Marketers can obtain needed information from internal data, marketing intelligence, and marketing research. Describe some common sources of each

Question

What will be an ideal response?

Answer 1

Internal databases are built upon records of consumer and market information data sources within the company network. For example, the accounting department provides records of sales, costs, and cash flows; operations reports on production-related issues; the sales force provides data on resellers, competitors, buyer behavior, and the industry; and marketing department provides information on customer transactions, demographics, and buying behavior. Internal data are cheaper sources that are easy to access. Marketing intelligence is a collection and analysis of publicly available data about consumers, competitors, and developments in the industry. It can come from quizzing employees, studying competitors' ads and annual reports, analyzing competitors' products, monitoring Internet buzz, and researching the Internet. In addition to internal data and marketing intelligence, marketers often need formal studies of specific situations. To address this need, they conduct marketing research to collect, analyze, and report secondary and primary data to better form decisions.