Why must marketing decision makers in a firm constantly monitor competitors' activities?
Understand the Problem
The question is asking about the reasons why marketing decision-makers need to monitor their competitors constantly. It highlights various aspects like legal violations, threats to monopoly, potential for oligopoly, and the necessity to adjust marketing strategies due to competitors' actions.
Answer
To stay competitive and make informed decisions by assessing competitors’ strategies, prices, and promotions.
Marketing decision makers must monitor competitors to stay competitive, make informed decisions, and adjust their strategies in response to competitors' activities. This includes assessing strategies, product prices, promotions, and distribution efforts to anticipate market changes and respond timely.
Answer for screen readers
Marketing decision makers must monitor competitors to stay competitive, make informed decisions, and adjust their strategies in response to competitors' activities. This includes assessing strategies, product prices, promotions, and distribution efforts to anticipate market changes and respond timely.
More Information
Monitoring competitors allows businesses to adapt quickly to industry changes and maintain a competitive edge by effectively responding to competitors’ strategic moves.
Tips
A common mistake is to only focus on direct competitors. It’s also important to consider indirect competitors who could potentially impact your market share.
Sources
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