Introduction
This module covers marketing research and intelligence and the information systems that are used to manage the vast amount of data that results. Many marketing problems and opportunities can be solved by gathering information from a company's daily operations and analyzing it. Market intelligence involves gathering information on a regular, ongoing basis to stay in touch with what's happening in the marketplace. Marketing research is what a company has to resort if it can't answer a question that need to be answered by using market intelligence, internal company data, or analytical software. Marketing research is not infallible, however.
"You will not apply my precept," he said, shaking his head. "How often have I said to you that when you have eliminated the impossible, whatever remains, however improbable, must be the truth? We know that he did not come through the door, the window, or the chimney. We also know that he could not have been concealed in the room, as there is no concealment possible. When, then, did he come?"
The Sign of the Four, ch. 6 (1890)
Sherlock Holmes in The Sign of the Four (Doubleday p. 111)
Learning Objectives
- Describe the components of a marketing information system and each component's purpose.
- Explain the situations in which marketing research should be used versus market intelligence.
- Describe the limitations of market intelligence and its ethical boundaries.
- Explain when marketing research should and should not be used.
- Describe the basic steps in the marketing research process and the purpose of each step.
