Market intelligence

Market intelligence (MI) is gathering and analyzing information relevant to a company's market - trends, competitor and customer (existing, lost and targeted) monitoring.^[1] It is a subtype of competitive intelligence (CI), which is data and information gathered by companies that provide continuous insight into market trends such as competitors' and customers' values and preferences.^[1]

MI along with the marketing capabilities of an organization provides a guideline into the allocation and implementation of resources and processes.^[2] It is used for the purpose of continuously supplying strategic marketing planning for organizations to gauge marketing positions in order for companies to gain competitive advantage and best meet objectives.^[3]^[1]

Organizations 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.^[4] The gathering of MI data is sorted into many different categories, including, but not limited to, qualitative, quantitative, formal, informal, published, and unpublished.^[5] MI data is gathered both internally and externally.^[5]

Benefits that MI can bring are that it provides customer, competitor and market insights allowing organizations to gain a competitive advantage in their marketing strategies.^[1] 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.^[6]

^ ^a ^b ^c ^d Hedin, Hans; Hirvensalo, Irmeli; Vaarnas, Markko, eds. (2012-01-02). The Handbook of Market Intelligence. doi:10.1002/9781119208082. ISBN 9781119208082.
^ Carson, Grace; O'Connor, Christina; Simmons, Geoff (2020-01-01). "The crucial role of market intelligence in the development of small business marketing capabilities". Journal of Small Business and Enterprise Development. 27 (5): 797–816. doi:10.1108/JSBED-12-2019-0394. ISSN 1462-6004. S2CID 225735797.
^ Cite error: The named reference :2 was invoked but never defined (see the help page).
^ Jamil, George Leal (2013). "Approaching Market Intelligence Concept through a Case Analysis: Continuous Knowledge for Marketing Strategic Management and its Complementarity to Competitive Intelligence". Procedia Technology. 9: 466. doi:10.1016/j.protcy.2013.12.051. ISSN 2212-0173.
^ ^a ^b Cite error: The named reference :3 was invoked but never defined (see the help page).
^ Cite error: The named reference :7 was invoked but never defined (see the help page).

[:0-1] Hedin, Hans; Hirvensalo, Irmeli; Vaarnas, Markko, eds. (2012-01-02). The Handbook of Market Intelligence. doi:10.1002/9781119208082. ISBN 9781119208082.

[2] Carson, Grace; O'Connor, Christina; Simmons, Geoff (2020-01-01). "The crucial role of market intelligence in the development of small business marketing capabilities". Journal of Small Business and Enterprise Development. 27 (5): 797–816. doi:10.1108/JSBED-12-2019-0394. ISSN 1462-6004. S2CID 225735797.

[:2-3] Cite error: The named reference :2 was invoked but never defined (see the help page).

[:8-4] Jamil, George Leal (2013). "Approaching Market Intelligence Concept through a Case Analysis: Continuous Knowledge for Marketing Strategic Management and its Complementarity to Competitive Intelligence". Procedia Technology. 9: 466. doi:10.1016/j.protcy.2013.12.051. ISSN 2212-0173.

[:3-5] Cite error: The named reference :3 was invoked but never defined (see the help page).

[:7-6] Cite error: The named reference :7 was invoked but never defined (see the help page).

[1]

[2]

[3]

[4]

[5]

[6]