QUESTION ONE [40] (Marketing Management )

Read the article below and answer the questions that follow:

What Is Market Intelligence? By collecting and analysing data about the markets in which you are situated, you can gain valuable insights on how to grow your business. What is market intelligence? At its core, market intelligence uses multiple sources of information to create a broad picture of your companys existing market. It assesses your companys customers, problems, competition and opportunities for creating new products and services. You can collect market intelligence by referencing sales logs, customer data, surveys and reviewing social media metrics. Saul Dobney, CEO of research consultancy group Dobney.com, says it is easy for small companies to get started with a common sense approach. It can be as simple as visiting your competitors websites or stores, finding published information about the number and type of potential customers, [and] keeping up to date with developments in your area from magazines, journals or business associations, Dobney said. It also includes checking for customer comments and feedback online that will help the business improve its offer or service. Market intelligence vs. business intelligence Market intelligence is often confused with business intelligence, but they arent the same thing. Business intelligence refers to data specifically about a company, while market intelligence looks at the overall trends. In general, business intelligence is information about internal company performance. This includes how many products were shipped and the total number of sales in a month. In contrast, market intelligence focuses on external information, including customer demographics, geographic information and what consumers buy. It also looks at the competition to see where your business stacks up relative to the rest of the marketplace. All of this can help form an analysis of business intelligence. Market intelligence also considers what is happening with your companys competition, which business intelligence ignores altogether. How do companies use market intelligence? Successful market intelligence answers concrete questions about current and potential customers and competitors, and helps your company determine its internal goals. Here are some questions that market intelligence can address: Where should my company devote more resources? Which markets should I try to enter next? What are the buying patterns of our best customers? What products could be cross marketed to existing customers? Into what demographic segments can my company push new and existing products? How do I conduct a market analysis? Market intelligence helps businesses analyse the overall environment in which they are operating.

Questions:

1.1 Using relevant examples from the article examine the concept market intelligence. (10)

1.2 Examine the difference between market and business intelligence. (10)

1.3 Elaborate on the second stage of the market research process. (20)