To answer this question effectively, emphasize your proactive approach to staying informed about market trends and competitor activities. Mention specific methods you use, such as subscribing to industry newsletters, attending trade shows, participating in webinars, and using market research tools. Highlight any specific instances where your knowledge of market trends or competitor activities directly influenced a successful sales strategy or decision. For example:
"I stay updated with market trends and competitor activities by subscribing to industry newsletters like [Name of Newsletter] and attending key trade shows such as [Name of Trade Show]. I also participate in webinars and use market research tools like [Name of Tool]. For instance, last year, I noticed a shift in consumer preferences towards eco-friendly products through my research, which led me to propose a new product line that significantly boosted our sales."
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