Market Intelligence Flashcards
What is Market Intelligence?
Market Intelligence refers to the process of gathering, analyzing, and interpreting data about a market, including information about the competition, customers, and market trends.
True or False: Market Intelligence only involves quantitative data.
False
Name one primary source of Market Intelligence.
Surveys
Fill in the blank: Market Intelligence helps businesses make informed _______.
decisions
What is the difference between Market Intelligence and Market Research?
Market Intelligence is ongoing and focuses on competitive and market insights, while Market Research is typically a one-time project to gather specific information.
Multiple choice: Which of the following is NOT a component of Market Intelligence? A) Competitor analysis B) Customer feedback C) Sales forecasting D) Product design
D) Product design
What role does technology play in Market Intelligence?
Technology facilitates the collection, storage, and analysis of market data, making it easier to derive insights.
True or False: Social media analysis is a method of gathering Market Intelligence.
True
What is a key benefit of Market Intelligence for businesses?
It allows businesses to anticipate market trends and customer needs.
Fill in the blank: Market Intelligence can lead to improved _______ strategies.
marketing
Name a tool commonly used for Market Intelligence.
CRM (Customer Relationship Management) software
Multiple choice: Which of the following is an example of secondary data in Market Intelligence? A) Interviews B) Industry reports C) Focus groups D) Surveys
B) Industry reports
What is competitive analysis in the context of Market Intelligence?
It involves assessing competitors to understand their strengths, weaknesses, and strategies.
True or False: Market Intelligence is only relevant for large corporations.
False
What is the importance of customer segmentation in Market Intelligence?
It helps businesses tailor their products and marketing strategies to specific groups of customers.
Fill in the blank: The _______ is a key factor in determining a company’s Market Intelligence strategy.
industry
What is a SWOT analysis?
SWOT analysis is a framework used to evaluate a company’s strengths, weaknesses, opportunities, and threats.
Multiple choice: Which of the following is a qualitative method for gathering Market Intelligence? A) Surveys B) Observations C) Sales data D) Financial reports
B) Observations
What is the role of data analytics in Market Intelligence?
Data analytics helps interpret complex data sets to extract actionable insights for decision-making.
True or False: Market Intelligence can help in identifying new business opportunities.
True
What is the significance of trend analysis in Market Intelligence?
Trend analysis helps organizations identify patterns over time to forecast future market behavior.
Fill in the blank: Effective Market Intelligence can lead to increased _______ and customer satisfaction.
competitiveness
What is the purpose of customer feedback in Market Intelligence?
Customer feedback provides insights into customer preferences and satisfaction levels.
Multiple choice: Which of the following is a challenge in Market Intelligence? A) Data overload B) Accurate forecasting C) Customer insights D) Competitive benchmarking
A) Data overload
What does the term ‘market share’ refer to in Market Intelligence?
Market share refers to the percentage of an industry’s sales that a particular company controls.
