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    Marketing Researches

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    1. What is marketing research? What is competitive intelligence? Are both important elements in developing marketing strategy? Is one more important than the other -- and why? How can a company's marketing organization ensure that it is able to use both marketing research and competitive intelligence to identify newly emerging trends and competitors in time to plan and execute an effective marketing strategy in response to these competitors?

    2. What are the different types of buyers and consumers? How does the type of buyer or consumer impact marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can an organization ensure that their market strategy is appropriate for their target market?

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    Solution Preview

    1. What is marketing research? What is competitive intelligence? Are both important elements in developing marketing strategy? Is one more important than the other -- and why? How can a company's marketing organization ensure that it is able to use both marketing research and competitive intelligence to identify newly emerging trends and competitors in time to plan and execute an effective marketing strategy in response to these competitors?

    The American Marketing Association Official Definition of Marketing Research is that -

    'Marketing research is the function that links the consumer, customer, and public to the marketer through information - information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications.'

    Thus it is researching about the entire marketing process of a company. A systematic approach should be used for marketing research:

    ? ? Define the problem. Make the focus of the research something you 'need' to know.

    ? Collect the data. There are various ways to collect data to be analyzed.

    ? Select a sampling method.

    ? Analyze the data

    ? Write the final report.

    Competitive intelligence is defined as having ...

    Solution Summary

    1. What is marketing research? What is competitive intelligence? Are both important elements in developing marketing strategy? Is one more important than the other -- and why? How can a company's marketing organization ensure that it is able to use both marketing research and competitive intelligence to identify newly emerging trends and competitors in time to plan and execute an effective marketing strategy in response to these competitors?

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