Question

What is competitive marketing intelligence?

a. The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment
b. Electronic collections of customer and marketing information obtained from data sources within the company network
c. People and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights
d. Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships

Answer 1

Competitive marketing intelligence is the systematic tracking and analysis of information concerning consumers, competitors, and market trends, useful for businesses to innovate and stay ahead in the marketplace.

Step-by-step explanation:

Competitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. This process helps businesses understand their competition, the needs and behavior of their customers, and the overall market trends. By keeping a pulse on society and industry shifts such as technology advancements and globalization, companies can leverage competitive marketing intelligence to innovate, discover new technologies, and maintain an edge in the marketplace. It involves a range of activities including gathering information from customers and stakeholders, finding expert information, and doing root cause analyses to understand underlying market forces.

In the modern era, where data is abundant, the skill to interpret and utilize information effectively is crucial. In the context of market dynamics, this can influence everything, from local businesses adjusting to increased competition due to the rise of business-to-business websites to large corporations like Samsung embracing continual innovation to stay ahead. Competitive marketing intelligence plays an important role in informing business decisions and strategies, aiming to create customer value and lasting relationships.