MKT421 Wk 2 DQ 2
MKT421 Wk 2 DQ 2
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This 1 page Study Guide was uploaded by expert Notetaker on Tuesday November 17, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 15 views.
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Date Created: 11/17/15
What is competitive intelligence? Intelligence gathering is a widely used tool to collect information that will ultimately, improve the products or services being offered by a company. Competitive intelligence, on the other hand, is the collection of information specifically from competitors. This information may or may not be against them. Firms use competitive intelligence to gain early warnings of competitor moves and strategies, newproduct launches, new or changing markets, and potential competitive strengths and weaknesses.” (Kerin, Hartley, Berowitz & Rudelis, 2009, p. 100) What is the importance of competitive intelligence and analysis in modernday marketing? Competitive intelligence is of extreme importance in today’s business environment. Every company wants to differentiate itself from others by offering better products and this is possible only with quality competitive intelligence. Today’s intense competition has forced every company to gather information about its customers as well as competitors so that products and services can be designed and modified according to needs and wants to customers. This will certainly result in a company’s success. 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? The only way a company can keep its eyes on newly emerging competitors is through competitive intelligence. It must utilize its relevant people and keep a track of different companies and market trends, only then will it be able to properly plan and execute an effective marketing plan. Reference Kerin, R.A., Hartley, S.W., Berkowitz, E.N., & Rudelis, W. (2009). Marketing (9th ed.). New York: McGraw Hill.
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