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Gaining data on any market , doing a research and study , attaining facts is market intelligence
it can include - trends of markets, competitive analysis, targeted customers, application and sectors, high demand or low demand, position of supply (in case of huge demand), perspectives of clients /customers, Brand value of Product/Service/company.
Yes its very important as without knowledge of market any good product can fail as facts and knowledge comes handy for any product/service before its launch and how well its accepted, recognized and sustains.
I guess if marketing strategies are followed in right way , marketing intelligence plays crucial role as this is platform for starting marketing activities as there is set target otherwise if you shoot arrows in dark results are not promising as expected.
To determine the market opportunities organisations have to do market research get insights about opportunities which are determine by two factors attractiveness and probability of success. To make right decesions top managemnet has to have accurate and relevant data. Data is based on the external enviornment relating to various factors such as trends , customer buying behaviour, competitors etc .This is marketing intelligence.
How is it important?
The basic question which managers should ask is their organisation a market driving organisation or market driven organisation . In order to be at the top at be distinctive from competitiors organisation should go for creative marketing rather than anticipative or responsive marketing for all this marketing intelligence plays a vital role.
Strategy cant be made by rule of thumb in todays competitive enviornment accurate relevant and timely information is required to make best decesions. Operations become simpler as everything has been analysed .Market Intelligence SWOT analysis can be done and it helps the managers to take an holistic view so that the organisation can achieve its goals.
