is an intriguing area of Marketing. It is an amalgamation of the objective approach of statistics, the subjective approach of anthropology and the psychological aspect of marketing. It is an ambrosial fusion or art and science.An ideal has a strong passion for marketing along with sharp mathematical aptitude.
However, like most management domains, there are certain technical terms (or jargons) that confuse people… a lot!!!
For instance, Market Research and Marketing Research- these are separate terms with different applications. We will deal with them later.First, let us begin by differentiating between Marketing Intelligence and Marketing Research.
I know going through definitions can be boring. However to understand the, you should have a brief idea about these terms.
What is Marketing Research?
Marketing Research is basically an activity that aims to collect specific information. This information is the basis for formulation of Marketing Strategy. This Marketing Strategy is the ground on which the Marketing Plan is devised.Therefore, if we consider the sequence of processes, then we will get the following:
- Marketing Research
- Marketing Strategy Formulation
- Marketing Plan Formulation
|Sequence of Marketing Decision making|
can be considered as a perpetual process which aims to collect mainly competitive intelligence. It is an activity to constantly enrich the of an organisation.
The fundamental difference between Market Research and Marketing Research is in terms of time. Marketing Research is a project based activity with certain deadline or time constraint. Whereas, Marketing Intelligence is an ongoing job. In other words, the scope of Marketing Intelligence is wider compared to Marketing Research.
Secondly, the information collected by the marketing intelligence team is not meant for immediate action. However, the entirehas been devised for action oriented information collection.
Generally, Marketing Research activity is outsourced while an in-house team is maintained for Marketing Intelligence.
Marketing Research is directed by a research objective. The focus of the research is a variable generally related to the target consumers. For example, a logistics firm may conduct research to analyse the demand of integrated consignment information system amongst truck drivers. Here, the consumers are truck drivers and the variable is information demand.
Marketing Intelligence on the other hand is not directed by project specific or variable specific objective. The sole aim for creation of in-house research cell is to keep a lookout for possible threats or opportunities.
Thus, Marketing Intelligence is a more proactive function than Marketing Research.