Understanding Market Intelligence: Description and Advantages

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Understanding Market Intelligence: Description and Advantages

Market intelligence is the information or data derived by any organization from its market or the market the company plans to enter. This information helps make decisions about market segmentation, market opportunities, market metrics, and market penetration knowledge. Market intelligence is undeniably an essential aspect of understanding the market's current state and its related prospects. Along with this, the study helps to get an idea about competitor intelligence. This knowledge, in turn, aids in gaining a competitive edge in the targeted market. Practical marketing intelligence efforts can lead to increased ROI and improved campaigns. The term is often confused with two different business-related studies, business intelligence, and marketing research. Marketing research focuses entirely on an organization's efforts to gain clarity into business campaigns without considering external factors. On the other hand, Business intelligence focuses on gathering data across various business functions and dimensions to optimize its efficiency for all its departments and locations effectively. Market Research study involves various steps. These are: 1. 2. 3. 4.

Identifying the problem Developing a research strategy Performing intensive research Analyzing results


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