In order to provide decision makers with the appropriate marketing intelligence, it is essential to carefully select and apply a variety of tools and techniques, and then to suitably analyse and interpret the information. …
They should devise suitable plans and choose appropriate methods in order to gain high quality marketing information to analyse and evaluate. To this end, the process of Marketing Intelligence is essential. This paper will identify appropriate marketing intelligence requirements for business decision-making that are required to design, plan and implement a marketing intelligence programme. This will be done by focusing on how quantitative and qualitative information can be interpreted and coherently presented with the appropriate intelligence that leads to effective marketing and business decisions. The process, quality and outcomes of a marketing intelligence project will be evaluated to substantiate the report. The paper will examine the marketing intelligence issues relative to financial institutions in the UK.
The Marketing Concept and Marketing Intelligence
Marketing is the procedure through which an organization plans and executes the creation, promotion, pricing and distribution of goods and services to sell and create satisfaction for consumers and to meet organizational objectives. It is thus required for the organization to focus on consumers in order to understand their needs and to make them satisfied in the shortest possible time and in the most efficient ways that prove to be beneficial for both consumers and the organization. This implies that any organization has to get involved in gathering information relative to consumer needs and collect marketing intelligence in order to efficiently meet the given needs. Marketing research is a crucial element of marketing intelligence and helps in improving the management’s decision making process through the availability of timely, specific and authentic information. All decisions taken by the management create specific needs for information without which the pertinent strategies cannot be developed. In the context of financial institutions in the UK, market intelligence implies the ability of the institution to collect market information in objective and systematic ways and to effectively analyze and interpret the same. This information should be applied in the right context to come up with strategic proposals and action strategies. The application of the information in the right context is the element that differentiates marketing intelligence from market research. It essentially refers to the aspect of information gathering relative to the wider market intelligence processes. A market intelligent financial institution has the ability to ascertain the kind of efficient marketing research tools that are most applicable to resolve its current problems. It implements the most efficient strategies in ensuring outcomes that are reliable and of high quality. Eventually, such institutions are able to incorporate the outcomes of the research to develop efficient strategies (Kim and Mauborgne, 2004 ). The process of gathering marketing intelligence The process of gathering marketing intelligence for financial institutions is characterized with a gap in terms of tools that enhance their operations. In most cases, the research outcomes are not fully scattered across the entire institution, which prevents them from being effectively included in the business operations. Mostly, marketing research is an isolated effort that does not allow the results to be acted upon effectively. In addressing this issue, it is important to develop a systematic strategy that takes the institution through the complete procedure of marketing activities from designing to implementing and applying. The institution should determine the objectives and ...
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