Global Market Intelligence is a universal strategy is now used by all organizations around the world in order to predict the market trends in the future and how they will design their own strategies. The data that is used for this purpose is known as market intelligence data which basically includes the information that is necessary the target the consumers in the respective market in order for the organization to achieve success. Therefore, in the organization this allows the mangers to analyze and compare the market growth figures and rates with their own so that they are able to make decisions according to it.
There is a difference that exists between the market intelligence data from the business intelligence as it majorly focuses on the interval events or information of other organizations which includes their sales and shipments. On the other hand, all the market intelligence can be collected with the help of the sales team of the company and they are ones who analyze it as well. It is then forward their findings to the marketing and higher authorities so that the proper strategy is designed in order to overcome the competition. The decision provides the organization to make the changes in the relevant areas and grab from the opportunity and make better development.
There are different types of market intelligence trends that are being followed globally, for example just like as mentioned above the information is gathered in different forms. The information of sales, revenues and losses of the company can be collected in the form of reports, news, articles, websites as well as visual referencing. The information that is obtained is used for competitive insight as well as market insight. It is explained as below:
- Competitive Insight:
The market intelligence information that is obtained for this insight is either the intelligence of the competitor or the product. This is data about investments, the organizational changes that have taken place along with newly implemented corporate strategies and acquisitions by the company as well. The intelligence about product includes their pricing, cost structure and product promotion strategies adopted.
- Market Insight:
The data gathered for this insight includes the market size for which the company is penetrating into along with the market forecasts and technological trends taking place in the recent times. The second one is customer insight and their preferences for the products and brands that they have interest in.
Schmidt, S. (2016, January 21). A Quick Guide to Market Intelligence. Retrieved from https://blog.marketresearch.com/a-quick-guide-to-market-intelligenceA Quick Guide to Market Intelligence