Explain Why Companies Gather Market Intelligence And Conduct Marketing Research
Why do companies gather market intelligence and conduct marketing research? For the purpose clarity and differences, market intelligence has been defined as “Information gathered on a regular, ongoing basis to enable a firm’s decision makers to stay in touch with what’s happening in the marketplace.” While marketing research is “The process of collecting, analyzing, and reporting marketing information that can be used to improve a company’s bottom line.” (Tanner & Raymond, 2010). Now with these working definitions, it is obvious that there exist minor differences in market intelligence and marketing research. Market intelligence and marketing research is important to every company that intends to succeed in its productivity and maintain market relevance in the global business environment. However, gathering …show more content…
Obviously, gathering marketing intelligence is very legal when it is done ethically; however, when marketing professional engage in hiring professional spies to illegally retrieve another company’s information or trade secret, which is known as industrial espionage, apparently that professional has cross the line. Marketing intelligence gathering that involves phone bugging, obtaining trade secret without the express permission from the right source is tantamount to unethical and illegal activity. Unfortunately, many professional willingly indulge in these practices to the detriment of their competitors. Conclusively, as much as companies gather market intelligence and conduct marketing research, it is practically to solve market problem and improves their bottom line. Of course there are activities that are part of market intelligence gathering which enables a company to know what competitors are doing in the marketplace and finally, professionals that unethically gather marketing intelligence has definitely cross the line and this is
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