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BUS 2201 Discussion Forum Unit 1

Market intelligence involves regularly obtaining information about the marketplace, while marketing research solves specific problems. Market intelligence helps determine market position, evaluate products and audiences, and analyze competitors. It also contributes to new ideas. Marketing research avoids mistakes by developing products and concepts, establishing demand, identifying segments, evaluating price, and analyzing satisfaction. Gathering intelligence includes scanning publications, monitoring competitors, and analyzing social media to obtain trends and competitor actions. Ethics guidelines ensure privacy and legal data collection to build community trust.

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62 views2 pages

BUS 2201 Discussion Forum Unit 1

Market intelligence involves regularly obtaining information about the marketplace, while marketing research solves specific problems. Market intelligence helps determine market position, evaluate products and audiences, and analyze competitors. It also contributes to new ideas. Marketing research avoids mistakes by developing products and concepts, establishing demand, identifying segments, evaluating price, and analyzing satisfaction. Gathering intelligence includes scanning publications, monitoring competitors, and analyzing social media to obtain trends and competitor actions. Ethics guidelines ensure privacy and legal data collection to build community trust.

Uploaded by

Cherry Htun
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Market intelligence is the process of obtaining information on a regular, ongoing basis to keep up with

what's going on in the marketplace, while marketing research is the process of solving a specific
marketing problem at a certain time (Tanner et al., 2016).

Market intelligence is valuable because it can assist in determining a company's market position,
evaluating a product, determining the target audience, and doing competitive analysis. The marketing
team will be better prepared to represent the company in the market with this information. Gathering
market intelligence can also contribute to the creation of new ideas or product concepts, which can
subsequently be tested through market research. Marketing research can assist companies in avoiding
potential mistakes. Marketing research is used to develop product concepts and designs, establish
whether or not there will be demand for the product so that companies may decide whether or not to
make it, identify market segments for the product, evaluate the price consumers will be ready to pay so
that pricing decisions can be made, and analyze consumer satisfaction, among other things.

Setting a specific goal, defining precise performance measures, structuring a research approach,
and acquiring and evaluating data are all activities related to the market intelligence gathering. Scanning
newspapers, trade periodicals, and government-produced economic data to learn about trends and
what competitors are doing are examples of market intelligence gathering activities (Tanner et
al., 2016).  Monitoring competitor websites, using search engines, and analyzing social media sites like
Facebook, Instagram, and Twitter can all be used to obtain market intelligence.

The Society of Competitive Intelligence Professionals published a Code of Ethics for market intelligence
professionals, which marketing professionals can use to determine if they have crossed the line in terms
of gathering marketing intelligence (Tanner et al., 2016). Personal information should be collected
within certain parameters, and a firm foundation of grounded discipline should be established. It is quite
possible to cross these specified boundaries when acquiring information for research, which almost
always results in privacy violations. Market data should be gathered in accordance with predetermined
ethical guidelines. Marketing professionals and businesses can ensure that they adhere to these ethics
codes by using third-party contractors to eliminate biases, or by establishing and following company
guidelines. When conducting market research, it is necessary to do so in a safe and legal manner, as this
will foster community confidence and ensure that the data are reliable.

Reference

Tanner, J. & Raymond, M.A. (2016). Principles of Marketing. Open Textbooks for Hong Kong.
Licensed under a Creative Commons by-nc-
sa.  https://www.opentextbooks.org.hk/ditabook/16010

I was concerned that I would fall behind in my studies because this was my first time using the R
programming language. However, after carefully reading the instructions, downloading and installing
the R appears to be relatively simple for me. Furthermore, I took it step by step to engage with the
commands offered in the textbook, and I was amazed that I was able to write the commands for the
textbook exercises on my own. I'm relieved that I was able to write commands in accordance with the
instructions.
If I had to provide any advice, I would say that R, like any other programming language, requires
practice. I would recommend starting the process of crafting commands after reading the textbook
rather than skimming through it. Otherwise, the odds of being left behind in the courses and having
difficulty understanding future lectures are considerable.

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