Marketing intelligence system refers to a strategy used to obtain and analyze daily business information continuously which provides a basis for marketing decisions (Keillor, 2007). There are various ways of improving Marketing Intelligence systems that includes:
A company can use online customer feedback through platforms such as chat room to collect competitive intelligence.
Government data resources will be of great importance to a company while assembling information such census figures.
Setting up a customer advisory platform who will provide valuable information
Training and motivating sales persons who spot and develop new reports
Market Intelligence System can be improved by networking externally
The company can purchase data from well-known outside suppliers
Distributors and retailers should be motivated to provide valuable marketing intelligence information.
A company should use all techniques of marketing and reach internal audience
Ways used by marketers to collect primary data
Observation is gathering of primary data by observing people actions such as their feelings, emotions, and attitude.
Primary data is collected by doing experiments where people are selected and matched in groups and checking their response when treated differently with different environmental factors.
Surveys- They is known to be the best way of obtaining information for market intelligence. People are asked questions concerning their preferences, knowledge and their buying behaviors.
Questionnaires involve both open-ended and close-ended question asked to the targeted audience to collect data regarding their buying habits.
Interviews are not only restricted to a series of questions, but it is also a form of conversation with the targeted customer base. It helps in gathering information on customers wants.
Chief advantage of using the following contact method
Mail questionnaires- They are shorter in length and can include maps and visual aids
Telephone interview- It is completed quickly and have a higher response rate than mail questionnaires
Personal interview- A large number of respondents is reached quickly with little cost.
Ways to break down the market
The market is divided into relatively broad segments that are determined by things such as benefits, demographic and lifestyle
It is also broken into Niches that are narrowly defined based on specific or unique needs such as search engine marketing education
The market is also broken down into Cells. They are extremely narrow hence providing micro-opportunities. The market is well known where it has become common due to easy access of data through the websites.
Types of countries in the world regarding economic development
First World refers to the developed countries that have moderate political and economic interest such as Japan, North America, and Western Europe.
Second world countries are the former communist states, for example, Russia, Eastern Europe (Poland) and China.
Third world countries refer to developing countries such as Africa, India, and South Korea.
Fourth World Countries refers to countries where native people live within or across states boundaries such as American Indian nations
Reference
Keillor, B. (2007). Marketing in the 21st century. Westport, Conn.: Praeger.
