What Market Intelligence System?
Market Intelligence System one that systematically gathers and processes critical business information, transforming it into actionable management intelligence for marketing decisions in determining market opportunity, market penetration strategy, and market development metrics. The system designed to be used by marketing managers and often viewed by employees throughout an organization.
Table of Content
- Market intelligence is a broadened concept it is not just about market information, but the whole gamut of external environment information gathered by looking at secondary information sources usually through a continuous monitoring process. Further, this will help needed to support key strategic decisions – about products, prices, investment priorities, entering joint ventures etc.
- Business intelligence system is not only a computer-based system. But it is a total system which incorporates human processes for interpreting and processing information into intelligence.
- Marketing intelligence must be systematized processes since only regular monitoring of key external parameters and integration of disparate snippets of information will give a viable long-term intelligence base.
Steps to be taken for improving marketing intelligence
- Train and Motivate Sales Force: Provide a current excellent source of information about the current trends in the market and obtain facts regarding the company’s market offerings wheather any improvements are required or not or is there any opportunity for new products.
- Motivate Distributors and other intermediaries to pass along important intelligence: The firms hired specialists for measure the quality of production and the way the employees are behaving with customers, quality of facility being provided.
- Network Externally: For gathering important information every firm must keep a tab on its competitors. This can be done by describes the broader discipline of researching, analyzing and formulating data and information from the entire competitive environment of any organization.
- Set up a customer advisory panel: They are the company’s largest customers or representatives of the firm or the most outspoken customers.
- Optimal usage of Government data resources: Governments publish reports regarding the population trends, demographic characteristics, agricultural production and a lot of other such data. This data can be referred to as base data and that can helpful in planning and formulating policies for the companies.
- Information bought from external suppliers: Many of the agencies sell data that can be useful to other companies.
- Collect Competitive Intelligence through online customer feedback: A view about product and services is essential. Now a day’s firms taken feedback by online platforms like chat rooms hat rooms, blogs, discussion forums, customer review boards etc.
Benefits of Market Intelligence
- Market and customer orientation- executing a marketing intelligence will encourage people throughout the organisation to focus externally. Ø Identification of new opportunities
- Early warning of competitor moves – through good intelligence,
- Minimizing investment risk-
- Better customer interaction-
- Better market selection & positioning- understand where your offer fits and discover untapped or under-served potential
- Quicker, more efficient and cost-effective information- avoid duplication of report acquisitions and expensive consultant work
Key Elements of Market Intelligence
Information
Gathering information used by a company for the purposes of decision-making, but is likely to refer to data concerning to the company itself, rather than its market environment.
A continuous process of flow of information is the support of a good market intelligence system – information about economics trend of the country, new technologies, markets and the regulatory authorities of the company etc.
Information Management Processes
Information Management Processes is uses to acquire or retrieve, organise and maintain information. The information which is holds by firms will be complex and come from a variety of different sources. This can be challenging for firm to managing this data consistently across multiple departments.
A good information management process will enable you to recognize the value of your organisation’s data and identify gaps or problems with your data quality. The conceptualization of information management as a set of inter-related information behavior to be planned for, designed, and coordinated, give a process-based point of view that complements the more natural views of information management.
With many professionals having external information delivered to their desktops, from online services and increasingly from the Internet is easy to believe that users have all the information they need on tap.
However, this is raw information and will need transforming into intelligence. Before that, however, this information must be classified, stored and made accessible.
There are ten key points to ensure that information management activities are effective and successful:
- Recognize (and manage) complexity
- Focus on adoption
- Deliver tangible & visible benefits
- Prioritise according to business needs
- Take a journey of a thousand steps
- Provide strong leadership
- Mitigate risks
- Communicate extensively
- Aim to deliver a seamless user experience
- Choose the first project very carefully
Intelligence Development Processes
A good intelligence system is more than information. It is a recurring cycle of linking the needs of decision makers to the processes of turning the information into actionable intelligence.
Purposes of Market Intelligence
Market intelligence is use to assist with more or less every decision faced by a company. It helps to firm to grow by increase profit, revenue, or market share. A good implementation of market intelligence which has been correctly inferred can have a huge return on investment.
- Help enter a new market or expand presence in a market
- Minimize the risk of an investment decision being wrong
- Keep ahead of the competition, obtain a first-mover advantage over competitors
- Give the customers what they want, expand market share
- Establish and maintain a distinctive corporate identity
- Tailor products and marketing effort around customer needs
Market entry and market expansion studies
The gathering of information according to the objectives of the intelligence will inform a decision to invest in a new market, or simply to increase investment in an existing market, the market research and intelligence firm would gather information from the following sources:
- Potential buyers– to find out how much demand there is for the product/service
- Distributors, agents and other intermediaries– to find out how to best get products and services to market, and again to ascertain how much demand there is for the product/service
- Competitors– to find out how other companies have successfully entered and stayed in the market, and judge the market’s likely response to a new entrant.
- Industry experts such as journalists and industry associations: these organizations can frequently provide a quick and concise overview of the market, as well as numerous leads in the form of contact details of market players
Marketing Management
(Click on Topic to Read)
- What Is Market Segmentation?
- What Is Marketing Mix?
- Marketing Concept
- Marketing Management Process
- What Is Marketing Environment?
- What Is Consumer Behaviour?
- Business Buyer Behaviour
- Demand Forecasting
- 7 Stages Of New Product Development
- Methods Of Pricing
- What Is Public Relations?
- What Is Marketing Management?
- What Is Sales Promotion?
- Types Of Sales Promotion
- Techniques Of Sales Promotion
- What Is Personal Selling?
- What Is Advertising?
- Market Entry Strategy
- What Is Marketing Planning?
- Segmentation Targeting And Positioning
- Brand Building Process
- Kotler Five Product Level Model
- Classification Of Products
- Types Of Logistics
- What Is Consumer Research?
- What Is DAGMAR?
- Consumer Behaviour Models
- What Is Green Marketing?
- What Is Electronic Commerce?
- Agricultural Cooperative Marketing
- What Is Marketing Control?
- What Is Marketing Communication?
- What Is Pricing?
- Models Of Communication
Sales Management
- What is Sales Management?
- Objectives of Sales Management
- Responsibilities and Skills of Sales Manager
- Theories of Personal Selling
- What is Sales Forecasting?
- Methods of Sales Forecasting
- Purpose of Sales Budgeting
- Methods of Sales Budgeting
- Types of Sales Budgeting
- Sales Budgeting Process
- What is Sales Quotas?
- What is Selling by Objectives (SBO)?
- What is Sales Organisation?
- Types of Sales Force Structure
- Recruiting and Selecting Sales Personnel
- Training and Development of Salesforce
- Compensating the Sales Force
- Time and Territory Management
- What Is Logistics?
- What Is Logistics System?
- Technologies in Logistics
- What Is Distribution Management?
- What Is Marketing Intermediaries?
- Conventional Distribution System
- Functions of Distribution Channels
- What is Channel Design?
- Types of Wholesalers and Retailers
- What is Vertical Marketing Systems?
Marketing Essentials
- What is Marketing?
- What is A BCG Matrix?
- 5 M'S Of Advertising
- What is Direct Marketing?
- Marketing Mix For Services
- What Market Intelligence System?
- What is Trade Union?
- What Is International Marketing?
- World Trade Organization (WTO)
- What is International Marketing Research?
- What is Exporting?
- What is Licensing?
- What is Franchising?
- What is Joint Venture?
- What is Turnkey Projects?
- What is Management Contracts?
- What is Foreign Direct Investment?
- Factors That Influence Entry Mode Choice In Foreign Markets
- What is Price Escalations?
- What is Transfer Pricing?
- Integrated Marketing Communication (IMC)
- What is Promotion Mix?
- Factors Affecting Promotion Mix
- Functions & Role Of Advertising
- What is Database Marketing?
- What is Advertising Budget?
- What is Advertising Agency?
- What is Market Intelligence?
- What is Industrial Marketing?
- What is Customer Value
Consumer Behaviour
- What is Consumer Behaviour?
- What Is Personality?
- What Is Perception?
- What Is Learning?
- What Is Attitude?
- What Is Motivation?
- Segmentation Targeting And Positioning
- What Is Consumer Research?
- Consumer Imagery
- Consumer Attitude Formation
- What Is Culture?
- Consumer Decision Making Process
- Consumer Behaviour Models
- Applications of Consumer Behaviour in Marketing
- Motivational Research
- Theoretical Approaches to Study of Consumer Behaviour
- Consumer Involvement
- Consumer Lifestyle
- Theories of Personality
- Outlet Selection
- Organizational Buying Behaviour
- Reference Groups
- Consumer Protection Act, 1986
- Diffusion of Innovation
- Opinion Leaders
Business Communication
- What is Business Communication?
- What is Communication?
- Types of Communication
- 7 C of Communication
- Barriers To Business Communication
- Oral Communication
- Types Of Non Verbal Communication
- What is Written Communication?
- What are Soft Skills?
- Interpersonal vs Intrapersonal communication
- Barriers to Communication
- Importance of Communication Skills
- Listening in Communication
- Causes of Miscommunication
- What is Johari Window?
- What is Presentation?
- Communication Styles
- Channels of Communication
- Hofstede’s Dimensions of Cultural Differences and Benett’s Stages of Intercultural Sensitivity
- Organisational Communication
- Horizontal Communication
- Grapevine Communication
- Downward Communication
- Verbal Communication Skills
- Upward Communication
- Flow of Communication
- What is Emotional Intelligence?
- What is Public Speaking?
- Upward vs Downward Communication
- Internal vs External Communication
- What is Group Discussion?
- What is Interview?
- What is Negotiation?
- What is Digital Communication?
- What is Letter Writing?
- Resume and Covering Letter
- What is Report Writing?
- What is Business Meeting?
- What is Public Relations?
Business Law
- What is Business Law?
- Indian Contract Act 1872
- Essential Elements of a Valid Contract
- Types of Contract
- What is Discharge of Contract?
- Performance of Contract
- Sales of Goods Act 1930
- Goods & Price: Contract of Sale
- Conditions and Warranties
- Doctrine of Caveat Emptor
- Transfer of Property
- Rights of Unpaid Seller
- Negotiable Instruments Act 1881
- Types of Negotiable Instruments
- Types of Endorsement
- What is Promissory Note?
- What is Cheque?
- What is Crossing of Cheque?
- What is Bill of Exchange?
- What is Offer?
- Limited Liability Partnership Act 2008
- Memorandum of Association
- Articles of Association
- What is Director?
- Trade Unions Act, 1926
- Industrial Disputes Act 1947
- Employee State Insurance Act 1948
- Payment of Wages Act 1936
- Payment of Bonus Act 1965
- Labour Law in India
Brand Management