Overview

Information constitutes the basic tenet of the traditional marketing concept as it is expressed in terms of market orientation , which is the strategic posture adopted by a firm that methodically collects and disseminates information about its customers and competitors and takes decisions that are directly based upon this information (see Kohli & Jaworski, 1990). In addition, information figures prominently in the new product development literature (e.g. Li & Calantone, 1998), because designing and making innovative solutions requires information. As you would expect, the better the quality of information, the better the innovation, the better the potential solutions. Conversely, creative solutions require innovation, sometimes radical , sometimes incremental . Solutions to customer and marketing problems must be based on knowledge and information, and innovation is necessary in order to make new solutions happen.

It is through market research that the building blocks of knowledge are gathered as a key input for innovative solutions in marketing. The term market research covers a wide range of information-gathering techniques and processes.

The precise role and use of marketing research by innovative firms is unclear. In some cases it is not employed at all when competitive pressures to be first to market with the latest technology do not allow time for firms to conduct marketing research. Sometimes the cost involved is prohibitive or situations with market and technological uncertainty mean that customers can t articulate their needs and requirements, so marketing research is inappropriate. For highly innovative new products, potential customers often cannot see the benefits, thus...