When it comes to marketing data is VITAL! It is up to you and your marketing team to gather the most updated information to make strategic plans and execute them in a way that will support your companies’ goals and objectives.
You can do this in two ways, with internal records and marketing intelligence! The Marketing Management by Kotler Keller explains the two very well. All companies have access to their internal records, this is useful data that contains all the company’s internal resources and results, perfect to figure out internal errors and make the necessary changes. Marketing Intelligence provides happenings data, this includes EVERYTHING that is happening in the market, including your competition and what they are up to.
There are a variety of ways to gather your marketing intelligence; through books, newspapers, trade publications, talking to customers, suppliers, distributors, monitoring social media, and meeting with company managers as explained in Marketing Management.
Altogether, marketing intelligence is a collection of competitive insight and market insight, this helps in decision making and strategizing so you can target your product and audience most effectively and beneficially.
No company stays afloat with blinders on, you need to be aware of your surroundings and your competition at all times to see what works, what is working, and what does not work.