After 8 Years, the Market Research Center Is More Successful Than Ever
Nearly One Thousand Students Have Been Involved in the Center's Initiatives
Stillman School's Market Research Center has been in operation for eight years and has conducted a total of 182 projects in partnership with more than 119 companies. These firms come from a wide variety of industries — restaurants, software, accounting firms, municipalities, non-profits and even the US Army — and run the gamut in size from entrepreneurial start-ups to large international corporations.
Collectively, almost 1,000 students have been involved in these successful initiatives.
Each year the projects expose students to various aspects of market research and students get to address a real-world business issue. First, the student teams meet with their business partners to discuss their business challenges. Next, students typically conduct a focus group to uncover the 'why's' behind current customer or target customer behavior. Then, students utilize the insights from the focus group to build an online survey to reach a broader audience. Finally, the information and insights are analyzed and developed into actionable recommendations for the business.
The benefit of these projects is truly a 'win/win'. Students gain invaluable experience dealing with a real-world challenge. Businesses get insights and actionable recommendations for their business issue at a fraction of the commercial cost. In addition, the business partners are contributing to the knowledge of the next generation.
Each year concludes with the Center's Pair Up with the Pirates special event. Here, exceptional University/Business market research partnerships are recognized. This year, three exemplary and diverse businesses were honored: Garden Savings Federal Credit Union, interested in expanding its client base among students; Wonder Curl, an entrepreneur looking to better market her product; and the Mendham Township Library, which explored ways to improve the library's offerings. Check out the brief video from this year's event.
As the Market Research Center wraps up another year, it is exciting to look back on previous successes and to look forward to continued university/business partnerships that help prepare students for success while also helping our partners in the university and business communities.