Assignment I Essay

1672 words - 7 pages

According to Phillip Kotler in his book Marketing Management, Marketing Intelligence System is a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment. The internal records system supplies results data, but the marketing intelligence system supplies happening data. Marketing Managers collect marketing intelligence in a variety of different ways, such as by reading books, newspapers, and trade publications; talking to customers, suppliers and distributors; monitoring social media on the Internet; and meeting with other company managers. The steps that can be taken by a company to improve the quality of its marketing ...view middle of the document...

R. GRACE in a press release dated July 12, 2012 mentioned that it had formed a Performance Chemicals Unit in Columbia by integrating the management of its Construction Products and Darex Container Products businesses. The businesses had combined sales of approximately $750 million in 1998. With respect to what was mentioned earlier Grace Construction Products manufactures specialty construction chemicals, including concrete admixtures, cement additives and masonry products, and specialty building materials, including waterproofing products, and systems, fire production products and roofing materials.

Secondly, motivate distributors, retailers and other intermediaries to pass along important intelligence. Marketing Intermediaries are usually closer to the customers and competition and often times can offer helpful insights. ConAgra has initiated a study with some of its retailers such as Safeway, Kroger, and Walmart to study how and why people buy its foods. They realized that customers purchased their Orville Redenbacher and Act II brands of popcorn tend to also purchase Coke, so ConAgra worked with the retailers to develop in-store displays for both products. ConAgra strategy was to combine retailer’s data with its own qualitative insights – ConAgra learned that mothers switched to time-saving meals and snacks when school commenced.

Thirdly, hire external experts to collect intelligence. Many companies hire specialist to gather marketing intelligence. Service providers and retailers send mystery shoppers to their stores to access cleanliness of facilities, product quality, and the way employees treat customers (customer service). As in the case of health care facilities, their use of mystery patients has led to improved estimates of wait times, better explanations of medical procedures, and less-stressful programming on the waiting room TV.

Fourthly, network internally and externally. Firms can purchase competitors’ products, attend open-houses and trade shows, read competitors’ published reports, attend stockholders’ meetings, talk to employees, collect competitors’ advertisements, consult with suppliers, and look up news stories about competitors. Additionally, the Market & Competitive site mentioned that networking increases capacity and expertise. They also highlighted that regardless of where the intelligence function is located organizationally, real intelligence users such as market researchers and business analysts are best suited to carry the responsibility and the joy and success to establish and maintain a professional market and competitive intelligence operation.

Fifthly, set up a customer advisory panel. Members of advisory panels might include the company’s largest, most outspoken, most sophisticated, or most representative customers. For example, GlaxoSmithKline sponsors an online community devoted to weight loss and says it is learning far more than it could have gleamed...

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