Marketing by definition connotes a process of delivering the goods and the services to the end users befitting their unique needs and the desire. Because, the end users a.k.a. the customers, at times, may not be aware of the existence of a particular product or service in a market. It is, therefore, the duty of the marketing to let them know about the product/service. All these essentially indicate to the five important elements of marketing such as the product, price, place, promotion and the people. The marketing intelligence, therefore, deals with all these five elements of marketing.
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What is Marketing Intelligence?
The marketing intelligence can be regarded as an initiative by the organizations around the world for appraising the current level of their activities in the market pursuant to the five elements of the marketing mentioned above. Hence, creating the marketing intelligence reports deal with the stuff not only relevant to an organization but also the ones pertaining to those of its competition. That’s the catch.
How to go About Creating the Marketing Intelligence Reports?
There is no straitjacket answer to this question. Because, once your process for creating the marketing intelligence reports becomes stereotyped, it fails to connect with the reality.
Based on the market, the elements of marketing need an update from time to time. For instance, in the early days of our civilization, nobody knew about the existence of the marketing intelligence reports. But, with the expansion of the markets around the world, especially after the internet revolution, creating the marketing intelligence reports has become a part and parcel of the marketing endeavors of any organization. Because, it works as the backbone of the marketing initiatives.
Here is a Blanket Guideline on Creating the Marketing Intelligence Reports
1) Marketing is a live subject so is an organizations TG (Target Group). Hence, you must heavily depend on the marketing research for creating the marketing intelligence reports. No assumption or precedence will do any good here.
2) The success of creating the marketing intelligence reports will greatly depend on things like utilizing the raw data from the market and then, corroborating things from there. As such, a lot of analytic s go into action and of course, using the computer network and process. For instance, you can use the marketing intelligence software based on the cloud model or the Software as a service, in short Salas. Both the models use heterogeneous data sources involving the ones like the call center and the sales data, web analytic s, and the business intelligence to name a few.
3) Collate data, draw the inference supported by the facts and the figures, and then present them in tabular and graphical forms. The purpose of doing so is to make things easily accessible by the top level management and the people down the line up to the level of the sales person in a lucid style. They can understand where the company is currently heading and what could be the corrective or the new business endeavors for the company.
The duty of creating the marketing intelligence reports usually rests with the marketing department of an organization.