Page 125 - International Marketing

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BRILLIANT'S Managing International Market 127

materials to which statistical methods are applied for analysis. At the same
time, secondary data are in the shape of finished products since they have
been already treated in some form or the other. Information of macro nature
can be obtained through secondary sources. 

INTERNATIONAL MARKETING INTELLIGENCE
Q.18. Write a short note on: International Marketing Intelligence.
[MBA 2009]
OR
Discuss international marketing intelligence.
Market Intelligence
Market Intelligence (MI) is the information relevant to a company's
markets gathered and analyzed specifically for the purpose of accurate
and confident decision making in determining market opportunity, market
penetration strategy and market development metrics. It is necessary
while entering a foreign market.
In practice, market intelligence tends to refer to the branch of market
research called market assessment research, which is designed to help
a company establish a foothold in a market or increase its presence in a
market.
Organizationally, market intelligence can be the name of the depart-
ment that performs both the market intelligence and competitor analysis
roles. Competitive intelligence describes the broader discipline of research-
ing, analyzing and formulating data and information from the entire com-
petitive environment by any organization. Business intelligence of any
kind may also be their responsibility.
According to Cornish, Market Intelligence is "the process of acquir-
ing and analyzing information in order to understand the market (both
existing and potential customers); to determine the current and future
needs and preferences, attitudes and behavior of the market; and to as-
sess changes in the business environment that may affect the size and
nature of the market in the future."
Market intelligence can be obtained externally- by a market research
and intelligence company or by an internal department. Once the market
intelligence is obtained, it is usually managed in-house, but increasingly
with the assistance of IT- based market intelligence systems provided by
technology and market research companies.
A well-run company takes 4 steps to improve the quality and quantity
of marketing intelligence: