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 the significance of marketing intelligence
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.
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.
How is marketing intelligence carried out
Marketing intelligence may be carried on by reading books, newspapers, trade journals. It may also be carried on by talking to different groups as customers, suppliers, distributors, and so on and different company personnel.
What is an example of marketing intelligence
There are many cases where marketing intelligence is used. Some common examples are product design, market segmentation, customer lifetime value, and campaign optimization.
For instance, customer lifetime value is an important metric for understanding the return on investment for marketing campaigns.
What are the types of marketing intelligence
The four cornerstones of Market Intelligence are Competitor Intelligence, Product Intelligence, Market Understanding, and Customer Understanding.
What are the components of marketing intelligence?
- Competitor Analysis
- Product Evaluation
- Market Analysis
- Customer Understanding
What is market intelligence and why is it important
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 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.
How do you collect marketing intelligence?
- Enlist the Sales Team
- Set Up a Customer Advisory Board
- Focus on Quality Data
- Utilize an Appropriate Marketing Analytics Platform
- Collect Customer Feedback
How do you collect marketing intelligence
It assesses your company’s customers, problems, competition and opportunities for creating new products and services.
You can collect market intelligence by referencing sales logs, customer data, surveys and reviewing social media metrics.
What’s the difference between market research and marketing intelligence
Market research is a systematic process of collecting and analyzing data relevant to a specific marketing strategy.
Market intelligence is the information critical to a company’s markets, gathered and analyzed to make informed decisions to understand aspects such as market opportunity and business potential.
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.
How do you use market intelligence?
- Understand what questions need to be answered
- Determine the best sources for the information you need
- Drill down to analyse specific environments, including competitors
- Analyse the data and extract key insights
- Present information in a digestible and actionable format
Which one of the following is not the 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 3 sources of marketing intelligence
Although not as intriguing as espionage, marketing intelligence is the process of gathering, analyzing and disseminating data relating to customers, products and services, and business competitors.
Three examples of marketing intelligence are competitor intelligence, product intelligence and market understanding.
What are the benefits of marketing intelligence?
- Secure a bird’s-eye view of the market
- Gain a competitive advantage
- Anticipate what lies ahead
- Invest in the right projects
- Understand your target customer
- Launch products and services with iron-clad strategy
- Drive operational efficiency
What are the internal sources of marketing intelligence
Sources of internal intelligence gathering is include but is not limited to, gathering data from customers, manufacturers, through research and development (R&D), employees, also known as salesforce, physical evidence, sales quotes, sales records, trade shows and new hires.
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 a market intelligence report
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 report
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 are the domains of marketing intelligence
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
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.
How can quality of marketing intelligence be improved?
- Training and motivating your sales team
- Train and motivate your channel partners
- Be aware of your competitors
- Customer advisory panels
- Use government data resource
- Increase online research and marketing
Who coined the term market intelligence
MI and its broader term, marketing intelligence, was first introduced in “Marketing Intelligence for Top Management” by Kelley, to provide information that was analyzed, reliable and consistent for an organization to better create policies and make business decisions.
What is marketing intelligence Mcq
MCQ: The marketing intelligence helps to gather. data based on real happenings. data based on results. data based on raw materials. data based on sales.
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.
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 market intelligence helps in business decision making
Keeping track of the competition is fundamental to the operation of any growing business.
Market intelligence also helps to stay one move ahead of the competition; identifying their capabilities, liabilities and long term intentions.
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 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.
Sources
https://www.yodelpop.com/blog/8-marketing-plan-components-for-long-term-success
https://www.marketingevolution.com/marketing-essentials/marketing-intelligence
https://asuonline.asu.edu/newsroom/online-learning-tips/look-your-career-business-intelligence-analyst/
https://www.wired.com/2010/10/exploring-the-seven-different-intelligences/
https://www.dlsweb.rmit.edu.au/Toolbox/leadership/toolbox/mis/mis_c01.html
