Market intelligence; need for market intelligence; steps in market intelligence

2. Market intelligence
Market Intelligence is a process
of giving you insights into what
might happen in the near future.
This process requires that we go
from data to information to
intelligence.

3. Marketing intelligence can be
used to assess market entry
opportunities and to formulate
market development plans and
penetration strategies.

4.  MI pulls together data and information
from a very large and strategic view,
allowing to predict or forecast what is
going to happen.
 This interns allows to effectively
strategizing in relation to competitive
environment.

7. Need for Market Intelligence
 Innovation - moved to market quickly and marketed
aggressively.
 The early comers establish the market standard often
wins over the better technology.
 Technopreneurs-lack marketing skills and
management. These have to be supplement.

8. Types of market
intelligence

9. Process of MI
Phase I: Secondary Research
(80% volume / 20% time)
Phase II: Primary Research
(20% volume / 80% time

10.  Primary research is often done through a
interview, such as contacting suppliers,
customers, business writers, and Government
agencies. Surveys are sometimes used where
several sources are involved
 Secondary sources of information are public
knowledge.

12. Among the secondary sources of
information; local sources are more
revealing than national or global.
Secondary sources should be varied
so that you collect different
viewpoints. This helps reduce bias
in your research.

13. Internet related sources of
information are often opinionated.
Opinion related information is
usually subjective and unreliable.
Secondary research consists mainly
of printed type sources of
information.

14.  Consider the 80 / 20 rule in relation to
internal vs. external sources of
information.
 All of these internal sources can
represent great sources of intelligence. The
external sources represent the general
body of information at large, easy to
obtain, and widely distributed.

15. Steps in Market Intelligence
 What critical question(s) must get
answered?
 What is the time frame for meeting the
competitive intelligence objective?
 Define the Market Intelligence Project,
allocate resources, establish a scope, and
issue a quick plan for execution.
 Launch secondary research – collect and
organize data.

16.  Analyze appropriate information,
conduct primary research, and enlist
others in developing the deliverable.
 Draft findings and recommendations;
circulate for review.
 Approve and distribute final report.