The Importance Of Marketing Intelligence

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1) Utilize sale force: The sales people are no less than foot soldiers for a company, not only performing most of the leg (read: field) work that translates into sales revenue, but also representing the face of the company with customers and distributors. The information unknowingly gathered through up close and personal interactions with these important stakeholders can be a vital knowledge bank for marketing intelligence if tapped in time. The sales force is in a unique position to predict and identify upcoming changes in customer preferences or trends, market gaps, possible product line extensions, new market segments, etc. due to exposure to consumers. A company must train its sales force in the art of keen observation and debrief them…show more content…
Statistics gathered from POS terminals can be used to analyze the turnover and refund rates for the company’s products and that of competitors. Customer response to promotions can also be measured through stock reports maintained by retailers and distributors. Such information can help improve the quality of marketing intelligence gathered and enable deeper competitor/market share analysis.

3) Outsource to experts: Research experts can be hired to perform the function of gathering marketing intelligence. These individuals can act on behalf of the company in multiple ways – observe customers in the market place to assess pattern of purchasing behavior, evaluate retailers in action vis-à-vis promotion of own/competitors’ products, imperceptibly discuss the company’s/competitors’ products with customers, observe actions of sales force in the field, etc. Bloomingdale’s, for example, employs mystery shoppers to assess the performance of its sales
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Car purchases are big decisions and consumers spend considerable time in discussion with sales personnel before making the final choice. Strong relationships with customers are part of the trade and can be capitalized to gauge the key features that influence the purchasing decisions of buyers with relative accuracy. They would be able to report if consumers were actively seeking fuel efficiency or environmental friendliness in their cars, especially in the small cars market where the demographical dynamics would be different and price points more important than environmental conscientiousness. The same principle applies to the sales force employed by Suzuki. Additionally, Suzuki may hire a group of experts to forecast the demand, either collectively or on an individual basis which can be summarized to a single forecast.

Cars are luxury items, more popular in times of economic well-being. Therefore, reports analyzing the current state of the economy, household budget allocation, savings rates, household income, rural-urban migration rates, economic forecasts, etc., may be acquired from government and research agencies to estimate the economic likelihood of consumers purchasing new

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