports.

Lack of a high level of confidentiality. Market research companies usually need to share or communicate data with multiple competitors or potential partners, which may lead to the disclosure or exploitation of sensitive information of customers, which may damage the competitiveness and interests of customers.

The internal market analysis team refers to the department established by the enterprise itself to collect, organize, analyze and utilize market information, which usually has the following advantages:

An in-depth understanding of the company itself. The internal market analysis team usually has close contact and communication with other departments of the enterprise, has a clear understanding and grasp of the history, current situation, objectives and problems of the enterprise, and can provide the enterprise with an analysis report that is more in line with its actual needs and situation.

Flexible response capability. The internal market analysis team can usually adjust and improve at any time according to the changes and needs of the enterprise, and can timely capture and reflect the dynamics and changes of the market, and improve the timeliness and relevance of the analysis report.

High degree of confidentiality. The internal market analysis team usually only provides analysis reports to relevant personnel or departments within the enterprise, which can effectively protect the sensitive information and core competitiveness of the enterprise and avoid being obtained or used by competitors or other stakeholders.

However, the internal market analysis team also has some disadvantages:

Lack of industry experience. The internal market analysis team usually only focuses on their own industry or field, and may lack sufficient understanding and insight into other industries or fields, which may lead to a lack of breadth and depth of analysis reports.

Lack of professional approach. The market analysis team within the enterprise is usually limited by the methods and technologies they master and use, and may lack sufficient understanding and application of emerging or complex methods and technologies, which may lead to the lack of validity and credibility of the analysis report.

Lack of data sources. Internal market analysis teams are often limited by the sources of data they can obtain and use, and may lack sufficient channels and means for external or difficult-to-obtain data, which may lead to a lack of comprehensiveness and objectivity in the analysis report.

2. the mode of cooperation between the two

The market research company and the market analysis team within the enterprise are not completely opposite or alternative, but can be coordinated and complementary through different cooperation modes. According to the different degree and mode of cooperation, the two cooperation modes can be divided into the following four types:

Delegate mode. This is the most common mode of cooperation, that is, enterprises will be their own market research needs entirely entrusted to the market research company, by the market research company is responsible for the collection of market information, analysis and report production, and to provide enterprises with the final research results. This model is suitable for situations where there is no professional market analysis team within the enterprise or the market analysis ability is weak, which can save the time and cost of the enterprise, and obtain professional and high-quality market research services.

Collaboration mode. This is a more complex mode of cooperation, that is, enterprises and market research companies in the process of market research in close communication and collaboration, by the two sides jointly determine the objectives, scope, methods and processes of market research, and division of labor is responsible for different links or stages, and finally their respective research results into a complete report. This model is suitable for enterprises with certain market analysis ability and resources, but also need to take advantage of the professional advantages of market research companies and external perspective, can improve the enterprise's participation and control of market research, while increasing the efficiency and effectiveness of market research.

Consulting mode. This is a more flexible mode of cooperation, that is, the enterprise itself to collect and analyze market information, and produce a preliminary report, and then submit it to the market research company for review and evaluation, and to provide enterprises with suggestions for improvement and optimization. This model is suitable for enterprises with strong market analysis ability and resources, but also need to rely on the professional advice and experience of market research companies, can improve the enterprise's understanding and improvement of their own market analysis level and quality, while avoiding some possible errors and defects.

learning mode. This is a relatively long-term cooperation model, that is, through the establishment of a stable and continuous cooperative relationship with market research companies, enterprises regularly learn and master the latest and most advanced market research methods, technologies and tools from market research companies, and apply them to their own market analysis practice. This model is suitable for enterprises that have a high awareness and demand for market analysis, but also need to rely on the professional knowledge and training of market research companies, which can improve the enterprise's own market analysis ability and level, and enhance their competitiveness and innovation in the market.

Future trends 3. both

The market research company and the internal market analysis team are facing some opportunities and challenges in the future development. From the perspective of market research companies, on the one hand, with the complexity of the market environment and the intensification of competition, enterprises' demand and attention to market information are increasing, which provides market research companies with a broader market space and more diversified service requirements; on the other hand, with the development and innovation of information technology, the acquisition and analysis of market information has become more convenient and intelligent, this also brings higher efficiency and quality to market research companies. However, at the same time, market research companies are also facing some challenges, such as how to maintain their professional advantages and competitiveness, how to adapt to the personalized and customized needs of different customers, and how to protect their own and customers' data security and privacy.

From the perspective of the market analysis team within the enterprise, on the one hand, with the improvement of the enterprise's emphasis and autonomy on its own strategy and decision-making, the enterprise also has higher requirements and expectations for its own market analysis ability and level, which provides more development space and more learning opportunities for the market analysis team within the enterprise; on the other hand, with the enrichment and integration of data resources within the enterprise, in-house market analysis teams are also able to use more data sources and tools to conduct more in-depth and comprehensive market analysis. However, at the same time, the internal market analysis team also faces some challenges, such as how to communicate and collaborate effectively with other departments, how to make reasonable choices and cooperation with external market research companies, and how to improve their innovation ability and value contribution.

To sum up, the market research company and the market analysis team within the enterprise have their own advantages and disadvantages, cooperation mode and future trend, between them can not simply use the substitution or not to judge, but should choose the appropriate way according to different situations to cooperate and complement each other. Only in this way can better access and make good use of market information, and provide more powerful support for enterprises to formulate strategies and decision-making.