Examine the significance of competitive intelligence and analytical in
Competitive intelligence and analysis are invaluable tools for Kudler Fine Foods’ marketing strategy development. Kudler Fine Foods is able to identify and capitalize on new customer opportunities by conducting research and gathering data about the competitors.
By researching their competitors’ products, services, pricing models, ad campaigns and promotions they can craft a more effective marketing plan as well as respond quickly when changes arise in the marketplace. They can adapt their offers to remain competitive by learning about the sales discounts and promotions offered by other companies.
Kudler Fine Food’s needs to understand how certain elements of its marketing plan such as advertising efforts may be affecting the overall market share of various competitors. It is important to know where and why customers are shopping so that they can gain new customers as well as retain existing customers. It is crucial to make sound budget decisions for marketing expenditures such as media purchases or investments in local stores events and digital campaigns.
Competitive intelligence gives you valuable data about target markets. This helps to build a segmentation model of customers that can be used for customizing products and focusing resources into high growth areas. You can even measure the competitor’s behavior through digital analytics. This helps you to create a complete picture of your customers preferences and behaviours. Kudler Fine Foods is able to use competitive intelligence for a detailed marketing strategy. This allows them to increase profitability and remain competitive.