What is “Market Intelligence” or “MI”?
To be most successful, a company needs to know its market inside and out.
The broader and deeper the knowledge, the better one is equipped to maintain or launch productsor services, determine appropriate customer bases, adjust pricing, evaluate the supply chain and distribution channels, and make many other important decisions.
Market Intelligence is a process by which all such information relevant to a company’s markets is gathered and analyzed to support and make better decisions. (While this particular definition is simple, the effort behind it is complex, and never-ending!)