Market intelligence

This article is about information and analysis of a commercial market. For information to support marketing activities, see Marketing intelligence.

Market intelligence is the information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining strategy in areas such as market opportunity, market penetration strategy, and market development.[1]

Business Intelligence refers to skills, processes, technologies, applications and practices used to support decision making. Business Intelligence often aims to support better business decision-making and as such can be defined as a decision support system.[2]

Market intelligence includes gathering of data from the company’s external environment, whereas the Business intelligence process primarily is based on internal recorded events – such as sales, shipments and purchases. The purpose of incorporating Market Information or intelligence into the Business Intelligence process is to provide decision makers with a more “complete picture” of ongoing corporate performance in a set of given market conditions.[3]

References

  1. ↑ Cornish, S. L. “Product Innovation and the Spatial Dynamics of Market Intelligence: Does Proximity to Markets Matter?” Economic Geography. Volume: 73, Issue 2 (April 1997)
  2. ↑ D. J. Power (2007-03-10). "A Brief History of Decision Support Systems, version 4.0".
  3. ↑ Prescott, John and others, Proven Strategies in Competitive Intelligence (Wiley, 2001)