Reference no: EM132905887

Geographic segmentation is a strategy that refers to the division of markets by the number of people in an area, the change in market price and buying decisions, market size, or region. Companies often use this marketing strategy as a way to improve growth. For example, we all know Walmart as being one of the largest supermarkets. They sell everything from grocery goods to camping gear. As a way to expand and grow they developed the Walmart Neighborhood Markets around the U.S. and focused on placing them in smaller communities with more of a priority to fresh produce, dairy, pharmaceuticals, and other household necessities. This development caters more to small towns as a quick and easy way to access essentials.

Marketing research is the process of gathering and analyzing data relevant to a marketing decision. It allows marketers to check the results of their marketing mix for effectiveness and make adjustments if necessary. There are three roles in marketing research. The first role is descriptive which includes collecting data such as the changes in sales for a specific company's industry. The second role is diagnostic. This entails examining and explaining the data collected. The third role is predictive. This role allows the researcher to analyze both the diagnostic and descriptive to infer future outcomes to potential marketing decisions. It allows marketers to evaluate in-depth, the different pitfalls, and opportunities that various marketing decisions provide.

Competitive intelligence is a tool used to help concur a competitor's advantage. It refers to companies gathering information about their competitors. It is ultimately environmental scanning of competitors and their marketing strategies in order to become more efficient and compete effectively. The information collected is all legally obtain and publicly available. An example of this would be investing in stocks. All information is accessible but many interpret it differently. The right evaluation and understanding of this information can lead to financial success. Competitive intelligence grants the opportunity to make better strategic decisions based on the observed methods of others.

Reference

Lamb, C.W., Hair, J., & McDaniel, C. (2020). MKTG: Principles of Marketing (13th ed.). CENGAGE.