Good Example Of Article Review On The Components Of Market Research
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Describe the components of a marketing information system and each component’s purpose. Explain the situations in which marketing research should be used versus market intelligence. Describe the limitations of market intelligence and its ethical boundaries. Explain when marketing research should and should not be used.
Primary and secondary data are the two ways of market research. In which data is gathered from primary or secondary research survey. The research which gather information directly from the source is called primary research and it is considered as potential customers. The product developer can hire market research analyst to do primary research either by survey, focus group or use other techniques. Whereas the data gathered from statistics, reports, government agencies or trade association is called secondary research.
Further, the article emphasis is on secondary research. It says the research that is done the most is secondary research. The article defines that there are some companies that invest their budget on market research. But, some companies are lucky in a way that due to their tight budget, they can find a lot of material over the internet or local library.
Market Research versus Market Intelligence
In the article, it pinpoints how one can find research survey. There are sources to look at one is Thomas-Net and second is Harris Info-Source All-Industries and Manufacturing Directories. The Thomas-Net is connected with the buyers and sellers. It can easily be found in internet libraries.
Market Research is most important tool, in which a product development plan is made. The research is conducted that help the developer to understand the importance of his product in the market. Whereas market intelligence provide opportunities for the product developer through internal data collection.
Limitation of Market Intelligence and its Ethical Boundaries
There are companies that use market intelligence for their product in order to gain business intelligence. The broader perspective is a soul of market intelligence. In which it focuses on a particular component that is gathered from geographic location or a specific demographic of customer. There are number of activities involved in market intelligence. In this, it includes trade magazine, a scanning newspaper and economic data that is developed by the government. It is to find out what’s in and what’s out. Also, the company is able to know their competitors. The firm marketing intelligence is responsible for their firm’s marketing department at primary stage. It is to convey the message to the decision makers.
The analyst of marketing intelligence gather information from marketing research. Whereas marketing research is present to know the trends and reactions of consumers about numerous products. The major portion of company’s marketing intelligence is gathered from hard data, dialogue and marketing research. Many companies take services of news companies where they get all sorts of information that they required for their new product launch. Name of one such company is LexisNexis. It is a company that provide news about business and legal development that has an impact on company’s operations.
When Marketing Research should use or not use?
As explain above that to answer a specific question, “market research is conducted.” The product name you decide is an example. Otherwise, some company had already done their survey for naming the product. You need to know good or bad analysis on customer’s product. The answers cannot find in your company’s internal data. Marketing research is not a continuous way as compared to internal data. That is collected on a regular basis. Marketing research is done on need or project basis. If a company is willing to do marketing research then either it has to do the survey or let marketing agency to do marketing research for them.
When a marketing research require? It is said above that marketing research is expensive. Therefore, you have to consider a cost over benefit. What will be the questions that are answered in that research? Through the company will understand whether it has save more money than the cost being made in the research. Marketing research is a time-consuming job. So, if you are looking for a quick answer than research is not recommended tool for you.
Staff, Entrepreneur. 'Conducting Market Research'. Entrepreneur. N.p., 2010. Web. 13 Feb. 2015.
Palermo, Elizabeth. 'What Is Market Intelligence?'. BusinessNewsDaily.com. N.p., 2015. Web. 13 Feb. 2015.
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