Market intelligence
Data and analysis of a commercial market / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Market intelligence?
Summarize this article for a 10 year old
Market intelligence (MI) is gathering and analyzing information relevant to a company's market - trends, competitor and customer (existing, lost and targeted) monitoring.[1] It is a subtype of competitive intelligence (CI), which is data and information gathered by companies that provide continuous insight into market trends such as competitors' and customers' values and preferences.[1]
MI along with the marketing capabilities of an organization provides a guideline into the allocation and implementation of resources and processes.[2] It is used for the purpose of continuously supplying strategic marketing planning for organizations to gauge marketing positions in order for companies to gain competitive advantage and best meet objectives.[3][1]
Organizations can develop MI frameworks and models that are suited to financial capabilities and desired market sectors but are mainly based on the four-step process of collection, validation, processing and communication of MI.[4] The gathering of MI data is sorted into many different categories, including, but not limited to, qualitative, quantitative, formal, informal, published, and unpublished.[5] MI data is gathered both internally and externally.[5]
Benefits that MI can bring are that it provides customer, competitor and market insights allowing organizations to gain a competitive advantage in their marketing strategies.[1] Issues that MI can bring is through acquiring data and information through illegal or unethical ways, it can lead to financial loss and government regulatory failures.[6]