MARKET & TECHNOLOGY
A little like Big Brother
Strategic market research is extremely important for expanding business at Symrise. Heike Werner is a market research expert and researches data and information on country markets and competitors.
What is strategic market research? Its main task is to continuously monitor the relevant market and its changes. This subarea is also known as market intelligence. And I create competitive analyses from the information collected. This subarea is known as competitive intelligence. What information is collected for these two sub-disciplines? In market intelligence, for example, information on market size and market growth is collected. However, this is not only a divisional analysis, i.e., a consideration of the sub-markets for Flavor, Nutrition and Scent & Care, but also a regional analysis. In competitive intelligence, information is collected and evaluated that provides detailed information about the activities of our competitors. Where can this information be found? This varies. In market analysis, we evaluate various reports on the relevant submarkets and calculate the overall market. For macroeconomic data, we use the free services of, for example, the International Monetary Fund and the World Bank or the statistical yearbooks from individual countries. In competitor analysis, we first use information from the publications of our competitors, such as quarterly and annual reports. But we also use a number of press databases.
What information and data is needed by whom and for what purpose? This also varies. In fact, strategic market research provides research services for all departments and regions at Symrise. Are there also individual requests for research? Yes, this actually happens every day. These can be inquiries about customers, product groups, but also individual products, raw materials, and industry and consumer trends. Very exciting. How time-consuming is the research, compilation and analysis of the data? It can take anywhere from a few minutes to several months. An inquiry about a product or a raw material can sometimes be answered in a very short amount of time. A complete market analysis with all segments, sub-segments and a country selection of at least 80 countries takes several weeks or even months, including the preparation of the corresponding presentations and detailed information.
You can find all the UN Sustainability Objectives in the SymPortal: https://t1p.de/SYM-SDG
You can find the complete interview in the SymPortal in January.