According to Quirk’s Marketing Research Review, market intelligence is “an ongoing, holistic knowledge of all aspects of the marketplace.” Market intelligence provides a high-level view by analyzing many different business areas including competitors, products, market dynamics, and customer insights. These four areas cover a range of specific factors, such as:
- Corporate strategy, acquisitions, and executive teams
- Pricing, promotions, and cost structure
- Market size, segments, forecasts, and trends
- Brand loyalty, product concerns, and satisfaction rates
Because market intelligence takes a broad perspective — tracking both competitors and the overall state of the industry — it can provide valuable insight that improves a company’s business model and shapes its strategic direction.
What business questions can market intelligence answer?
Market intelligence can answer a variety of important business questions. Consider the following examples:
- What are the strengths and weaknesses of our competitors?
- Is there intense competition in our market?
- What is the optimal price point for different products?
- How does our company's performance compare to current industry benchmarks?
- What are the primary drivers of value in our market?
Market intelligence has the potential to answer these kinds of strategic questions because it is based on multiple sources of data — including primary and secondary sources — which provide context and create a more balanced, accurate view of the market.
Where can you find high-quality market data and analysis?
Sifting through data and secondary sources requires a significant investment of time and money, and not all the necessary information may be publicly available or easily accessible. To get in-depth research quickly and benefit from an objective, third-party view, many research analysts use off-the-shelf market reports that allow them to access key benchmarks and data points. With this information, they can more easily assess how a certain company is faring in a given market.
Market reports can provide authoritative analysis from a variety of reputable sources. Take the Pet Medications in the U.S. report as an example. This 159-page report from Packaged Facts draws research from interviews with leading manufacturers and industry experts, attendance at trade events, and on-site examination of retail outlets. Moreover, the report also includes information from trade publications, annual reports, government data, and investor conference calls. Its consumer analysis is based on national surveys from industry-leading research companies. Gathering and interpreting all this data would take countless hours of research, but with this report, researchers can access a wealth of market intelligence with one quick download.
So what specific insights can a report like this provide? This pet medications report offers a unique industry perspective and expert analysis of different market trends. Readers can find answers to strategic questions such as:
- What company is the market leader, and how do its competitors compare?
- Which new drugs are on the horizon?
- What investment activity is occurring in the market?
- What are the demographics and psychographics of pet med purchasers?
Analyzing these types of questions and reaching objective conclusions may be beyond the capacity of most entrepreneurs, executives, and consultants — who are already busy with a long list of urgent, day-to-day responsibilities. However, by purchasing high-quality research reports like this one, these business professionals can still access valuable market intelligence to help them stay ahead of the competition.
What about competitive analysis?
Some market reports provide a comprehensive look at a specific product or market, while others focus on individual companies by analyzing their strengths, weaknesses, opportunities and threats (SWOT).
What does this look like in practice? Consider The Coca-Cola Company Strategy and SWOT Report from MarketLine as an example.
This report gives readers a 360-degree view of the company, including Coca-Cola’s:
- Operation and organizational structure
- SWOT analysis
- Products and services
In addition, the report also covers mergers and acquisitions, key business segments, contract wins, and more — all within 59 pages of concise, targeted research. This type of report can help researchers analyze the competition and better understand key industry players.
Market intelligence can inform and improve an organization’s overall strategy by grounding its decisions in real-world data and analysis. To learn how to effectively navigate the market research process and guide your organization to success, download MarketResearch.com’s free eBook How to Succeed Using Market Research.
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