MI has different domains related to two primary areas: marketing research and customer relationship marketing/database marketing (Figure 1).
The MI process can be as comprehensive or narrow as a company requires, and the information it produces tends to create change
Why has marketing intelligence become so important in modern era
Market intelligence enables you to become more customer-centric, gain a better understanding of market demands and consumer views, gather real-time relevant data, increase upselling chances, minimize risks, increase market share, and gain a competitive edge.
Which of the following is not considered a source of marketing intelligence
6) Which of the following isNOTconsidered a source ofmarketing intelligence? A) suppliersB) resellersC) key customersD) causal researchmarketing research objectivesE) activities of competitorsAnswer:D.
What are the disadvantages of marketing intelligence?
- Cost
- Limited Use
- Time-Consuming Implementation
- Limited Compass
What is competitive intelligence How important is it in business
Competitive intelligence, sometimes referred to as corporate intelligence, refers to the ability to gather, analyze, and use information collected on competitors, customers, and other market factors that contribute to a business’s competitive advantage.
How does Business Intelligence grow?
- Choose a sponsor
- Choose your BI platform
- Identify the key stakeholders and get them involved
- Assemble your BI team
- Define the scope of BI
- Prepare your data infrastructure
- Develop a business intelligence roadmap
How do you organize competitive intelligence?
- Identify your competitors
- Set objectives
- Determine data collection strategies
- Gather and analyze your data
- Relay insights to key stakeholders
- Stay within legal limits
- Be ethical
- Share insights often
What does internal records and marketing intelligence means and its functions
INTERNAL RECORDS AND MARKETING INTELLIGENCE. Marketing managers rely on internal reports on orders, sales, prices, costs, inventory levels, receivables, payables, and so on.
By analyzing this information, they can spot important opportunities and problems. The Order-to-Payment Cycle.
How do you gather market data?
- Surveys
- Online Tracking
- Transactional Data Tracking
- Online Marketing Analytics
- Social Media Monitoring
- Collecting Subscription and Registration Data
- In-Store Traffic Monitoring
How do marketing professionals know if they have crossed the line in terms of gathering marketing intelligence
Marketing professionals can determine if they have crossed the line in terms of gathering marketing intelligence by checking the standard code of ethics.
This code of ethics has been developed by the Society of Competitive Intelligence Professionals.
What is an example of marketing research
Interviews are a common type of primary market research that can be either in-depth or as simple as asking a question.
An example of an interview in market research is when a business calls a current customer to ask how they are enjoying a product they recently purchased.
What are 4 parts of market analysis
Based on Christina Callaway, dimension of market analysis can be divided into four parts which is environmental analysis, competitive analysis, target audience analysis, and SWOT analysis.
Which of the following is an example of primary marketing research
Examples of primary research are: Interviews (telephone or face-to-face) Surveys (online or mail) Questionnaires (online or mail)
What is the first step in developing a marketing information system?
- Assessing Information Needs
- Developing Information
- Distributing Information
What is meant by marketing decision support system
A marketing decision support system, often abbreviated as MKDSS, is a system that helps you reach a decision based on your organization’s marketing goals.
Marketing is complex, so anything that can streamline your efforts and give you a helping hand is worthy of consideration.
What is the set of procedures and sources used by managers to obtain everyday information about developments in the marketing environment
A marketing intelligence system is a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment.
What is the first step of the marketing research process
The first step in the marketing research process is defining the problem or the question your research is trying to answer, followed by developing a research plan to answer that question, collecting and analyzing the data, and then producing a report.
Which activity is the last step in the marketing research process
Report, Present, Take Action. The final step in the market research process is to present your survey research findings and draw conclusions.
What is internal database in marketing
Internal databases are electronic collections of consumer and market information obtained from data sources within the company’s network.
Marketing managers can readily access and work with information in the database to identify marketing opportunities and problems, plan programs, and evaluate performance.
What are the steps in a customer value analysis?
- Step 1: Understand what drives value for your customers
- Step 2: Understand your value proposition
- Step 3: Identify the customers and segments where are you can create more value relative to competitors
- Step 4: Create a win-win price
- Step 5: Focus investments on your most valuable customers
Who are AlphaSense competitors
AlphaSense’s competitors and similar companies include EQS Group, S&P Global Market Intelligence, Patsnap, Stratifyd and Datorama.
AlphaSense is a market intelligence and search platform to analyze data for corporations and financial firms.
Which research is the most scientifically valid research
The most scientifically valid research is experimental research, designed to capture cause-and-effect relationships by eliminating competing explanations of the observed findings.
What is competitor myopia
Competitive Myopia: A Nearsighted View of Competition. You suffer from “competitive myopia” when you make the mistake of defining your competition too narrowly, when you acknowledge only the competitors that are in your face, whose challenge is direct and immediate.
What is the name for a technique that attempts to understand cause and effect relationships
Cause and Effect Analysis (Fishbone Diagrams) – from MindTools.com.
What do mean by long tail markets
The long tail is a business strategy that allows companies to realize significant profits by selling low volumes of hard-to-find items to many customers, instead of only selling large volumes of a reduced number of popular items.
The term was first coined in 2004 by researcher Chris Anderson.
What is the difference between MI and CI
MI is necessary to guide more long-term strategy – whereas CI is frequently more short term and tactical.
Example: A company provides internal training to their personnel and is looking to sell this service to the U.S. Government.
Sources
https://thie.me/market-intelligence-growth-drivers
https://www.g2.com/categories/market-intelligence
https://craft.co/alphasense/competitors
https://www.gartner.com/reviews/market/competitive-and-market-intelligence-tools-for-technology-and-service-providers
