Question

Marketing Intelligence is an essential component of gathering internal and external marketing related data, statistics, and information. In a sense, marketing intelligence is the corner stone of effective marketing practices and strategy. Please address what a Marketing Intelligence System is, how it is utilized, why it is important, and what the internal and external sources of marketing intelligence may be.

Answer 1

Marketing intelligence is very important in every business organisation as it is helpful in doing marketing in an efficient manner and the marketing strategies if made and implemented properly can give many benefits to an organization.Organisation can grow very good if the organization possess marketing intelligence.It is a very positive point for every organisation.It helps an organization to remain competitive in the market and earn good profits.Therefore,i would recommend that every business organisation must focus on their marketing strategies very properly because it has a direct impact on the organization's earnings.

Internal sources of marketing intelligence can be understanding the various needs,structure of the organisation and then taking the necessary decisions as how the strategy needs to be implemented. External sources of intelligence can be analysing the different factors of market and then understanding what should be done so that the organization can remain competitive in the market and can give other firms a good fight.