Geron, Nathaniel M.

BUSINESS MARKETING
BSTMOUMN 1-B
2021-10448-MN-0
1. Discuss the value of marketing research and marketing information and how that value is
attained.
- Marketing research is a method for discovering marketing opportunities and resolving
marketing issues by utilizing customer insights gleaned from the collection and analysis of
marketing data. While the marketing information is a set of people, tools, and procedures for
managing marketing data, overseeing market research, and applying consumer insights to
influence marketing choices as well as larger management and strategy decisions.
- The Marketing research is a vital step in identifying new market segments, developing new
products, and choosing your target market. Market research done well helps you plan your
strategy. While marketing information helps in controlling of marketing activities. These
tools put marketers close to their customers to help them understand who they costumers are,
what they want, and what competitors are doing.
2. Which information is more valuable to marketers —information from internal databases, marketing
intelligence, or marketing research? How do these information sources differ?
- Based on the data I found on the Internet, marketers may use both Market Research and
Marketing Intelligence to study their own market. A marketer may use the Marketing
intelligence to determine its own market share. In addition, he/she may use the
information to know about the whole money sources that are invested in his industry.
However, surveys and other Market Research methodologies should be used to understand
the distinctions between customer preferences in the market. This is because, for example,
consumers in one market may favor product features, fashions, tastes, and sizes that are
different from what people in another market desire.
3. Explain the differences between primary and secondary data, when is each appropriate and how
are they collected?
- Primary data refers to the firsthand data gathered by the research himself while the secondary
data means data collected by someone else earlier. It can be performed by conducting
surveys, observations, experiments, questionnaire, personal interview, etc.
4. What are advantages of Web-based survey research over traditional survey research?
- Internet is so broad in our today’s era. One click away, you will find all the information you
needed to find. Especially now we are in pandemic, Internet is so helpful to us. So with that
said, the Web-based survey will be more accessible to all people due to the fact that all of the
people are using the internet compared to the traditional ones, you’ll need to face your
respondent just to get their answer to your survey.
5. How does customer relationship management (CRM) help companies develop customer insights
and deliver superior customer value?
- CRM assists a company in appreciating the worth of its customers and capitalizing on better
customer connections. You can be more attentive to your clients' demands if you have a
deeper understanding of their wants. CRM can be achieved by: (1) finding out about your
customers’ purchasing habits, opinions, and preferences ;(2) profiling individuals and groups
to market more effectively and increase sales; (3) changing the way you operate to improve
customer service and marketing.
6. What are similarities and differences when conducting research in another country versus the
domestic market?
Basis for Comparison Domestic Marketing International Marketing
Meaning Domestic Marketing refers International marketing
to marketing inside the refers to operations such as
country's geographical manufacturing, promotion,
boundaries distribution, advertising, and
selling that take place
outside of a country's
borders.
Area Served Small Large
Government Interference Less Comparatively High
Business Operation In a single country More than one country
Use of technology Limited Sharing and use of latest
technology
Risk Factor Low Very High
Capital Requirement Less High