During the custom research process, MRG will partner with our clients to determine the methodology that will best meet the specific needs of each project and will provide clients with the most accurate and actionable data possible. Available methodologies include:
Conjoint Analysis
Conjoint analysis is a statistical technique used to understand the value of individual features of a product and to determine how a product should be priced based on these factors. In conjoint analysis, respondents are asked to assess product concepts by substituting different product attributes to make up distinctive product profiles. Because a product is made up of many attributes, a large variation of prices can be associated with individual attributes and a large number of product profiles are possible.
Segmentation
Segmentation is the process of classifying an overall topic into separate groups that have similar attributes, then focusing on these attributes for a more thorough look at their needs. As with all custom projects, MRG’s approach to segmentation studies is fluid. We work with the client to determine the most appropriate of several comprehensive methodologies for the project.
Van Westendorp
Van Westendorp technique is a statistical tool that is used to understand the range of consumers’ price perceptions and expectations. Using a Van Westendorp analysis, MRG Analysts can gauge customer response to certain price points, understand purchase intentions at these prices, and deduce the basis behind the pricing information and customer sensitivity to pricing change.
Due Diligence
MRG’s approach to due diligence changes depending on the diligence required, the market type, and the client budget. MRG will typically look to obtain data from both the supply and demand sides of the market to build the project.
For supply-side research, MRG Analysts contact competitors in the market and speak with a representative about current market conditions, trends, and issues in order to build a complete qualitative and quantitative market picture. Quantitative data could include: market size, among other information.
For demand-side research, MRG uses any combination of methodologies--focus groups, online surveys, and key opinion leader interviews--to understand current market conditions, future market conditions, purchasing intentions, unmet needs, and many other factors.
In-Depth Interviews
MRG regularly conducts in-depth interviews with leading physicians, purchasers, facility managers, hospital administrators, and others.
These interviews can be conducted via telephone or face-to-face. Our Analysts’ deep domain expertise allow for engaging in-depth interviews with a variety of respondent types.
Focus Groups
MRG regularly runs focus groups with leading physicians in the US, Europe, and other countries. Focus groups can be held at locations selected by MRG or specified by the client, including during major conferences and trade shows. Groups are carefully planned by analysts specializing in the relevant medical device area and moderated by MRG focus group experts, to foster stimulating dialogue and produce actionable outcomes.
Report-Based Methodology
MRG’s tried-and-tested report methodology can be employed on a customized basis. This comprehensive process, combining primary and secondary research, is capable of capturing units, procedure volumes, average selling prices, market values, forecasted growth rates, and market shares. To learn more about MRG's report methodology,
click here.
For more information about our Custom Solutions services, please
contact us or call 416-364-7776.
