What is meant by market intelligence?

What is meant by market intelligence?

Marketing intelligence is data that is relevant to the marketing efforts of an organization. Once collected,that data can be analyzed to accurately and efficiently guide the decision-making process of campaigns.

What are market intelligence tools?

Market intelligence tools (also called marketing intelligence software) helps businesses collect and aggregate needed information about companies and individuals in their marketplace. This can include: firmographic information. financials and funding rounds.

How do you get market intelligence?

How to develop market intelligence

1. Existing products in existing markets. You will want to understand how your brand is differentiated from competitors.
2. Existing products in new markets. You will want to focus on developing a market for your products.
3. New products in new markets.
4. New products in existing markets.

What activities are part of market intelligence?

Gathering market intelligence involves a number of activities, including scanning newspapers, trade magazines, and economic data produced by the government to find out about trends and what the competition is doing.

Why do we need market intelligence?

Importance of Market Intelligence 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 are the types of market intelligence?

Market Intelligence is not just data. It’s the combination of data and analysis that generates information which is relevant to making decisions. The four cornerstones of Market Intelligence are Competitor Intelligence, Product Intelligence, Market Understanding, and Customer Understanding.

What is the difference between market research and market intelligence?

Market research deals specifically with your company, marketing strategy, and product line. Market intelligence is information about the market itself, not your specific positioning necessarily. It’s also an integral part of product development and will often be at the center of decisions made on branding.

What is market intelligence and why is it important?

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 market intelligence PPT?

Marketing intelligence (MI) is the everyday information relevant to a company’s markets, gathered and analysed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market strategy, and market development .

What are the 3 types of market 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 3 sources of marketing intelligence?

There are three primary types of marketing information marketers use to gain insights that will contribute to wise marketing choices: internal data, competitive intelligence, and marketing research.

What does market intelligence network ( Mint ) do?

Market Intelligence Network (MINT) Critical Intelligence for commodity traders and analysts. Visualize, quantify and monitor commodity trade flows between regions, countries and ports with world-class cargo, charter and voyage intelligence.

What do you need to know about market intelligence?

At its core, market intelligence uses multiple sources of information to create a broad picture of the company’s existing market, customers, problems, competition, and growth potential for new products and services. Sources of raw data for that analysis include sales logs, surveys and social media,…

How much money does the market intelligence team make?

At this global energy company, the Market Intelligence team – which supports procurement decisions totaling $13.5 billion annually – cut in half the number of source locations that analysts must access to gather information and reduced by 50% the time required to generate reports/charts for decision makers.

Can a company hire a market intelligence analyst?

If your company is large enough, you may be able to hire a market intelligence analyst. As a specialist, the analyst can develop a more nuanced picture of the market by communicating with manufacturers, distributors, clients, and others involved in the creation and distribution of a company’s products.