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What is Market Intelligence mean?
Market intelligence (MI) is the information relevant to a company's market - trends, competitor and customer (existing, lost and targeted) monitoring, gathered and analysed. It is a subtype of competitive intelligence (CI), is data and information gathered by companies that provides continuous insight into market trends such as competitors and customers values and preferences.
MI along with the marketing capabilities of an organisation provides a guideline into the allocation and implementation of resources and processes. It is used for the purpose of continuously supplying strategic marketing planning for organisations to gauge marketing positions in order for companies to gain competitive advantage and best meet objectives.
Organisations can develop MI frameworks and models that are suited to financial capabilities and desired market sectors but are mainly based on the four-step process of collection, validation, processing and communication of MI. The gathering of MI data is sorted into many different categories, including, but not limited to, qualitative, quantitative, formal, informal, published, and unpublished. MI data is gathered both internally and externally.
Benefits that MI can bring are that it provides customer, competitor and market insights allowing organisations to gain a competitive advantage in their marketing strategies. Issues that MI can bring is through acquiring data and information through illegal or unethical ways, it can lead to financial loss and government regulatory failures.
referencePosted on 13 Dec 2024, this text provides information on Miscellaneous in Stock Exchange related to Stock Exchange. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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