MARKETING INTELLIGENCE

Submitted to:- Submitted by:-

Dr. Madan Lal Krishna Kumar Jaisawal

Roll No. :- 012

Marketing intelligence (MI) is the everyday information relevant to acompany’s markets, gathered and analysed specifically for the purpose ofaccurate and confident decision-making in determining marketopportunity, market strategy, and market development .

• In order to collect marketing intelligence, marketing managers must bein constant touch with relevant books, newspapers and tradepublications.

• The process of acquiring and analysing information in order to understand the market; to determine the current and future needs and preferences, attitudes and behaviour of the market;

• Marketing intelligence is necessary when entering a foreign market.

• There is an urgent need for making available marketintelligence services to boost the trade and increase theparticipation of all importing and exporting organizations orfirms in India and also other countries which require supportabout latest developments in trade.

• To provide market and customer orientation

• Identification of new opportunities

• To identify new trends in markets and competitors

• Early warning of competitor moves to enable countermeasures

• Minimizing investment risks, to detect threats and earlymarket trends

• To provide better customer interaction and to give intensifiedcustomer market view

• Information for better market selection & positioning and tounderstand and discover untapped or under-served potential

• To give quicker, more efficient and cost-effective informationin order to avoid duplication of report acquisitions andexpensive consultant work

Steps to be taken by a Company to improve its Marketing Intelligence

(1) Train and Motivate Sales Force:

• A company's sales force can be an excellent source ofinformation about the current trends in the market. They arethe "intelligence gatherers" for the company.

• It can also provide credible source to know about competitoractivities, consumers, distributors and retailers.

(2) Motivate Distributors, retailers, and other intermediaries topass along important intelligence:

• Specialists are hired by companies to gather marketingintelligence.

• In order to measure the quality of production, the way theemployees are behaving with customers, quality of facilitiesbeing provided;

(3) Network Externally:

• Every firm must keep a tab on its competitors.

• Competitive intelligence describes the broader discipline ofresearching, analysing and formulating data and informationfrom the entire competitive environment of any organization.

(4) Set up a customer advisory panel:

• Companies can set up panels consisting of customers. Theycan be the company's largest customers or representatives ofcustomers or the most outspoken customers.

(5) Optimal usage of Government data resources:

• Governments of almost all countries publish reports regardingthe population trends, demographic characteristics,agricultural production and a lot of other such data.

• All this data must be or can be referred to as base data.

• It can help in planning and formulating policies for thecompanies.

(6) Information bought from external suppliers:

• Certain agencies sell data that can be useful to othercompanies.

• For example, television channels will require information onthe number of viewership, ratings of TV programs, etc.

• An agency which calculates this information and generatesthis data will provide it to companies that need it.

(7) Collect Competitive Intelligence through online customer feedback:

• Customer's view about a product is most essential for any company.

• Ultimately it's the customer who's buying the product. Hence customer feedback must be taken.

• Online platforms like chat rooms, blogs, discussion forums, customer review boards can be used to generate customer feedback.