MARKETING INTELLIGENCE

Marketing intelligence is everyday data that is relevant to the marketing efforts of an

organization. Once collected, this data can be analyzed and used to make informed
decisions regarding competitor behaviors, products, consumer trends, and market
opportunities

EXAMPLE An example would be a corporation that wants to know their mobile phone's
target demographic. A profile survey can narrow a company's target audience based on
the type of phone they are launching. If the phone's colors and features are configured
to sell it as a gaming device, a poll will then shortlist individuals who love gaming. This
lets the organization focus on the right personnel, save money and time

Types of Market Intelligence

1. Focus Groups
2. Polls
3. Field Trials
4. Questionnaire
5. Forms
6. Mail
7. Survey

1. Focus Groups Focus groups entail hand-selecting a group to produce a target

market sample. A moderator asks planned questions to promote group conversation.
This helps entrepreneurs understand their audience's deeper opinions, allowing them to
make more informed advertising selections.
2. Focus Groups Polls focus on one question, unlike questionnaires and surveys. Polls
can be answered quickly and easily, resulting in a higher response rate than open-
ended questions. Just like one of the features of messengers which allows polls in
group chat

3. Field Trials Field trials allow companies to test product or branding characteristics
while avoiding advertising waste. New items may be tested in particular outlets or new
messages given to a specific region.
4. Focus Groups It helps entrepreneurs gain qualitative and quantitative customer
insights online and offline

5. Forms Forms help entrepreneurs gather demographic information about their target
population. These are frequently undertaken by a researcher to gather objective data
against customer feedback.
6. Main Surveys IMail surveys are a cost-effective way to reach a large audience.
While there has been a shift in recent years toward technology resources, this
method can still be fruitful for organizations conducting outreach in locations
where access to technology may be more scarce.

ADVANTAGES

1. Holistic view of Market

2. Customer retention
3. Improve sales process
4. Boost efficiency
5. Gives a competitive advantage

A. HOLISTIC VIEW OF MARKET A corporation can succeed quickly by understanding

the market. It will help them understand customers, trends, and behaviors to stay
competitive and meet market demands.

B. CUSTOMER RETENTION No matter how loyal a customer is, the competition will
always target them. Understanding why a consumer is unhappy can avert customer
loss. Market intelligence can assist you examine consumer improvement needs and
understand customer lifetime value.

C. IMPROVE SALES PROCESS Businesses with many products and clients, face the
question of which product to target. Market intelligence helps segment the market,
allowing companies to identify which products would succeed with certain groups.

D. BOOST PROCESS EFFICIENCY Market intelligence helps firms enhance efficiency

and productivity by discovering gaps, providing actionable insights, and providing real-
time data and analytics.

Importance

1. To understand your position in the market

2. To evaluate your product
3. To know your target audience
4. To conduct competitor analysis

Importance
To understand your position in the market Collecting market intelligence through
surveys allows you to understand the market in-depth. It will give you insights into
what the competitors are doing, what is the market demand and who will be your
target audience and many more. Analyzing this information will enable a company to
evaluate its position in the market and make strategies accordingly

Importance
To evaluate your product. Conducting marketing intelligence surveys will give you
actionable insights on the product trends in the market, the demand for specific
features and product specification currently in demand. Such information helps you to
evaluate
your product and make wise business decisions accordingly.

Importance
To know your target audience Gathering market intelligence will allow a company to
understand the needs of the audience and using surveys, businesses can shortlist their
target audience for specific products/services.

Importance
To conduct competitor analysis Market intelligence is a vast field. Conducting
surveys to gather intelligence about your competitors is vital in today’s business
environment. Using such information, businesses can modify their products as per the
need, understand competitors' failures or successes, and devise strategies based on the
competitor’s
Position.

Importance
Therefore, marketing intelligence allows businesses and organizations to make better
and appropriate decisions based on real data. This also helps to lower marketing costs
and other market risks.
Marketing intelligence is crucial to maintaining the successful operation of an
organization. It gives the right direction of competition, growth opportunities, recent
market trends and is also most helpful to make good decisions for marketing campaigns
and products to get ahead of the competition.

Therefore, marketing intelligence allows businesses and organizations to make better

and appropriate decisions based on real data. This also helps to lower marketing costs
and other market risks.

Marketing intelligence is crucial to maintaining the successful operation of an

organization. It gives the right direction of competition, growth opportunities, recent
market trends and is also most helpful to make good decisions for marketing campaigns
and products to get ahead of the competition

Competitive Analysis
the process of identifying competitors in your industry and researching their different
marketing strategies.

Competitive market analysis

is the process of determining who your competitors are, researching their strategies,
and unpacking what they do well (and not so well). From this process, you can learn a
lot about your company's own strengths and weaknesses, as well as how to remain a
strong competitor in your industry.

Porter's Five Forces

Potential entry
of Potential
Rivalry among
new development of
competing firms
competitors substitute
products

Bargaining power Bargaining power

of suppliers of consumers

Rivalry among competing firms

(Is rivalry between competitors intense or do you tend to retain customers relatively
easily?) In an industry where rivalry is intense, companies attract customers by
aggressively cutting prices and launching high-impact marketing campaigns. However,
this can make it easy for suppliers and buyers to go elsewhere if they feel that they're
not getting a good deal from you. On the other hand, where competitive rivalry is
minimal, and no one else is doing what you do, then you'll likely have tremendous
competitor power, as well as healthy profits.

Potential entry of new competitors

(Do new competitors find it easy to enter the marketor is it difficult?)
Your position can be affected by people's ability to enter your market. If it takes little
money and effort to enter your market and compete effectively, or if you have little
protection for your key technologies, then rivals can quickly enter your market and
weaken your position

Potential development of substitute products

(Would buyers find it easy to substitute your product or service?) This refers to the
likelihood of your customers finding a different way of doing what you do. A
substitution that's easy and cheap to make can weaken your position and threaten your
profitability

Bargaining power of suppliers

(Do you have lots of suppliers to choose from or do you rely heavily on a small group of
suppliers?) Supplier power is determined by how easy it is for your suppliers to increase
their prices. The more suppliers you have to choose from, the easier it will be to switch
to a cheaper alternative. Conversely, the fewer suppliers there are and the more you
rely on them for help, the stronger their position and their ability to charge you more is

Bargaining power of consumers

(Is buyer power high or low?) If the number of buyers is low compared to the number
of suppliers in an industry, then they have what's known as "buyer power." This means
they likely find it easy to switch to new, cheaper competitors, which can ultimately drive
down prices. When you deal with only a few savvy customers, they have more power.
However, your power increases if you have many customers and little competition.