Scribd Logo
Upload

Welcome to Scribd!

  • 26 views

    BUS 2201 - Principles of Marketing Disc 1

    Uploaded by

    Mamu Kam
    This document discusses market intelligence and why companies conduct marketing research. It explains that market intelligence involves gathering ongoing information about the marketplace to stay aware of trends and competitors. Companies gather intelligence to have a competitive advantage, understand their customers and markets, evaluate their offerings, and develop effective business strategies. The document also outlines some common market intelligence activities like monitoring external sources, direct customer conversations, and competitor analysis. It notes the importance of ethics and avoiding illegal practices like industrial espionage.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    BUS 2201 - Principles of Marketing Disc 1

    Uploaded by

    Mamu Kam
    26 views3 pages
    This document discusses market intelligence and why companies conduct marketing research. It explains that market intelligence involves gathering ongoing information about the marketplace to stay aware of trends and competitors. Companies gather intelligence to have a competitive advantage, understand their customers and markets, evaluate their offerings, and develop effective business strategies. The document also outlines some common market intelligence activities like monitoring external sources, direct customer conversations, and competitor analysis. It notes the importance of ethics and avoiding illegal practices like industrial espionage.

    Original Title

    BUS 2201 - Principles of Marketing disc 1

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document discusses market intelligence and why companies conduct marketing research. It explains that market intelligence involves gathering ongoing information about the marketplace to stay aware of trends and competitors. Companies gather intelligence to have a competitive advantage, understand their customers and markets, evaluate their offerings, and develop effective business strategies. The document also outlines some common market intelligence activities like monitoring external sources, direct customer conversations, and competitor analysis. It notes the importance of ethics and avoiding illegal practices like industrial espionage.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    26 views3 pages

    BUS 2201 - Principles of Marketing Disc 1

    Uploaded by

    Mamu Kam
    This document discusses market intelligence and why companies conduct marketing research. It explains that market intelligence involves gathering ongoing information about the marketplace to stay aware of trends and competitors. Companies gather intelligence to have a competitive advantage, understand their customers and markets, evaluate their offerings, and develop effective business strategies. The document also outlines some common market intelligence activities like monitoring external sources, direct customer conversations, and competitor analysis. It notes the importance of ethics and avoiding illegal practices like industrial espionage.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 3

    It is evident that businesses should use marketing principles and market intelligence to retain

    customers and make better-informed business choices. Market intelligence (MI) involves

    gathering information on a regular, ongoing basis to stay in touch with what's happening in the

    marketplace.

    Why do companies gather market intelligence and conduct marketing research?

    Companies gather market intelligence to stay abreast with the market location to have a

    comparative advantage over others. Market intelligence is essential for marketers and companies

    to stay informed of the marketplace and their competitors. It helps them recognize their position

    in the market, evaluate their goods and services, know their target audience, and conduct a

    competitor analysis. It also helps them find out the desires of their customers and conduct market

    research to develop an appropriate strategy and a solid business plan; What Is Market

    Intelligence? Types, Best Practices ... - G2. (n.d.).

    What activities are part of market intelligence gathering?

    MI gathering involves looking at external sources such as trade magazines, newspapers, and

    economic data produced by the government and by observing competitor firms through

    monitoring social networks and browsing their websites or search engines. Companies can also

    have direct conversations with customers, conduct market surveys, conduct product drives, and

    market scanning to see how their competitors are doing, or use MI tools. Hence, all business

    owners should define business ethics to avoid Industrial espionage which is illegally or

    unethically gathering corporate information, such as hiring professional spies or revealing trade

    secrets (10.1: Marketing Information Systems, 2020).


    How do marketing professionals know when they have crossed the line in terms of

    gathering marketing intelligence?

    Market professionals do know when they do not meet the MI due diligence Code of Ethics,

    through the violation of the ethical standards, such as collecting information without consent,

    concealing important information, targeting and exploiting vulnerable groups, Shaming people,

    inducing anxiety or fear, and exploiting negative emotions. However, the Code of Ethics

    developed by the Society of Competitive Intelligence Professionals guidelines are Compliance,

    transparency, conflict-free conduct, honesty, act as an ambassador, etc. Mackey, (n.d.)

    References

    10.1: Marketing Information Systems. (2020, August 10). Business LibreTexts. Retrieved June

    17, 2023, from https://biz.libretexts.org/Bookshelves/Marketing/Principles_of_Marketing/

    10%3A_Gathering_and_Using_Information-_Marketing_Research_and_Market_Intelligence/

    10.1%3A_Marketing_Information_Systems

    Mackey, C. (n.d.). Ethical Intelligence - Competitive & Market Intelligence Ethics. Retrieved

    June 18, 2023, from Www.scip.org. https://www.scip.org/page/Ethical-Intelligence


    Tanner, J. & Raymond, M.A. (2016). Principles of marketing.  Open Textbooks for Hong Kong.

    Licensed under a Creative Commons by-nc-sa.  Read online

    at:  https://www.opentextbooks.org.hk/ditabook/16010

    What Is Market Intelligence? Types, Best Practices ... - G2. (n.d.)

    Retrieved June 18, 2023, from https://www.g2.com/articles/market-intelligence

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy