What is the connection between market research and competing newsletter?
market research and competition news are associated with the fact that these are strategic business tools. Both tools are employed by the owners of businesses and other business analysts as a means of analyzing a professional environment. While market research is more focused on analyzing the external business environment in relation to discovering areas and improvement, competitive analysis is more concerned with the condition and activities of competitors on the market in relation to its consequences for business.
The relationship between market research and competitive intelligence can be seen by the analysis of both concepts. The market survey includes a study of the business environment in which the company operates, including factors such as consumer trends, preferences, behavior, demography and studies of other similar products on the market. The aim of the market analysis is to obtain this information to direct it towards more Effective marketing strategy. If, for exampleCustomers are young men aged 12 to 28 years old, focusing their marketing efforts on this demographic group. Information will also allow you to think about marketing strategies that will allow it to win an older or younger demographic group.
In the same sense, the analysis of the interconnection between market research and competitive intelligence can be achieved by looking at the full range of competitive intelligence. This includes analysis of events and competitors' activities to use intelligence to take strategic business decisions. One important fact is that there is a thin limit between competitive intelligence and industrial espionage, which is an illegal act in most countries and territories. Competitive intelligence can be collected by analyzing competition strategy. This may include an analysis of their products, marketing strategies and a business model.
the main difference between market research and competitiveIntelligence is that competitive intelligence is usually practiced at macroeconomic level, while market research is practiced at microeconomic level. They both complement each other as tools of business strategy. They can also stand independently as a means of developing a business strategy depending on the goal and circumstances. For example, a business objective, which is more engaged in the analysis of the demographic group of consumers, is more suitable for market research.