Market intelligence is information on your industry or market segment that can inform strategy and give your company a competitive advantage.
Market intelligence consists of data points like sales, customer data, survey responses, focus groups and competitor research.
What is meant by market intelligence
Definition: Marketing intelligence is the external data collected by a company about a specific market which it wishes to enter, to make decisions.
It is the first set of data which the company analyses before making any investment decision.
What is market intelligence data
Market intelligence (MI) is gathering and analyzing information relevant to a company’s market – trends, competitor and customer (existing, lost and targeted) monitoring.
What is market intelligence and why is it important
Market intelligence is a key component of creating a successful business. Here are some reasons it’s important: It can help a company improve its industry status.
Market intelligence can provide critical information about a company’s reputation in an industry, including strategies for establishing a brand.
What is a market intelligence specialist
Managing targeting and generating initiatives, including evaluating potential new business opportunities with both clients and prospects; working with partners to identify target criteria; and liaising with the firm to develop and evaluate supporting research and intelligence; •
What is an example of market intelligence
Examples of market intelligence data include market growth rate figures and competitor analysis data (i.e. how many companies a target is directly competing with).
This can give decision makers more insight into how external factors are impacting target accounts.
What is market intelligence in supply chain
Here is the most thorough definition: Supply market intelligence is created when external information is collected and analyzed to form actionable conclusions that affect a company’s ability to strategically locate, secure, and manage sources of supply (Barner and Jones).
Is market intelligence the same as business intelligence
Market intelligence is often confused with business intelligence, but they aren’t the same thing.
Business intelligence refers to data specifically about a company, while market intelligence looks at the overall trends.
In general, business intelligence is information about internal company performance.
What is international market intelligence
Viewed in a broad sense, the general subject of international marketing intelligence includes the collection, processing, analysis and interpretation of all types of information, from all available sources, to aid business management in making international marketing decision.
How can market intelligence be improved?
- Enlist the Sales Team
- Set Up a Customer Advisory Board
- Focus on Quality Data
- Utilize an Appropriate Marketing Analytics Platform
- Collect Customer Feedback
What does marketing intelligence include
Marketing intelligence is all about gathering information on various data sets, analysing the information, breaking down the data into small subsets and the distribution of information to the relevant department of the company.
How do you perform market intelligence?
- Step 1: Establish a goal
- Step 2: Define metrics
- Step 3: Structure a research approach
- Step 4: Gather and analyze data
- Step 5: Take action on insights
What is marketing intelligence system
Marketing intelligence (MI) is the everyday information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics.
What are the elements of market intelligence?
- Competitor Analysis
- Product Evaluation
- Market Analysis
- Customer Understanding
- Conclusion
What is the difference between market intelligence and business intelligence
Business intelligence is about what your company is doing. Market intelligence is keeping track of what everyone is doing.
Competitive intelligence is the nitty gritty about your industry, your competitors.
What is business intelligence and how it is related to market research
Business Intelligence Market Research Introduction Business Intelligence is an emerging area of study that involves the usage of big data to identify trends, patterns and form strategies for business.
What is strategic market intelligence
In the digital marketing universe, Market Intelligence is a strategy that makes use of internal and external data to improve a brand’s performance.
This involves aspects such as upgrading products according to consumers’ expectations and ensuring competitiveness in the market.
What does a market intelligence analyst do
A business intelligence analyst reviews data to produce finance and market intelligence reports. These reports are used to highlight patterns and trends in a given market that may influence a company’s operations and future goals.
What does a market intelligence manager do
The Manager, Market Intelligence studies market trends, conditions, regulations, products, and customers to direct a company’s marketing decision-making.
What is competitive and market intelligence
Competitive marketing intelligence gives your company the competitive edge by gaining a clearer picture of the larger market.
The purpose of competitive marketing intelligence is to understand customers and their consumer behavior better than your competitor.
How do you increase market intelligence?
- Uncover new markets and drive market expansion
- Minimize investment risk
- Stay ahead of the competition
- Expand market share
- Develop brand positioning
- Target specific customer segments
What is the difference between market intelligence and competitive intelligence
The purpose of marketing intelligence is to understand customers and their consumer behavior. This means that marketing intelligence is client-focused.
By contrast, competitive intelligence is data that’s gathered and analyzed to understand a company’s competitors.
This type of intelligence, thus, is business-focused.
What type of information can be gathered using market intelligence
Market intelligence is gathering data in real time from the market and further understanding the customers, trends, behaviors, etc, thus enabling a company to stay competitive and meet market demands.
What activities are part of market intelligence gathering
Gathering market intelligence involves a number of activities, including scanning newspapers, trade magazines, and economic data produced by the government to find out about trends and what the competition is doing.
What are drivers and benefits of market intelligence
Market intelligence helps you to become customer-centric, understand the market demands and consumer opinions, collect real-time relevant data, boost your upselling opportunities, reduce risks, capture higher market shares and gives you a competitive advantage.
What are the 4 types of market intelligence
The four cornerstones of Market Intelligence are Competitor Intelligence, Product Intelligence, Market Understanding, and Customer Understanding.
How market intelligence can inform and improve an organization’s overall strategy
Market intelligence can inform and improve an organization’s overall strategy by grounding its decisions in real-world data and analysis, which can lead to business growth.
What are business intelligence systems
Business intelligence systems combine data gathering, data storage, and knowledge management with data analysis to evaluate and transform complex data into meaningful, actionable information, which can be used to support more effective strategic, tactical, and operational insights and decision-making.
Why is market intelligence important in procurement
Procurement market intelligence is the bedrock of the procurement process decisions. Market intelligence about the product/material sourced, its price, the available suppliers, and the other market information is vital to enable negotiation of the best deals.
What are the sources of marketing intelligence
Sales people, customers, competitors, employees, competitors, the internet, trade fairs, seminars, conferences, literature and trade publications are among the important sources of intelligence.
What is the difference between marketing intelligence and marketing research
Market Intelligence vs. The main difference between market intelligence and market research is the goal.
Market intelligence is company-focused, while market research is done to learn more about customer preferences.
Both are used to help businesses understand and develop marketing strategies.
References
https://en.wikipedia.org/wiki/Market_analysis
https://www.investopedia.com/ask/answers/040915/what-difference-between-business-intelligence-and-competitive-intelligence.asp
https://onlinelibrary.wiley.com/doi/abs/10.1002/9781119208082.ch3
