Justify the importance of marketing research in the development of an organization marketing strategy and tactics. Also, how would I analyze the importance of competitive intelligence and analysis in regards to the development of an organizations' marketing strategy and tactics.
Marketing Research - > Marketing Strategy
Marketing is all about meeting customer requirements profitably. It is important that in order to design its marketing strategy, organizations understands its customers so that it serves its customers in a better way so that customers pay a premium to use the product and services of the firm. Organization’s marketing strategy and tactics are therefore centered on customers, costs, competitors, communication and its own competencies.
Marketing research helps organization to understand and profile their target customers (discriminant analysis or profiling) in a better way such that it improves the targeting strategy of the firm. This helps firms to target only those customers, which have a higher probability of purchasing organization’s products or services.
Marketing research (using ...
marketing research in the development of an organization marketing strategy and tactics