It is the make use of internal or 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 for strategic and tactical planning and decision making.
Marketing Intelligence is also can be defined as “gathering marketing information from all accessible points i.e., marketing research, market developments, internal and external environment, verifying and validating the reliability and consistency of information sources and employing it for decision making”.
It is a proactive mechanism to scan, monitor, analyze and evaluate marketing information to counteract on competitor actions and prevailing market conditions for improving their competitive advantage and overall performance through enhanced and intelligent decision making.
Marketing intelligence system is one of the subsystems of the marketing information system that provides information about the external environment of the organization and consequently reduces the risk of making decisions in a context of uncertainty.
It is important to know how to exploit the massive volume of information that exists on the internet and apply technology to streamline the process. Examples of market intelligence data include market growth rate figures and competitor analysis data. This can give decision makers more insight into how external factors are impacting target accounts.
Marketing Intelligence works by accumulating “information about customer needs, preferences attitudes, and behaviors, plus potential changes in the business environment that may affect buyers”.
The functional components of marketing intelligence:
•a set of main directions for the search and collection of data, which are significantly different in terms of content,
•the nature of the tasks performed,
•the method of their solution and functional criteria.
The data is to prevent the astonishments and the employees’ inability against environmental changes and to reduce and minimize the company’s exposure to danger.
The data collected help the company to become customer-centric, understand the market demands and consumer opinions, collect real-time relevant data, boost the upselling opportunities, reduce risks, capture higher market shares and gives you a competitive advantage.
Marketing Intelligence
