What is Meant by Marketing Intelligence?
In this article, I am going tell you about a very interesting topic under marketing. It is called marketing intelligence. I think everyone has heard the term marketing intelligence but do not have a clear idea on what does it mean. Here I am going to explain it simply in this article…
Marketing intelligence is gained by collecting data from external sources regarding to a specific marketing environment and analyzing them in order to make investment decisions. It is varying with the department. As an example sales department and purchase department need marketing intelligence differently. There are four aspects of marketing intelligence. They are;
- Market Understanding
2. Consumer understanding
3. Product intelligence
4. Competitive advantage.
Market understanding is referred to study and analyze the existing market to which the product will be launched to. There we should study about the substitute products and traditional competitors. Consumer understanding is the most important factor. We should focus on who will buy the product, why will they buy it, are we satisfying their needs, what should be improved more etc. Product intelligence is gather information and study about the quality and performance of our product to know whether it performs well according to customer needs or should we improve it.
Competitive advantage is obtained by collecting information about the products of our competitors to analyzing them. It will lead us to overcome and survive in the market by creating a better product which can compete with traditional competitors. Data is the most important thing in marketing intelligence as the collected data is analyzed to take better decisions. Now firms can get those information easily using big data sources.
Hope you got to know the basic idea of marketing intelligence and the factors affecting it.
Thank you for reading…
