Compare and contrast the roles of marketing research and marketing intelligence.
Marketing research is the process of conducting direct research with the potential consumers to distinguish the viability of the new product or services in the company. Market Research enables the company to identify the target market and get feedback and suggestions from buyers about their interests and desires in the product or service. On other hand, market intelligence is the information gathered by the company about a particular market that will help in the business decision-making process and guide forming competitive strategies. Therefore marketing intelligence helps the company learn about the current market situation, problems they face, their competitors, and how to overcome those problems.
Although both marketing research and market intelligence play a major role in helping the company to understand and formulate marketing strategies, marketing research, and market intelligence differ mainly on the goals. Market intelligence is company focused while marketing research is conduct to gain more knowledge about customer preference. furthermore, market intelligence utilizes internal and external sources such as surveys, social media, news websites, clients to gather the company information. On contrary, market research uses methods such as questionnaires, interviews, and much more to research their potential consumers.