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?

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 1 year ago

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