Marketing research

MARKETING RESEARCH

This prep task formalises your learning by asking a series of questions relating to the exam style question below. Provide brief answers to the questions within the boxes.‘Discuss the value of marketing research within effective marketing’

Now outline answers to the following questions within the boxes:

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Solomon etal (2009) define marketing research as… ?
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The process of collecting, analysing and interpreting data about customers, competitors and the businessenvironment in order to improve marketing effectiveness.
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Identify 4 types of data within a MkIS and suggest an advantage and disadvantage of each.
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Internal Company Data; Advantage:Quickly access to the sales, marketing and finance information of a customer. Disadvantage: There is a high risk of vicious information; e.g. the information could be reported before the end of a Marketingaction or a sales person can report a sale that in fact is not done “yet”.
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Marketing Intelligence: Advantage: It is a great, fast andbudget way for the managers to know about the environment, competence, customer tendencies… and then take the right decisions or “make up” the forecast. Disadvantage: Sometimes could be pretty difficult tocontrast the information and/or to interpret this properly.
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Marketing Research. Advantage: A good market research can give you valuableinformation which can help you to take the right decisions. Disadvantage: However, if you do not have clear the research objectives, a misunderstood in the briefing, a non correct questionnaire and/or...