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Running Head: MARKET RESEARCH
Analysis the Roles of Market Research and Marketing Intelligence
Role of Market Research
Market research can be defined as a systematic way of gathering, recording and analyzing the data and information that is related to marketing of products and services (Hamersveld, 2007). Market research is an important element to promote and markets a particular product and service. It is the process of implementation of subjective and objective research methods to collect relevant data and information. This information helps the marketers to define and evaluate their strategies (Boddy, 2005). It is the first step to take any decision related to products and services.
Market research is helpful to resolve various problems associated with promotion, segmentation, target market, market communication, etc. The role of market research is important and effective because it allows the company to make useful marketing strategies (McQuarrie, 2006). Market research is conducted during the marketing process. At every stage of the process, responses of the target public are collected and analyzed. So, the companies become enable to review their policies and marketing strategies according to customers' reactions.
Role of Marketing Intelligence
Marketing intelligence is the notion through which marketers collect information related target market. With the help of this, organizations gather accurate information which is helpful in the decision making process to determine ...
This solution provides a discussion that analyzes the roles of market research and market intelligence.