MARKET INTELLIGENCE

&
MARKET RESEARCH
-BY ARCHANA AND PARUL
What is market intelligence ??

 Market Intelligence (MI) is the practice of

collecting external and triangulated data and insights
for the purpose of accurate and confident decision-
making, when a company wishes to understand
thoroughly an existing market or enter a new market.

 Market Intelligence output is usually the first set

of data that is or should be analysed. It includes
multiple sources of detailed information in order to
create a broad picture of the market or segment a
company competes in or wishes to compete in. The
analysis could be related to a company's problems or
obstacles faced, competition, spending habits of
customers, growth potential etc.
IMPORTANCE OF MARKET INTELLIGENCE.

values
What is it?
Understand Target
market

barriers
Into
gathered Why is it important?
and competition
analyzed to

Outreach
develop strategies
 Market Intelligence is an extremely important activity
for companies to undertake in order to maximize their
chances for continued business success.
 If you don’t keep up, read, engage and find out about your
own market, it becomes more difficult to be competitive and
offer the best products or services to your customers. If
consumer tastes or needs are changing, you need time to
adapt.
 Gathering Market Intelligence is a crucial element for
executing effective plans for the prosperity of your
business. It keeps you more focused, it centers your
business goals and provides you with the intelligence to
pursue growth opportunities and reduce risk.
 If you don’t know your market and your competitors back
to front, and have limited knowledge about your own
costumers, then how can you make informed improvements
in order to become more competitive?
 BENEFITS

BETTER VIEW IMPROVE BOOST

IMPROVE
OF CUSTOMER UPSELLING FOCUS ON
PROCESS
ACTIONABLE RELATION OPPORTUNIT AGILITY
EFFICIENCY
DATA CAPABILITIES -IES
RELATION BETWEEN MARKET
RESEARCH AND MARKET INTELLIGENCE
The main difference between marketing
intelligence and marketing research is that the
latter is more company-specific. Marketing
intelligence is existing information that small-
business owners use to study markets,
competition, political implications and consumer
demographic variables.
Marketing research data is not readily available.
Companies usually use phone, Internet or in-
person surveys to garner marketing research data.
Marketers use both types of information to
analyze their business situations and develop
marketing strategies.
 ACCORDING TO AMERICAN MARKETING
ASSOCIATION (AMA), IT IS A FUNCTION THAT
LINKS THE CONSUMER, CUSTOMER & PUBLIC
TO THE MARKETER THROUGH INFORMATION
THAT HELPS TO IDENTIFY THE MARKET
OPPORTUNITIES & PROBLEMS, GENERATE,
REFINE & EVALUATE THE MARKETING
ACTIONS, MONITOR PERFORMANCE &
IMPROVE UNDERSTANDING OF MARKETING
AS A PROCESS.
 STEP 1: Defining the problem.

 STEP 2: Developing an approach to the problem.

 STEP 3: Formulating a research design.

 STEP 4: Doing field work or data collection.

 STEP 5: Preparing & analyzing the data.

 STEP 6: Preparing & presenting the report.

• PRIMARY RESEARCH :
 Also known as “FIELD RESEARCH” as information is
gathered first hand through surveys (phone/mail/e-
mail/website polls), focus groups, one-on-one interviews or
group discussions, test marketing or by using software tools
like CRM technology or checking which sections of the website
are most visited & why.
 It is the information that is specifically collected for the
issue at hand.
 Primary research is further classified into 2 types :
a.) Qualitative Analysis.
b.) Quantitative Analysis.

• SECONDARY RESEARCH :
 It is a set of data that has already been compiled & obtained
from some other source & is not meant for immediate study at
hand but for other purpose such as future referencing. At the
time of need, the marketer is supposed to filter through the
data & obtain valid information as per the objectives &
purpose of the study.
 QUALITATIVE ANALYSIS
Provides reasoning for customer
actions, purchase, needs &
deviation.
Generally used for exploratory
purposes.
Involves smaller number of
respondents.
Not generalizable to the whole
population.
Statistical data is not considered or
calculated. Instead, it helps to give
an insight into the consumer
requirement & psyche.
Technique used :
Focus groups, In-depth interviews
etc.
QUANTITATIVE ANALYSIS
Collection of numerical data to
statistically analyze & understand
market trends.
Generally used to draw conclusions
or test a specific hypothesis.
Involves large number of
respondents.
Involves segmented analysis& can
be projected to a larger population
base.
Gives factual figures & can thus
also help in securing investors &
predicting sales forecast.
Techniques used :
Surveys, Questionnaires, Testing
& tracking sales & profits.
 METHODS OF MARKETING RESEARCH: BASED ON
OBJECTIVES OF RESEARCH
I. EXPLORATORY RESEARCH:
Used in cases where the marketer has little or no understanding
about the research problem due to lack of proper information & he
needs to research to gain/discover insights about the situation. This
is then used to eliminate impractical ideas & formulate a relevant
hypothesis. It uses qualitative methods & is thus follows
unstructured format.

II. DESCRIPTIVE RESEARCH:

It is used to explain, monitor and test hypotheses created by
marketers to help them find accurate answers. Due to this reason
descriptive research is rigid, well structure and well planned and
uses quantitative techniques like questionnaires, structured
interviews, data analysis etc.

III .CASUAL RESEARCH:

It is used by marketers to find cause and effect relationship between
variables. It is also sometimes referred as “If.. Then…” method. In
this type of research, the marketer tries to understand why change
in one variable effects the change in the other. It is used by
marketers mainly to predict and test hypotheses.
Marketing Research can thus be simply classified into-

I.) PROBLEM IDENTIFICATION RESEARCH.

The research undertaken to help identify problems which are not
necessarily apparent on the surface but are likely to arise in the future.
This mainly involves:
a. Market Potential Research
b. Market Share Research
c. Market Characteristics Research.
d. Sales Analysis Research.
e. Forecasting Research.
f. Business Trends Research.

II.) PROBLEM SOLVING RESEARCH.

Research undertaken to help solve specific marketing problems. This
mainly involves:
a. Segmentation
b. Product
c. Pricing
d. Promotion
e. Distribution channels & strategies.
 MARKETING RESEARCH HELPS TO KEEP A TAB ON THE
COMPETITORS.
 IDENTIFYING PROBLEMS & OPPORTUNITIES IN THE
MARKET.
 ASSESSING IMPACT OF PAST MARKETING STRATEGIES &
FORMULATING NEW ONES.
 REVEALS THE NATURE OF THE DEMAND & CONSUMER
RESISTANCE.
 EFFECTIVENESS OF PROMOTIONAL & ADVERTISING
STRATEGIES.
 ANALYSING MARKET PERFORMANCES & GENERATING
SALES FORECAST.
 EXAMINING BRAND POSITION.
IDENTIFYING BUSINESS EXPANSIONS / GEOGRAPHICAL
POTENTIALS / INTERNATIONAL MARKETS.
 ENABLES PLANNED PRODUCTION & REDUCES BUSINESS
LOSSES.
 CORRECTION OF DEFECTS.
 PRODUCT LIFE CYCLE & UTILITY.
 AIDS IN DECIDING THE PRICING OF PRODUCT.
DECIDING BEST ENTRY STAGE FOR NEW BUSINESSES.
 Conducting marketing researches is a
costly affair.
 It is lengthy and time consuming
procedure.
 Consumer behaviour & marketing
environment are dynamic processes & keep
changing, so it cannot provide 100% accurate
information.
 It cannot be used as an alternative to
effective decision making. It can only be used
as an aid to decision making & improve its
quality & result.
 It can reduce business risks but NOT
totally eliminate them.
 Non-availability of reliable, up to date
information.
 It can be misused.
“MARKETING
WITHOUT DATA AND
PROPER ANALYSIS IS
LIKE
DRIVING WITH YOUR
CLOSED EYES”

THANK YOU.