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Marketing intelligence (MI) is the everyday 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. Marketing intelligence is necessary when entering a foreign market.
MI is defined as being composed of three main activities, these activities are Information Acquisition, the gathering of marketing information that is required for current and future customer needs, Information Analysis which is the intelligence gained from the information collected and Information Activation, which is using the intelligence to ...
2.Marketing Intelligence System: It is a main source used by managers for gaining daily information of the external environment, hence assists the managers to react to the rapidly changing environment. 3.Marketing Research System: It is used to collect primary and secondary data, and displays the results in forms of reports.
Market information systems (otherwise known as market intelligence systems, market information services, or MIS, and not to be confused with management information systems) are information systems used in gathering, analyzing and disseminating information about prices and other information relevant to farmers, animal rearers, traders, processors and others involved in handling agricultural ...
The fields of marketing and artificial intelligence converge in systems which assist in areas such as market forecasting, and automation of processes and decision making, along with increased efficiency of tasks which would usually be performed by humans. The science behind these systems can be explained through neural networks and expert ...
A marketing decision support system (sometimes abbreviated MKDSS) is a decision support system for marketing activity. The system is used to help businesses explore different scenarios by manipulating already collected data from past events. It consists of information technology, marketing data, systems tools, and modeling capabilities that ...
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.