"The systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organisation."".
Why is Marketing Research important.
For companies to provide superior value and satisfaction for customers.
To provide information for senior management decisions about the direction of the business.
Effective product and marketing programmes begin with a thorough understanding of the consumer needs and wants in their market. They also need information about competitors, resellers and other forces in the market place.
The information needed by marketing managers can be obtained from internal data, marketing intelligence and marketing research.
Many companies hold information on internal databases, which can be easily accessed by the marketing manager to identify marketing opportunities and problems, plan programmes and evaluate performance. Such data can be obtained from: -.
Internal databases have the advantages of availability and no cost involved but they may also have disadvantages such as the information maybe incomplete where data is concerned with specific areas, information may be in the wrong form for marketing purposes and the information may also be out of date.
Many larger marketing companies have adopted data warehouses to manage the vast amount of internal data more effectively.
Marketing intelligence is the systematic collection and analysis of publicly available information about competitors and developments in the marketing environment.
It's goal is to improve strategic decision making, assess and track competitors' actions and provide early warning of opportunities and threats.
How is marketing intelligence gathered: -.
Company's own personnel sales people.
Key customers buying competitor's products.