Business and Marketing Students-Marketing Information Systems

All companies need to collect information on their customers, competitors, the sales of their products and services to name but a few.  Information that is collect needs to be timely, relevant, accurate and timely.  


The aim of market research is:

• Specify the information needed to address a particular marketing issue
• Designs the method of collecting that information
• Manages and implements the data collection process
• Analyses and interprets the results
• Communications the implications of findings to the marketing manager

Information that is collected can be used to: 

1. Track existing trends
2. Forecast future market opportunities and threats
3. Analyse the results of a company's marketing programme

Managers need to analyse information in regarding to the Micro and Macro Environment. 

Where do companies get data from?

• Internal data-company sales records, accounting data, production data etc
• Marketing intelligence
• Test marketing

Every company needs to weigh up the cost versus the benefits of conducting market research.  Is it worth the investment?