Analytical Essay

563 Words2 Pages

Since a rapidly changing world and relentless march of technology put pressures on many companies, the biggest challenge is to survive. Consequently, it is likely to make entrepreneurs and senior managements attempt to look ahead at what will happen in the marketplace, as well as have a fair idea of global/domestic trend and competition, along with a long-term focus on success. Through gathering market intelligence and conducting marketing research, decision makers could better manage the offering, allocate resources efficiently, improve operating performance. Significantly, companies can grow their business, and be in an invulnerable position. Another reason is market intelligence and marketing research enable companies to keep track of latest …show more content…

In a way, environmental scanning aids in both practices. For example, collecting information from various sources externally such as independent opinion poll, newspaper, internet, government paper, financial report, or even actual physical observation of competitor's movements, and so forth. In the light of these fundamental parts of market intelligence gathering activities, by having experts analyse the data, summarize the research findings, then provide executive members with reliable and valid figures in order to achieve market-led strategic change, and create value for customers by dint of taking necessary actions and reducing potential …show more content…

Market intelligence and marketing research give companies helpful information about their customers, competitors, market conditions, and offer an insight into the pulse of external factors, as well as facilitate enterprises to take up the challenges of facing an uncertain future and keep their offering competitive. What's more, they are contributing factors that well benefit the companies reap immense financial reward in the long run.

Reference

Hewitt, J. (unknown date). Purpose of Marketing Research. eHow. Retrieved on September 7, 2015, from http://www.ehow.com/about_4779336_purpose-marketing-research.html

Marketing research. (n.d.). Wikipedia. Retrieved on September 7, 2015, from https://en.wikipedia.org/wiki/Marketing_research

Pyle, S. L. (2010). How To Do Market Research--The Basics. Entrepreneur. Retrieved on September 7, 2015, from http://www.entrepreneur.com/article/217345

Tanner, J., & Raymond, M.A. (2010). Principles of marketing. Nyack, NY: Flat World Knowledge, Inc.

Wheeler, D. (2014). How Does Competitive Intelligence Tie Into Search. Search Engine Journal. Retrieved on September 7, 2015, from

More about Analytical Essay

Open Document