MKT 421 Week 2 DQ 2
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 32 views.
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Date Created: 11/11/15
What is competitive intelligence What is the importance of competitive intelligence and analysis in modernday marketing How can a company s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors What is competitive intelligence Competitive Intelligence is the knowledge of information about the competitors and its consumers The company should always know what the competitors are doing What is the importance of competitive intelligence and analysis in modernday marketing I believe a business must know its competition in order to beat the competition If a company sells a particular type of product or service and the quality starts to decline and the price increases then competitive intelligence is great to win over those unsatisfied customers How can a company s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors In order for the company to plan a strategy against their competitors they must first understand the customers and understand the three important steps to take to be able to identify According to Armstrong amp Kotler 2009 The differentiation and positioning task consists of three steps identifying a set of differentiating competitive advantages upon which to build a position choosing the right competitive advantages and selecting an overall positioning strategy The company must then effectively communicate and deliver the chosen position to the market p 186 Reference Armstrong G amp Kotler P 2009 Marketing An introduction 9th ed Upper Saddle River NJ Pearson Education
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