INDUSTRIAL MARKET RESEARCH

INDUSTRIAL MARKET RESEARCH

INDUSTRIAL MARKET RESEARCH

This review of the strategy of industrial ONLINE MARKETING will have emphasized the vital importance to management of an adequate, continuous and accurate supply of information in its primary task of decision-making. The nature of industrial markets is such that a true understanding of the environment in which the company operates is difficult to achieve. The industrial ONLINE MARKETING Manager is usually much further removed from the ultimate demand determinants for his products than his counterpart in the consumer-product field. His reliance upon Market Research is, consequently, much greater.

Industrial Market Research has been defined as providing information which will lead to an understanding of the markets in which the company is operating today and in which it may hope to operate tomorrow.

The bulk of industrial market research work can more aptly be described as Market Intelligence. It is a task which can, and should, be carried out within the company organization. The information it provides should be on a continuous basis. It should report on the size of the relevant markets, the nature of the products which are being supplied into those markets, and the nature of the competition which exists within those markets. It should monitor trends, both in supply and demand. It should supply regular information on prices and profits, on technological developments, on the development of substitute products and on changes in the structure of those industries from which demand arises.

Market Intelligence should not limit its fact-finding to the current situation only. The ONLINE MARKETING Manager must plan today for the kind of business he expects to be in several years hence. Therefore, market information must be provided based on projections for three, five, ten, fifteen or more years ahead.


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