On the other hand competitive marketing intelligence refers to the systematic

On the other hand competitive marketing intelligence

This preview shows page 82 - 83 out of 88 pages.

On the other hand, competitive marketing intelligence refers to the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace. The goal of competitive marketing intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors' actions, and providing early warnings of opportunities and threats. Marketing intelligence techniques range from observing consumers firsthand to quizzing the company's own employees, benchmarking competitors' products, researching the Internet, and monitoring Internet buzz. 123. The marketing research process involves four steps: defining the problem and research objectives, developing the plan, implementing the research plan, and interpreting and reporting the findings. Some large companies have their own research departments that work with marketing managers on marketing research projects. In addition, these companies—like their smaller counterparts—frequently hire outside research specialists to consult with management on specific marketing problems and to conduct marketing research studies. Sometimes firms simply purchase data collected by outside firms to aid in their decision making. 124. Research approaches for gathering primary data include observations, surveys, and experiments. Observational research involves gathering primary data by observing relevant people, actions, and situations. Observations can reveal information that people are unwilling or unable to provide in surveys or experiments. Survey research, the most widely used method for primary data collection, is the approach best suited for gathering descriptive information. A company that wants to know about people's knowledge, attitudes, preferences, or buying behavior can often find out by asking them directly. The major advantage of survey research is its flexibility; it can be used to obtain many different kinds of information in many different situations. Surveys addressing almost any marketing question or decision can be conducted by phone or mail, in person, or online. Experimental research is best suited for gathering causal information. It involves selecting matched groups of subjects, giving them different treatments, controlling unrelated factors, and checking for differences in group responses. Experimental research tries to explain cause - and - effect relationships. 125. Information can be collected by mail, telephone, personal interview, or online. Mail questionnaires can be used to collect large amounts of information at a low cost per respondent. Respondents may give more honest answers to more questions by mail than to an unknown interviewer in person or on the phone. Also, no interviewer is involved to bias respondents' answers.
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