Bus 2201 Unit 1 DF - Discussion Post Unit 1 PDF

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Discussion Post Unit 1...

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Why do companies gather market intelligence and conduct marketing research?

It is in the company's best interest and consumer that companies conduct and gather market research data. That is because it helps the companies know who is interested in the products and then focus their marketing on the most interested demographics; this helps lower marking cost and will help keep the overall cost of a product or service lower.

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What activities are part of market intelligence gathering?

As we read in our text, market research can be gathered from various sources, including but not limited to newspapers, trade magazines, or government data. (Tanner, 2015) Some companies are dedicated to the field of market research. They help start-up s or small business reach their target customers efficiently without the need for a full-time employee to do the work like a larger company would be able to do. That is one of the significant advantages that the internet and new technologies have brought to the business world.

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How do marketing professionals know if they have crossed the line in terms of gathering marketing intelligence?

To help keep market researchers from crossing an ethical line, the Society of Competitive Intelligence Professionals (can be viewed here). Marking professionals and companies can be sure they follow these ethics codes by hiring 3rd party contractors to avoid any bias or setting and adhering to sticks guidelines within the firm. When conducting market research, it must be done safely and legally; this will build trust in the community and result in an accurate representation of the results. (SCIP Code of Ethics - How to Do Competitive Intelligence The Right Way 2017)

References: SCIP Code of Ethics - How to Do Competitive Intelligence The Right Way. (2017, November 07). Retrieved November 14, 2020, from https://www.competitivefutures.com/scip-codeof-ethics/

Tanner, J., & Raymond, M. (2015). Chapter 10, Section 1.3 Market Intelligence. In Principles of Marketing (Vol. 1.0, p. 195). Minneapolis, MN: University of Minnesota Press. Retrieved

November 14, 2020, from https://open.lib.umn.edu/principlesmarketing/frontmatter/publisher-information/....