The best approach for a company to take when monitoring its competitors is
A) watching for increases and decreases in competitors' prices and matching them.
B) analyzing all information that is readily available about competitors.
C) sending employees to competitors' offices and factories to observe their actions.
D) developing a system for gathering ongoing information about competitors.
E) reading important business publications such as The Wall Street Journal.

Question

Quizplus · Accepted Answer

Developing a system for gathering ongoing information about competitors is the best approach because it enables the company to stay up-to-date with any changes in the market and adjust their strategy accordingly. This can involve using software to monitor competitors' websites, social media accounts, and news mentions, or conducting regular surveys and focus groups to understand consumer preferences and attitudes towards competitors. Simply watching for price changes or reading business publications may provide some insight, but it is not as comprehensive or actionable as a well-defined competitor monitoring system.

The Best Approach for a Company to Take When Monitoring