Steps to improve marketing intelligence in companies

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According to Kotler (2009) a marketing intelligence system is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. A marketing intelligence system also facilitates accurate and confident decision making in determining market opportunity, market penetration strategy and market development metrics. Hans Heldin (2010) noted that data must be integrated into the market intelligence systems through proper intelligence for corporate decision-making. In an article by Thomas Winninger (2006) he stated that the key is to gather quality information, the quality of information that a company gather will dictate the quality and success of decision, hence there are…show more content…
The third step is network externally; firms need to pay attention to its competitors. According to the Society of Competitive Intelligence Professional, competitive intelligence (CI) is the legal and ethical collection, analysis and distribution of information regarding the competitive environment and the capabilities, vulnerabilities and intentions of business competitors. A competitive intelligence specialist can obtain information the internet, company websites offer a wide range of information in a form that is easier to access than comparable printed documents. The specialists can also gather information from online databases, for example. PR Newswire and other sources of business announcements and news stories provide a way to keep up with competitive product development. These are available through several online databases. Government website and databases contain information about such areas as patent filings, environmental filings and management changes. Articles appearing in trade publications and journals are often available in electronic form through online databases. Conference Proceeding is another source of information that CI specialists use. These conference proceedings can provide useful snapshots
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