Frequently Asked Questions
Who can use the services of the Market Research Center?
Anyone can use the Center (small/medium/large businesses; non-profits; municipalities, start-ups/ entrepreneurs).
What types of projects are there?
Two main types of projects are offered:
- Market Research
- Business Consulting
How do Market Research and Business Consulting projects compare/differ?
Both involve pairing student teams with external businesses. Market Research projects focus on gathering insights by interviewing or surveying current or potential target audiences to uncover perceptions. Business Consulting projects involve collaborating with organizations to assess their current landscape and develop recommendations.
How do projects work?
- Market Research - 3 phases:
- Planning – Share background, align on key business issue & target audience
- Qualitative – Primarily tele-depth interviews (~ 15-25 respondents) with target audience
- Quantitative – On-line survey (~ 50+ respondents) to further validate results
- Business Consulting – 3 phases
- Check-up: Background/ assessment of current status, competitive landscape, etc.
- Diagnosis– Review organization’s health using a variety of tools
- Recommendations – Develop actionable recommendations for future growth
Who are the students and how do we connect with them?
- Market Research Projects – juniors, seniors or M.B.A. candidates
- Business Consulting projects – all graduate M.B.A. candidates
What exactly do we (business partners) need to do during the project?
You’ll meet with your Student Team (five to six times for market research or four times for business consulting projects) virtually or in-person. Student teams need your expertise on the business issue, target audience* and their insights.
* Providing a ‘list’ of potential respondents for market research is extremely helpful. List should be as large as possible (5,000+ e-mails, cell numbers). Depending upon your needs we can obtain supplemental recruiting assistance (costs associated).
When will the meetings take place?
All meetings will be scheduled at specific times/dates coinciding with classes. Student team members are enrolled in courses, where your project is the key deliverable.
What do typical projects focus on?
The projects run the gamut in terms of what they focus on. Common themes include:
- How can we generate more sales?
- What messaging is most effective?
- What do potential customers think about our offering and what are the best way to reach them?
- What do current/ potential donors think and what would make them more likely to donate?
Timing?
Projects are aligned with the academic calendar.
- Fall projects - start in September and run thru early December (Reserve project slots by end-of-June)
- Spring projects - start end-of-January and run thru early May (Reserve project slots by end-of-October)
We conduct around 21 projects each semester with 16-18 different businesses. Project slots fill early – so please reserve in advance using the timing guidance above.
What are the project deliverables?
In most market research projects (three deliverables):
- Phase I: Insights from qualitative interviews; 'deep dive' into your target audience's mindset, likes/dislikes, suggested improvements (~ 15-20 interviews)
- Phase II: Data and insights from quantitative web-based survey; larger sample to validate initial findings and prioritize opportunities (~ 50+ respondents)
- Final Report: Comprehensive presentation with actionable recommendations highlighting key insights and next steps.
Project fees?
The Center provides similar services to commercial market research providers at a fraction of the cost. Project fees are $3,000 (similar commercial projects ~ $30,000).
Projects for non-profit organizations are pro bono ($0 project fee). If your organization has trouble with project fees, please check with us to see if any discounts are possible.
Other fees?
The project fees cover everything related to market research projects with two exceptions:
- Incentives – To motivate potential respondents to participate. Not necessary, but helpful. E.g. If someone completes a 10-minute interview… Do you offer them a $15 Amazon Gift card in appreciation for their time?
- Supplemental Recruiting Assistance – You may need additional recruiting help to get the proper audience to participate. Qualtrics can provide this recruiting assistance. Fees are dependent upon sample size target audience (typical min. $3,200).
What’s a ‘win/win’?
Our market research projects are typically viewed as "win-win" initiatives. Students gain real world, hands-on experience and business partners receive critical customer insights and actionable recommendations to drive their business forward.
Want to learn more?
Click on the “Contact Us” button below to receive more info, or call the Market Research Center at (973) 275-6489.