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: Types of Marketing Information
What you'll learn to do: describe key types of marketing information including internal data, competitive intelligence, and marketing research
Marketing information and research are most effective when they feed an ongoing awareness of what's happening with customers, their perceptions, and purchasing decisions. The next section of this module explores different types of information that contribute to the customer insights that inform your organization, strategy, and the marketing mix.
Learning Activities
The learning activities for this section include the following:
- Reading: Types of Marketing Information
- Self Check: Types of Marketing Information