BUS 2201 WK 1 D - BUS 2201 PDF

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BUS 2201...

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Review the material in Chapter 10 on Gathering and Using Information. 

Why do companies gather market intelligence and conduct marketing research?

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What activities are part of market intelligence gathering?

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How do marketing professionals know if they have crossed the line in terms of gathering marketing intelligence?

Please engage in a dialogue with your classmates on the above issues. You are expected to make at least three posts and ratings to your peers' discussions.

Marketing research is the process of collecting, analyzing, and reporting marketing information that can be used to answer questions or solve problems so as to improve a company’s bottom line. It is in the company's best interest and consumer that companies conduct and gather market research data. That is because it helps the companies know who is interested in the products and then focus their marketing on the most interested demographics; this helps lower marking cost and will help keep the overall cost of a product or service lower. Market intelligence gathering includes a number of activities including scanning newspapers, journals, and government-generated data to find out trends. (Tanner, 2015). There are two primary kinds of market research activities conducted by companies to gather the most actionable data about their products. They are primary research and secondary research activity .Primary research activity is the first-hand market to collect customer data. It involves online surveys, telephone interviews, and more to collect new details about the problems that customers are facing and it also helps in knowing company's brand name in the market. Secondary research activity is all the information already available on public records that helps in drawing conclusions. This involves trends, market stats etc.

Developed by the Society of Competitive Intelligence Professionals. Marketing professionals and companies can be sure they follow these ethics codes by hiring 3rd party contractors to avoid any bias or setting and adhering to sticks guidelines within the firm. When conducting market research, it must be done safely and legally; this will build trust in the community and result in an accurate representation of the results. (SCIP Code of Ethics - How to Do Competitive Intelligence The Right Way 2017).

References: SCIP Code of Ethics - How to Do Competitive Intelligence The Right Way. (2017, November 07). Retrieved November 14, 2020, from https://www.competitivefutures.com/scip-codeofethics/ Tanner, J., & Raymond, M. (2015). Chapter 10, Section 1.3 Market Intelligence. In Principles of Marketing (Vol. 1.0, p. 195). Minneapolis, MN: University of Minnesota Press. Retrieved November 14, 2020, from https://open.lib.umn.edu/principlesmarketing/front-matter/publisherinformation/...