What is Market Intelligence
MI or Market Intelligence System is actually a business analytics tool that analyses business data obtained from various sources like Customers, Competitors, supply chain, stores etc. It helps organizations in making decisions and formulating future strategies regarding, target market, product development, promotional campaigns, consumer perception etc. only if apt, relevant and trust-able data is provided. To better organize MI, system developers avail wide array of data processing and visualization tools that provide facilities for efficiently retrieving, analyzing and reporting data.
How Market Intelligence gathered
Gathering marketing intelligence is tact as it needs to be done very carefully for only relevant information needs to be used by the market intelligence analyst of the company to come to a realistic conclusion. The information received by market researchers to analyze it specifically for accurate and absolutely confident decision making. This way to determine the opportunities available in the market it also helps determine market penetration strategies, developing market matrices. This helps to determine when the business can enter foreign business or global business. Regular exercise of this practice also resolves the intelligence that is required, accumulates by searching the environment or the market and hands the information to the market managers who require it. All this is done with the help of different software. The relevant data comes from the web analytics, business intelligence and other sources. MI can be further subdivided into: market research, investment research and social media analytics.
Spread of Market Intelligence
MI is much more than market research. It is market intelligence data and market intelligence information that is not just important for the marketing team, it is much more than that. The entire organization can utilize this information to transform it into actionable intelligence. This Market Intelligence System gathers information of both internal as well as external environment which helps the management take crucial decisions easily and effectively. Implication of MI effects every decision of the organization. It depends on not only industry to industry, rather on Company to Company.
