Marketing Intelligence is a strategy that is used by many organizations in order to predict the market trends in the future as well as the ones going on. It is becoming quite popular nowadays and every company is employing this tool to analyze different business areas such as competition, products, customer insights and other market dynamics to gain more profits and revenues for their brand or service.
This global market intelligence phenomenon covers four main areas which are given as following:
- The designing of corporate strategy for the organization which is made by the executive teams
- Pricing, promotion and the cost structure of the product or service
- Analysis of the market size, forecasts and trends that are ongoing in the market and business
- How to develop brand loyalty and increase satisfaction rates among the customers
There are many ways in which an organization makes their global intelligence reports or plan out this strategy which includes procedures and data sources that are used by both the marketing and executive team. The market reporters play a very important role in gathering information on how the market is doing at the moment and whether their product is or will do well in the given conditions. Intelligence basically means to use your mind and relevant information to predict or formulate something, hence in the global market intelligence phenomena the information gather by the market reports is used to make plans and strategies by organizations. For example many companies are used for this purpose such as the reports from companies such as Forrester Research and Neilson are employed by the brands.
Second type of market intelligence globally is competitive information. This is done by gathering the industry reports, news, articles and websites of the brands in competition. Many of the small or startup companies use this information to learn and predict about the competitor’s investments, their organizational changes and the strategies they are using.
Lastly the way in which global market intelligence can be used is through internal databases which the marketing managers employ. It therefore allows the companies to create their profiles of the customers, their needs and how to earn their loyalty. The competitive intelligence is mostly used by the smaller companies and predict about the market weakness, strengths, opportunities and threats for their product or service that they will put out in the market under their brand name.
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