What is Market Intelligence?
A term which is mostly confusing for majority of the people, market intelligence involves collection of information or data and its analysis, which will impact a business's present and the future market environment. Wikipedia defines Market Intelligence as "The information relevant to a company’s market, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics".
When utilized to its prime, market intelligence can help a research and development team with:
- Unbiased information about the existing technologies, products and its market attractiveness.
- Better understanding of customer requirements and their development in the near future.
- Faster warnings of the disruptive technologies or innovations in the market.
- Improved understanding of the current and future marketing trends.