Global market intelligence is a very helpful and effective methodology to deal with several of the issues faced in the global market. It is basically a way to gather the data, combine powerful analytics and use deep sector intelligence to come up with the analysis of the insights of the companies operating in any industry globally. It enables the companies to prepare themselves for the latest changes or trends which are expected in the industry in order to survive and excel in their business (Henry, 1983).
The purpose of this technique is to collect as much data as possible along with the analysis of the current trends which are successful and the upcoming treads which can prove to be successful in the future. This technique is being adopted by most of the big companies all around the world as it enables them to secure their present and future place in the industry they operate in. This approach is also used by the new companies which intend to enter a certain industry. It provides the new entrant with the information about the latest trends of the industry and helps it to prepare for making an effective and successful entry. This technique also helps the new entrant to avoid any loss which can be faced due to the lack of information regarding the industry or the use of outdated or ineffective techniques (Henry, 1983).
This method is also adopted by companies to assess the competition they can face in the market in the near future. As a result of which they are able to develop techniques to counter such challenges. Hence, it can be said that the vital points or areas which the Global Market Intelligence covers are Market Trends, In-Region Market Intelligence and the Market Capability. And the trends which this methodology covers are varied from technical trends, to business trends and advertisement trends which enable the companies to develop an effective policy to attract the target market and grow their business (Henry, 1983).
One of the case studies of Global Market intelligence is of “Supply Market Intelligence Solutions Assists a Medical Devices Manufacturer Achieve an Annual Savings of $20 Million”. According to this case study the company was able to save a huge amount of money every year as it used the global market intelligence method to predict the trends of the industry and the demands of the target market which enabled it to cut down its extra expenses and make more profit (Henry, 1983).
- Balakrishnan, S. (2018, February 15). Case Study: Supply Market Intelligence Solutions Assists a Medical Devices Manufacturer Achieve an Annual Savings of $20 Million. Retrieved from https://www.businesswire.com/news/home/20180215005792/en/Case-Study-Supply-Market-Intelligence-Solutions-Assists
- Henry, J. (1983). Marketing Intelligence & Planning. Journal of Marketing Practice: Applied Marketing Science merged into Marketing, 36(1). doi:10.1002/9781119208082.ch1