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Market Intelligence

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Market Intelligence

Market intelligence is the information collected by companies of their external environment which helps to inform their strategies and tactics used in the decision-making process. Companies specifically use Market Intelligence in making confident and astute decisions in areas such as; determining new market opportunities, their strategy for penetrating the market, and market development plans.

In gathering data externally, Market Intelligence differs from business intelligence which focuses more on the analysis of internal factors such as sales figures. Instead, Market Intelligence looks more into factors such as the wants and demands of customers and products supplied by competitors.

In gathering this Market Intelligence, companies are able to determine the orientation of the market and customers, identify new trends in the market and competitors, and minimizing investment risks by detecting threats and early market trends. In order to gather good Market Intelligence, there is a reliance on communicating with real people within the relevant industry. Analysts collating Market Intelligence will therefore communicate with manufactures, distributors, clients and others involved in the creation and distribution of products.

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