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Information is power, and companies that have the right information at the right time have the power to transform themselves into world leaders. Enter market intelligence.
Market intelligence supports strategic and operative decision-making with information about the company’s external business environment. It encompasses anything from ‘plain vanilla’ market monitoring to strategic analysis and advisory services from experts. Most market intelligence is based on readily available information. Obviously, having the right market intelligence tools, talent and processes will be key to success.
It is the process of collecting all information from the market that helps marketing the company and its products in the market. That includes all market development, market demand and potential, competition, customers' news, and much more
Market Intelligence is an extremely important domain for all organisation. This is like risk-minimization.
Ex : Market intelligence helps you understand whats going to work well for your organisation and whats not in an alien market.
Ex : I sell chocolate filled biscuits and plan to enter KSA. My market intelligence report tells me that people in KSA have high affinity with 'date' fruit and thus date filled biscuit sale will have high success quotiet.
Thus I introduce 'date filled' biscuits in KSA along with other products to minimize complete failure.
These are extremely important when devising a Route-to-Market strategy.
Market Intelligence describes the set of activities that provide a company with a view of a market using existing sources of information to understand what is happening in a market place, what the issues are, what competitors are doing, what customers or consumers are doing (eg social media) and what the likely market potential is for new products or services based on previous activities and responses.
it helps to stay one step ahead of the competition. allows the organization to do effective SWOT analysis, especially with respect to opportunities and threats.
