Approaches That a Business Firm Could Use to Gather Information About Competition

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Evaluate each of the following approaches that a business firm could use to gather information about competition. For each approach, mark your feeling about its appropriateness using the following scale: 1. definitely not appropriate, 2. probably not appropriate, 3. undecided, 4. probably appropriate, and 5. definitely appropriate The business firm should try to get useful information about competitors by: __5___ Careful study of trade journals Studying the competitors is the correct way that a company can compete with its competitors. __1___ Wiretapping the telephones of competitors This is not ethical nor illegal. The company can get involved in legal issues; which would damage their image and for end their business. __4___ Posing as a potential customer to competitors This can help providing us with the marketing method that the competitor is using and their products. __3___ Getting loyal customers to put out a phone "request for proposal" soliciting competitors' bids __5___ Buying competitors' products and taking them apart I agree completely doing this because I can compare my competitors products with mine and their range price; this would help me to better position my business in the market. __4___ Hiring management consultants who have worked for competitors I would not definitely interrogate the employees but I know this will help my business because those employees by themselves will run my business having present at all time how the competitor works. __1___ Rewarding competitors' employees for useful "tips" I consider this one as the same as I were "wiretapping the telephones of competitors", and is illegal and unethical. __5___ Questioning competitors' customers and/or suppliers I believe that the company can gather very useful information doing this. This can be done by designing a survey were our customers and the competitors customers can answered. Using the information gathered from the surveys the company can adjust to the customers needs...
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