Marketing Research & Competitive Intelligence
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I want to prepare a paper describing the following questions, one reference per question will help me to complete and put together my assignment combined with my researched info.
1. What is marketing research? How has the Internet impacted marketing research? As a part of your answer, be sure to address time, cost, approaches, and validity. Why is marketing research important to developing marketing strategy?
2. What is competitive intelligence? What is the importance of competitive intelligence and analysis in modern-day marketing? How can a company's marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors?
3. 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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The solution explains marketing and internet marketing research as well as competitive intelligence and the different types of consumers in 1136 words with references throughout.
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I am the original author of the following. The following will expand your knowledge in this area and assist you in the writing of your paper.
1. What is marketing research?
Market research is compiled of many factors. "Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they are large or small." (123 Banner 2009)
The quantitative data is just as important as the qualitative data. Cost is the factor on which is used but both are crucial.
How has the Internet impacted marketing research?
Market research can be downloaded instantly, versus the ways of old; where a firm needed to be contacted and the information sent. This could have taken up to two weeks where not it can take two minutes.
As a part of your answer, be sure to address time, cost, approaches, and validity.
Depending on whether the data collected is new or previous data will dictate the cost. In general quantitative data is less expensive. "The most common quantitative technique is the 'market research survey'. These are basically projects that involve the collection of data from multiple cases - such as consumers or a set of products. Quantitative surveys can be conducted by using post (self-completion), face-to-face (in-street or in-home), telephone, email or web techniques. The questionnaire is one of the ...
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