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Course Hero 12 - look up new stories about competitors •...

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1. What are the steps a company can take to improve the quality of its marketing intelligence? A company can take several steps to improve the quality of its marketing intelligence. Train and motivate the sales force to spot and report new developments. The company must “sell” its sales force on their importance as intelligence gatherers. Motivate distributors, retailers, and other intermediaries to pass along important intelligence. Many companies hire specialists to gather marketing intelligence (Steindorf, 2002). Service providers and retailers often send mystery shoppers to their stores to assess cleanliness of facilities, product quality, and the way employees treat customers. Network externally. The firm can purchase competitor’s products; attend open houses and trade shows; read competitors’ published reports; attend stockholders’ meetings; talk to employees, dealers, distributors, suppliers, and freight agents; collect competitors’ ads; and
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Unformatted text preview: look up new stories about competitors. • Set up a customer advisory panel. Members might include representative customers or the company’s largest customers or its most outspoken or sophisticated customers. Many business schools have advisory panels made up of alumni and recruiters who provide valuable feedback on the curriculum. • Take advantage of government data resources. • Purchase information from outside suppliers. Well-known data suppliers include the A.C. Nielsen Company and Information Resources Inc. • Use online customer feedback systems to collect competitive intelligence. Online customer review boards, discussion forums, chat rooms, and blogs can distribute one customer’s evaluation of a product or a supplier to a large number of other potential buyers and, of course, to marketers seeking information about the competition....
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