The best approach for a company to take when monitoring its competitors is
A)watching for increases and decreases in competitors' prices and match them.
B)analyzing all information that is readily available about competitors.
C)sending employees to competitors' offices and factories to observe their actions.
D)developing a system for gathering ongoing information about competitors.
E)reading important business publications such as The Wall Street Journal.

Question

Quizplus · Accepted Answer

Developing a system for gathering ongoing information about competitors is the best approach because it allows for continuous monitoring of competitors, including their strategies, products, and marketing initiatives. This approach enables a company to adjust its own strategies in response to changes in the market and stay ahead of the competition. Additionally, this approach is cost-effective and efficient, as it does not require extensive resources or physical presence at competitors' offices or factories.

The Best Approach for a Company to Take When Monitoring