marketing Explain how marketing intelligence differs from marketing research. which is more valuable to a company?...

marketing

Explain how marketing intelligence differs from marketing research. which is more valuable to a company? why?

Solutions

Expert Solution

Marketing intelligence is the existing information available to business owners to study the market, political implications, competition, consumer demographics etc. It is the ability to leverage existing data for competitive analysis.

On the other hand, market research data is not readily available. Companies normally collect these datas using internet, phone or in-person surveys.

Thus, the main difference between market intelligence and market research is that market research is more company specific. Companies use both types of information to analyse the market and develop business strategies.

While both are important components for a company, in my opinio, market research is the most crucial for a business because of the following reasons:

(i) Better understanding of customers

(ii) Knowledge about competitors, and how they approach the market

(iii) Testing your product before launch

(iv) Business growth

Rahul Sunny answered 10 months ago

Next > < Previous

Related Solutions

Explain how marketing intelligence differs from marketing research. Which is more valuable to a company? Why?...

Explain how marketing intelligence differs from marketing research. Which is more valuable to a company? Why? Give an example in your answer.

Explain how business intelligence differs from each of the following: (a) data ware¬ housing, (b) data...

Explain how business intelligence differs from each of the following: (a) data ware¬ housing, (b) data mining, and (c) decision support systems.

research about the Labour market in Bahrain and explain how it differs from other countries the...

research about the Labour market in Bahrain and explain how it differs from other countries the business is already halfing its operations in terms of the workforce demographics, hiring of expatriates. You may choose another International country to compare Bahrain with. You must find out in relevance to the tight and loose labor market conditions and how Covid 19 has an impact on the labor trends. highlight the government initiatives in these countries in terms of, Nationalization and its implications...

In 200 words or more, Explain what Perpetual Inventory is and how it differs from other...

In 200 words or more, Explain what Perpetual Inventory is and how it differs from other inventory methods? Advantages and Disadvantages? Original work please.

Explain how you believe managerial accounting differs from financial accounting. Which do you believe is more...

Explain how you believe managerial accounting differs from financial accounting. Which do you believe is more valuable to the business and why?

Describe how the marketing of services differs from the marketing of products. Provide examples relate to...

Describe how the marketing of services differs from the marketing of products. Provide examples relate to tiger airway company to illustrate your answer

1. Explain how sales and marketing information systems support advertising, market research, intelligence gathering, getting products...

1. Explain how sales and marketing information systems support advertising, market research, intelligence gathering, getting products and services to customers. 2. Analyze how human information systems (HRIS) improve business-to-employee (B2E) communications, workforce productivity, and compliance with federal employment laws; and ethical issues related to the use of HIS data. It would be great if you can add some sample to elaborate the explanation. (min 450 words)

( Managing Marketing Information to Gain Customer Insights) Explain how primary data differs from secondary data,...

( Managing Marketing Information to Gain Customer Insights) Explain how primary data differs from secondary data, and list three sources for each.

Explain how an issue network differs from an iron triangle in terms of which groups are...

Explain how an issue network differs from an iron triangle in terms of which groups are involved and their relationships with one another.

More companies are looking towards social media listening data as valuable intelligence on their customers. One...

More companies are looking towards social media listening data as valuable intelligence on their customers. One platform is Sysomos which offers two tools, Heartbeat and Map. What are these platforms used for? How are they similar and different? What are the advantages and disadvantages? Cite all sources used in a works cited page.

Subjects