A marketing intelligence system is a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment. The internal records system supplies results data, but the marketing intelligence system supplies happenings data. Marketing managers collect marketing intelligence by reading books, newspapers, and trade publications; talking to customers, suppliers, distributors, and other company managers; and monitoring online social media.
Eight possible actions to improve the quantity and quality of its marketing intelligence
- Train and motivate the sales force to spot and report new developments
- Motivate distributors, retailers, and other intermediaries to pass along important intelligence.
- Hire external experts to collect intelligence
- Network internally and externally
- Set up a customer advisory panel
- Take advantage of government-related data resources
- Purchase information from outside reasearch firms and vendors.