Topic 1 Knowledge Questions
1.1 What is market intelligence and how can information gathered and recorded as a result of
networking activities or participation/ attendance at trade fairs, expos, industry conferences
or seminars contribute to forecasts?
According to Market Research Solutions, market intelligence is the information that an
organization derives from the market it operates in or wants to operate in to help determine
market segmentation, market penetration, market opportunity, and existing market metrics.
Hence, market intelligence is the information an organization needs regarding the market's state.
It can be collected by the organization or by paying market research companies or contractors to
gather and analyze the data.
Forecasting, in the sense of market intelligence, is the process of projecting the future
numbers, characteristics, and trends in an existing or target market. It uses available data (e.g.,
historical data) as inputs to make informed estimates that are predictive in determining the
direction of future trends. Hence, the information gathered and recorded as a result of
networking activities or participation/ attendance at trade fairs, expos, industry conferences, or
seminars can be the basis or source for forecasting to support the development of valuable
market intelligence. The said information can provide beneficial and stimulating insights
regarding international markets.
1.2 What other sources of information can contribute to the development of market
intelligence?
Market Intelligence uses multiple sources of information to create a broad view of the
organization’s existing market, customers, problems, competition, and its potential growth for
new products and services and new markets. The following are the other sources of information
aside from internal, external, local, and international sources.
1. Feedback from customers and consumers –inexpensive and yet effective process of
collecting data.
2. Competitor activities – This includes the tracking of the competition and the state of the
industry in which the organization operates, identifying the competition (particularly in
international markets), gathering information through surveys, industry magazines,
journals, or publications, visiting their websites or store, and business associates.
3. Customer queries/enquiries – A leverage in providing information about customer,
market needs, and market trends. They can track it from local or international sources
4. Salespeople – They are sources of raw data for analysis, in which include the sales logs
and surveys. They are in a great position to provide practical and realistic market
feedback.
5. The Internet – This include the use of social media monitoring, online surveys and
information gathering tools, customer lists, and the organization’s e-commerce records
and analytics.
1.3a What are the criteria against commercial market intelligence services can be evaluated?
These are the criteria to be evaluated by an organization when considering commercial
market intelligence services:
1. The cost attributed to the contracted analyst.
2. The risks inclined when using external service providers
3. Benefits of using external providers
4. The reputation of the analyst's company
5. The measurement value of Money
6. Comparisons between the offers from the different service providers
Similarly, According to Dormakaba.com, there are 5 criteria to be evaluated when
choosing the right service provider. These are:
1. Reputation of the service provider
 A reputable service provider's track record gives an organization confidence. It
indicates that the service provider is trustworthy and reliable
2. Technical Expertise and Capacity
 specialists should have the insightful and specialized skill sets and technical
capabilities that an organization doesn't have in-house.
3. Account Management
 A reliable and transparent set of transactions between the organization and the
service provider is crucial for fruitful business collaboration. Account management
is the gateway to safeguard a smooth experience and make the most out of the
services provided.
4. Training, Safety, Equipment
 The skill sets and equipment of the provider must also continuously upgrade to
ensure the best service and safety.
5. Cost
 Cost is one of the most important considerations as this positively reduces the
expenses of an organization. Since competition is stiff in the market, getting a
provider with favorable rates would not be complicated.
1.3b Why would an organization choose to use the services of a commercial provider?
An organization chooses to use the services of a commercial provider since collecting
valuable information requires the skills of a specialist market intelligence provider. Valuable
information is a collection of competitor information that is specific, reliable, and validated. This
information is particularly rapidly evolving and confidential. Hence, it requires one-on-one
discussion with a technologist. An organization uses this information to make sound decisions
related to market opportunities and market development.
1.4 How does relevant market intelligence plus evaluation of an organization’s market
performance help determine future directions?
As organizations look to expand their reach to their existing market or enter a new market, a
common strategy is to form an international joint venture and or adopt online marketing. Hence,
relevant market intelligence and evaluation of an organization’s market performance can help
determine future directions concerning International joint ventures and online marketing.
Applying relevant marketing intelligence will be useful in developing forecasts that will impact
the organization’s strategic planning and its future business needs, plans, and goals with the
target market. Whereas, the evaluation of an organization’s market performance will help
improve and enhance brand awareness, educate more customers, prospect product benefits,
and strengthen the relationship with the stakeholders.