Marketing management

Marketing management

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

The term market intelligence (MI) refers to the information gathered everyday which is related to markets of business, and this data is acquired for analyzing the confident and accurate decision making for determining the business's market opportunity, development matrix and penetration strategy related to the marketing. There is a vital importance of MI for the business that is entering in foreign markets. It explains the intelligence needed for the business in marketing, it done by gathering data form environment search and provides this information to the market manager when they required such information. Data gathered for MI is gathered through various different sources such as web sources, business intelligence, web analytics, sales and call center data which comes in different reports and then combined into single report. In addition to this the MI can be monitored and developed by various departments such as department that accounts for market and competitor analysis, business intelligence, or can also be under finance department. It is used to measure business shares in market and for developing targets for growth (Philip et al., 2011).

There are various steps that are taken by the business for improving its MI, these are as follows:

Training and motivating sales force - it is to mention here that business's sales force is vital source of information and data regarding the current patterns in the market. They can also be denoted as intelligence gatherers for businesses. Therefore training and motivating sales force could improve the market intelligence.

Motivation of retailers, distributors and other intermediaries for gathering important data - along with motivation of company employees and executives business should also motivate other stakeholders of the business to acquire more accurate data for analysis.

Managing external information - for effective MI, business should include information of the competitors. This can be done by acquiring the product of the competitor and having their services used, information can also be acquired by visiting trade shows and exhibitions, gathering of information published by competitor, information collection by involving internal customers and other suppliers, and business can also collect information visiting websites and other advertisement of competitors.

Setting up advisory panel for customers - company may also setup advisory panel for customers in which meetings might be held with representatives of customers. In which various issues could be discussed such as preference of customers, their likes and dislikes, expectations, requirements and tastes. In this two way communication likely results can be developed regarding product of the business.

Purchase of information from external source - business can also purchase information from external source of information. It majorly consists of research organizations and secondary data from suppliers which is related to customers.

A business can also search over internet and major publications for finding any new related to intelligence (Philip et al., 2011).

Q.2.Identify the five factors affecting partner interdependence and environmental uncertainty that influence the development of a relationship between business ...