Appropriate and strategic marketing, as in any other set of actions, requires proper planning. Devising a proper marketing plan depends on many factors, including market research to outline and strategize steps to achieve marketing goals. Many times, however, mere market research may serve as a tool to enhance competitive advantage.
Fundamentally, market research will be an overall picture of the current market with the product and services at hand and the competitor’s current or potential standing. Hence resulting in market intelligence and or competitive intelligence. The mere formulation of a document that offers a neutral and scientific picture of the overall market standing enables the decision-makers to have a clear picture that can be the basis of the decision-making.
Ultimately, the gathering of competitive intelligence that occurs through market research is the most obvious relationship between market research and competitive advantage. However, competitive intelligence does not necessarily translate into a competitive advantage, rather than enabling a more comprehensive market picture. The competitive advantage is established by translating the available information from market research to devise an action plan to dominate the particular market.
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