Discuss the real value of marketing research and marketing information
Answer : Marketing research is the systematic collection of information, analysis and interpretation of data pertaining to conditions of the market. The main reason for conducting market research is to assimilate the changes in consumer behavior due to the changes in the marketing mix namely price, product, promotion and place. It is with market research that marketers get hold of the nuances of the market and the changing trends. It gives a proper evaluation of changes in tastes and preferences of consumers get feedback on new product launches and much more.
Marketing information on the other hand, is nothing but the results of market research that can be used to plan the future course of action of the concern. The information may be from a single source or a system of collection.
When we talk about real value these two concepts generate, then it can be thought from two perspectives, one is the real value generated from the customer’s perspective and the other being from the company perspective.
- When customer research gives valuable insights to the company that will help them plan their marketing strategies, it helps the customer because they will get what they want. It helps in creating more value as they get products they had wished for. This can happen when the market information generated from market research is used to its optimum to generate value.
- When the customers receive value from their purchases, it results in customer loyalty. The customer being delighted will stick to the company which surely is the real value from the company’s perspective
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