The marketing department of a reputable firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?
A) ethnographic research
B) strategic planning
C) data warehousing
D) competitive marketing intelligence
E) customer relationship management

Question

Quizplus · Accepted Answer

Competitive marketing intelligence involves gathering and analyzing information about competitors and the market in order to make informed business decisions. It can provide valuable insights into competitor strategies, industry trends, and potential opportunities and threats. By using competitive marketing intelligence, the marketing department can improve strategic decision-making, track the actions of other players in the market, and receive early warning of opportunities and threats.
While other options like ethnographic research, strategic planning, data warehousing, and customer relationship management are important for a firm's success, they are not specifically tailored to achieving the objectives outlined by the marketing department in this scenario. Ethnographic research focuses on studying cultural and social phenomena, while strategic planning involves creating long-term plans for achieving specific goals. Data warehousing involves storing and analyzing large amounts of data, and customer relationship management focuses on building and maintaining relationships with customers. Therefore, the best choice for this scenario is competitive marketing intelligence.

The Marketing Department of a Reputable Firm Wants to Improve