Question

Explain how marketing intelligence differs from marketing research. Which is more valuable to a company? Why? Give an example in your answer.

Answer 1

1.Market research and market intelligence is used interchangeably.

2.Market research is carried out by collecting and analyzing data which plays a vital role in developing new product or which helps in taking decision regarding new market entry etc. There is no dependence on existing or available information.

Eg: Collecting information by way of conducting surveys, feedbacks including social media feedback, phone calls and review etc

3.Market intelligence is carried out by collecting the existing market situations, competitions, customers behavior, political impact etc. in order to help in taking informed decisions which will help to take advantage of the market opportunity and optimum utilization of resources to their full potential. Market intelligence is a broader concept than market research where market research approach depends on market intelligence.

Eg: Evaluating competitors, advertisement to compete with our competitors etc.

4.Market research helps the company to adapt to the upcoming trends whereas market intelligence helps to focus on the current business strategies. But both the concepts are vital for companies survival in a competitive market.