Marketing Information and Research
Information is the key to effective decision-making. Knowing your customers, the marketplace you are operating in, the competitive environment, technology, legislation, trends, and so on can enable a business to make decisions that are appropriate for the company, their products, and the markets they have a presence in. Marketing research is how this information is collected and analyzed. For example, if you were considering opening a chain of cheese shops across Europe, you would want to know about consumers in each city, what kind of competition you might be facing, the price points you should consider, and local trends in the cheese industry. This is the marketing intelligence you need to make decisions. The marketing research process defines how you will obtain this information. Read this chapter for an in-depth look at the marketing research process and its resulting marketing intelligence. This resource also explores specific case studies that show how research enables companies to make effective decisions.
Outcome: Importance of Marketing Information
What you'll learn to do: explain the role of marketing information in helping organizations understand and reach customers
Marketers are fortunate to work in an information-rich environment. They don't have to make decisions based on gut feeling or blind luck. These days, many valuable sources of marketing information are available to guide marketers' thinking, choices, and actions. While it's true that this information may be more readily accessible in some organizations than others, it's important for marketers to know what to look for and how to find it in order to make wise decisions about marketing strategy and execution.
Learning Activities
The learning activities for this section include the following:
- Reading: The Importance of Marketing Information
- Case Study: Juicy Fruit Gum
- Self Check: Importance of Marketing Information