Question

1. What is Marketing information and why is it important?cite sources

2. What is Marketing research and why is it important? cite sources

Answer 1

1. Marketing information is required to help the management take required decisions about the various marketing activities linked to its products and services. Essentially, the information received after market research constitutes marketing information. The information is collected after a systematic process.Technology can be used to gather the required information. MIS(Marketing Information Systems) are used to gather this data.

This information helps the marketing department of an organization to take further decisions about the product/services such as product design, advertising, packaging, pricing, customer feedback, competitor's information etc.

2. Marketing research is the process of collecting information about the target market and the target customers. It is a method to gather data about customer needs and requirements. Both qualitative and quantitative techniques are used in market research process. There are two categories of research done - primary research and secondary research.

Marketing research and marketing information are important because it helps the organizations to identify opportunities for growth and a thorough research can also help in reducing the risks associated with a new product/service. It also helps in devising marketing strategies based on the customer needs and demands. This also helps in improving the sales by helping in sales forecasting.

Further, managerial decision making is improved with the use of this data.

Sources

Marketing Information(2018, April) Retrieved from http://www.businessdictionary.com/definition/marketing-information.html

Market Research( 2018, April 15) Retrieved from https://en.wikipedia.org/wiki/Market_research

Need and Importance of Marketing Research (2018, April) Retrieved from http://www.yourarticlelibrary.com/marketing/need-and-importance-of-marketing-research/32281