Respond to the following in a minimum of 175 words: How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? Provide an example.

Respond to the following in a minimum of 175 words: How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? Provide an example.

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter3: The Marketing Environment

Section: Chapter Questions

Problem 1DYMP

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Concept explainers

Market Research Methodology

Market research refers to employing strategies, collecting data, and studying the target audience of a product by an organization. Businesses analyze customer data to figure out consumer trends, improve product design, improve user experience, develop customer-centric marketing campaigns, generate high-quality leads, and boost conversion rates. Phone surveys, test marketing strategies, and focus groups can be used for marketing research.

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Respond to the following in a minimum of 175 words:

How can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors? Provide an example.

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