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7.5. Integrating Marketing Research With Marketing Action
Marketing information has a limited shelf life – it is perishable. Like other resources, information has a value in use. The less the manager knows about a marketing problem and the greater the risk attached to a wrong decision, the more valuable the information becomes.
This latter point is an important consideration in assessing marketing research budgets. It implies the need for a cost–benefit appraisal of all sources of marketing information. There is no point in investing more in such information than the return on it would justify. Naturally, it is easier to determine the costs than the benefits. The managerial benefits of marketing research are difficult to pin down. They can be expressed in terms of additional sales or profits that might be achieved through the avoidance of marketing failures which could otherwise result if there is a lack of information.
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