Individual Assignment 2

Internal databases, marketing intelligence, and marketing research are all

necessary tools and conditions for managers to produce marketing information, and each
has its own purpose, impact, and advantage.
Internal databases: A large-scale internal database is frequently established
within a firm, combined with a collection of general market data acquired via the
organization's data network. It is primarily used by marketing managers to discover
marketing opportunities and difficulties, create marketing strategies, and assess
performance.
Internal databases are typically faster, more convenient, and more effective than
other alternatives, and they consume less budget. Despite the fact that it is widely used by
both small and large businesses, it is not without flaws:
- Due to the fact that it is a repository of information from various professions and
categories, the database may be insufficient or inconsistent, resulting in poor decision-
making.
- The data may lose its usefulness in a short period of time and keeping the
database up to date every minute needs a significant amount of labor.
- Maintaining a massive internal database necessitates large sums of money and
advanced approaches.
Marketing Intelligence (MI): is a term used to describe the process of gathering
information Marketing intelligence is daily information on marketing developments in
the marketing environment that managers receive in a useful format to aid in the
preparation and adjustment of plans and future directions. Internal sources (executives,
owners, and employees of the company) and external sources are the two main sources
(for example: suppliers, competitors, newspapers, government agencies). Annual reports,
speeches, articles, press releases, and promotions are examples of competitive
information that can be used as a source.
In today's setting, the cost of marketing intelligence is really quite low, as data
providers frequently sell data at a very low price, or even for free. As a result, small-to-
medium-sized businesses frequently employ it. However, because the data, like the
internal database, is partial, it may not be useful for making decisions.
Market Analysis: Marketing research is a method of identifying possibilities and
difficulties, as well as monitoring and evaluating marketing operations and performance,
and presenting the results and implications to management.
There are four steps to conducting marketing research:
 - Defining the problem and the study's goals
- Creating a research strategy
- Putting the research strategy into action
- Analyzing, interpreting, and presenting results
Because it involves attention to detail and focuses on the most ideal research aim
to the final study that defines a business's path, marketing research is typically more
effective than other approaches to work with. As a result, it is frequently used by major
corporations. The process, however, is time-consuming and costly, not to mention that it
may not be available at all times.