The role of the marketing intelligence report

Marketing intelligence report

The marketing intelligence report aims to provide information about the market. Marketing intelligence is the process of collecting, evaluating, and disseminating information involving customers, products, and competition in the market. The marketing intelligence report is essential to businesses and also its application to the market. Research, according to (Maltz and Kohli) the report, informs about the current status of the market, economy, government, and technological state of the market.

The report aim is to provide comprehensive and actionable information about the market. Its analysis enables the shaping of the targeted market and precise marketing strategy. The report is drawn from different elements, including sales, website, lead, and channel intelligence. Sales intelligence data is used to illustrate the report by providing insight data on how you can achieve future purchases. This is done by analyzing past sales record and understanding the market demands this provide information on the market trends. Lead intelligence provides statistics that enable the report to create the profile of its ideal clients. This will allow the business to tailor its activities to attract perfect customers.

Website intelligence is also an element that is used to draw the report. By tracking the performance of the website like conversion rate, and website users can provide helpful information about the market structure. Channel intelligence is the last element in the report, and the study shows that it helps determine how the marketing channels have been successful at reaching the ideal or targeted customers (Maltz and Kohli 54). This provides the report with information about the efficient channels that should be used to get to the consumers. It also provides the report with insights into why some channels perform much better compared to others.

The report requires a collection of accurate market information collected from the market with standardized methods of data collection. These methods include interview which is done in the market, for example, interviewing consumers of the product. It can also be done through observation and survey of the market activities and flow and also can monitor the competitor’s actions. The process can also be digitalized due to the developing technology. Firms can use internet tools to avail questionnaires to consumers example is the google consumer survey.

Importance of marketing Intelligence Report

It provides the business with a competitive advantage in the market. It keeps the company up to date with the competitor’s strengths and failures, which help in decision making. It also promotes flexibility to the business by updates on the market change making the business too be more competitive. It helps in understanding the target customers in detail and also their needs. The report provides the business information about the market structure and market demand. This enables the business to tailor its activities to meet the needs of the targeted audience in the market. Moreover this leads to increase in sale and also increase customer’s satisfaction.

It exposes new opportunities in the market, this include new products or new segments in the market. Therefore it can enable the business to be flexible and elastic to adopt and make new changes. It also promotes the business ability to retain their customers in the competitive market. It will provide the business with insights of how the industry will compete in the market against other existing businesses and products in the market. This are attained from the information provided by the four elements of marketing intelligence report. They are used to predict the trends of sales, supply and demand and also customer’s satisfaction. According to (Rakthin, Calantone and Wang 571) marketing intelligence report gives the investor an idea of where the business stands in the market. The business influence and ability to attract customers and also to compete in the market.

Application of market intelligence report

The report is applied by organizations in financial management. This is by analyzing information from different sources and creating goals an inclusive financial budget for all the firms’ activities. It is also used by firms in inventory control, this is by tracking the usage of the inventories across time and location and regulate inventory cost in the firm. It also applicable in the supply chain management, it does so by providing feedback to the suppliers on their services. The report also helps in the evaluation of supplier’s services which help the firm in negotiating better prices with the suppliers. Industries also use the report for cost management by the reports ability to provide deep cost analysis across different sources. Therefore enabling the company to track cost of production through the multiple sources of data.

Conclusion

In conclusion, the report has several benefits. The elements of the marketing intelligence report are important during collection of data. It illustrates the process of collection of data for the report that is how the data is collected, analyzed and drawing of the report. The report also avails several application that are important to the businesses and firms on their activities. Firms can ensure it maintains competitive advantage in the market and also how the firm can minimize output in production.

 

Work Cited

Maltz, Elliot and Ajay K Kohli. “Market intelligence dissemination across functional boundaries.” Journal of marketing Research (1996): 47-61. document.

Rakthin, Sirisuhk, Roger J Calantone and Joyce F Wang. “Managing market intelligence: The comparative role of absorptive capacity and market orientation.” Journal of Business Research (2016): 567-576. Document.

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