Access over 20 million homework & study documents

search

NTC 360 Week 2 DQ1

Type

Homework

Rating

Showing Page:
1/1
Week 2 DQ1
What is competitive intelligence? What is the importance of competitive
intelligence and analysis in modern-day 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?
Competitive intelligence is used by companies to stay ahead of their
competitors. Competitive intelligence involves gaining information as
to what other businesses are doing as far as what products they plan
to market, what their strengths and weaknesses re, and what markets
are new or changing. Competitive intelligence requires using
knowledge from other companies to stay competitive and not fall
behind.
Competitive intelligence is important because it helps companies stay
ahead of a market. If a business is on top of things and knows what
other businesses are doing to keep consumers happy it can be
successful for them. If they fall behind in the competition, consumers
may decide to purchase products from businesses that have new
products and better marketing strategies. It can cause a business to
fail if they do not know what makes their customers happy.
There are ways that businesses can be made aware of new
competition. Companies can do research through retailers and
customers. They can actually examine products other companies oer
to see why it is so popular. There is also the internet. The internet
can give companies a wide variety of information such as marketing
ideas, events companies are involved in, and even annual reports.
Companies can analyze this information and plan their own marketing
strategies based on what other companies are doing. They can make
their strategies better so it appeals to consumers more.

Sign up to view the full document!

lock_open Sign Up
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Awesome! Made my life easier.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4