Answered: What are the various steps a company…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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1. What are the various steps a company can take to improve the quality of its marketing intelligence function?

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Step 1

Marketing Intelligence

Marketing intelligence is each and every day information that is relevant to an organization's marketing efforts. Once gathered, this information can be analysed and used to make educated decisions about competitor behaviours, goods, changing consumer, and market opportunities.

Among the most important factors influencing an organism's capacity to stay ahead of the competition is the ability to understand its contenders, the condition of its economy, and the changing customer landscape as a whole. Marketers can use this data, also known as marketing intelligence, to evaluate their tactics and optimise upcoming elections based their own perspectives as well as those from throughout the industry.
Marketers can obtain a thorough perspective of what is and is really not working by collecting and analysing context information about consumer and trends and behaviours. This can provide businesses with a significant competitive advantage, educate people about there own target group, and evaluate information and insight into their different goods.
Setting clear goals in advance can help to improve the effectiveness and extent of your marketing intelligence attempts. Furthermore, establishing clear the position you want this data to play makes identifying the right information to pull from across media mix easier.

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