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Market Intelligence and Marketing Research

In: Business and Management

Submitted By valerian12
Words 376
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•Why do companies gather market intelligence and conduct marketing research?
Market intelligence is gathered by companies in order to stay in touch with what is happening in the marketplace. If a company would not gather market intelligence, it would leave the company vulnerable. Gathering market intelligence helps companies know what the competitors are up to and what the business environment is like.

Marketing research is conducted in order to: develop product ideas and designs, figuring out if or not there will be demand for the product so as to know whether or not to produce it, ascertaining the market segments for the product, determining how much price consumers will be willing to pay so as to making pricing decisions, assessing the satisfaction of the consumers and so on. (Tanner & Raymond, 2010, p. 192).

• What activities are part of market intelligence gathering?
Activities that are a part of market intelligence gathering are: scanning newspapers, trade magazines, and economic data produced by the government to find out about trends and what the competitor firms are doing. (Tanner & Raymond, 2010, p. 195) Market intelligence can be gathered by observing the competitor firms’ web sites, using search engines and monitoring social networks such as Facebook and Twitter.

• How do marketing professionals know if they have crossed the line in terms of gathering marketing intelligence?
Marketing professionals can know if they have crossed the line in terms of gathering marketing intelligence by checking the Code of Ethics for market intelligence professionals which was developed by the Society of Competitive Intelligence Professionals. It is given below: * To continually strive to increase the recognition and respect of the profession. * To comply with all applicable laws, domestic and international. * To accurately disclose all...

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