competitive market intelligence
the systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment- the goal is to improve strategic decision making- companies also need to monitor competitor’s activities. Firms use competitive market intelligence to gain early warnings of competitor moves, etc.
Competitive market intelligence refers to the process of gathering and analyzing information about a company’s competitors and their respective markets in order to make informed strategic decisions. It involves monitoring key industry trends, tracking competitor activities, and analyzing customer needs and preferences.
To effectively gather competitive market intelligence, it is important to conduct thorough research through a variety of sources such as industry publications, news articles, competitor websites, social media posts, and customer feedback. This allows a company to understand their competitors’ strengths and weaknesses, as well as identify potential opportunities and threats in the market.
Once the information has been gathered, it is important to analyze and interpret the data to gain insights and identify patterns. This can involve conducting SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, benchmarking against industry standards, and identifying best practices.
With the insights gained from competitive market intelligence, a company can make informed decisions about product development, pricing, marketing, and overall strategy. It can also help to identify potential risks and challenges, allowing the company to proactively address these issues before they become major problems.
Overall, competitive market intelligence is a critical aspect of strategic decision-making for any organization looking to gain a competitive advantage in their respective market.
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