Market Intelligence: The Practical Way
Market Intelligence, December 2010, Pages: 249
This book is about Market intelligence (MI). It is about the need of companies to acquire information and knowledge about current and future markets in order to survive and grow. It is also about responding to this need.
CHAPTER 1: INTRODUCTION TO MARKET INTELLIGENCE
This first chapter presents an introduction and overview of Market Intelligence. Firstly, it addresses the concept of Market Intelligence by discussing and comparing different definitions in the literature, and by contrasting the concept of MI with other concepts such as competitive and business intelligence. This is followed by a discussion of the meaning of Market Intelligence in practice. Thirdly, it addresses the appropriate MI for different types of companies and products.
CHAPTER 2: EXPECTATIONS TO MARKET INTELLIGENCE
In this chapter we want to establish a framework for the book so the reader knows what to expect. We want to explain how the book can be used as an operational teaching book and how it can create useful discussions about Market Intelligence in your company.
CHAPTER 3: WHERE TO PLACE MARKET INTELLIGENCE?
In chapter 1 we discussed the various terms that are relevant to Market Intelligence, and in chapter 2 we set the scene. As a tool, MI can help companies save time which can then be devoted to making the right analyses and strategic decisions on the basis of precise information about the market place. This is particularly useful in the B2B market as it is becoming more and more complex.
The Market Intelligence system creates value for the persons who make decisions about strategy. In this chapter we pay attention to the very important question of where to place Market Intelligence. Furthermore, we address the importance of placing Market Intelligence at the right place in the organization.
First, however, we will start answering some of the fundamental questions regarding Market Intelligence.
CHAPTER 4: THE START UP WITH MARKET INTELLIGENCE
We have now defined the term Market Intelligence, highlighted the expectations to the book and discussed where to place MI strategically.
At the beginning of this chapter we will discuss why there is a need for a Market Intelligence system on the B2B market and how the start up situation can be handled.
Later in the chapter, we introduce a 6-step model, which we believe will ensure that companies take the right considerations into account when establishing the Market Intelligence system. How to maintain focus and develop the system together with the content in a Market Intelligence System will be described in some of the following chapters.
CHAPTER 5: GATHERING INFORMATION AND KNOWLEDGE
In chapter 4 we discussed the need for a Market Intelligence System. If your company gives its approval at a strategic management level and could respond with a yes to figure 10 the first major Market Intelligence process can start.
The first task to get up and running is getting information into the system. In this phase, the farmer, hunter instincts, which we mentioned earlier, are important.
In this chapter we will especially comment on:
- How to start gathering data
- How to prioritize the information and ideas of the Market Intelligence system
- How to involve the whole organization in this process
CHAPTER 6: UNDERSTANDING OF the buying behavior at the B2B MARKETS
“Industrial and Institutional markets and buying behavior are quite different to the B2C Market. This is due to several important differences between the two market structure and purchase processes. Industrial buying normally takes place in an organization and between organizations. Organizational buying (i.e. industrial and institutional) buying usually involves many people in the decision process with complex interactions among people and among individual and organizational goal.”
(Webster & Wind 1972)
The set up of Market Intelligence depends on which market the company is operating in; if it is operating locally or globally, and if the market is operating in a closed or open environment. The technology stage is also a major influence, and the task of developing a world estimate depends very much on how the B2B market is constructed in relation to the above mentioned factors.
This chapter, therefore, is an attempt to cover some of the theoretical aspects and background of industrial and institutional markets and buying behavior. This chapter outlines the complexity of the B2B market before we examine the various aspects of Market Intelligence in the next chapter.
This chapter is concerned with describing the characteristics and complexity of the B2B market mainly from a theoretical point of view, but also with a few practical examples. The purpose of the chapter is to provide a more detailed picture of the central areas and thereby establish a better understanding of the requirements of an MI-system for the B2B market.
CHAPTER 7: ASPECTS OF MARKET INTELLIGENCE
Having described Market Intelligence in more general terms and having started, we now move on to the monitoring aspect of Market Intelligence.
In this chapter we highlight most categories that can be monitored in the Market Intelligence system. A large amount of varied information could be gathered in each category, but, on the basis of our case research, we will provide some guidelines concerning those we found were of most interest.
The categories should be helpful in systematically monitoring relevant information for the Market Intelligence system and secure that the right information is available before the company takes important strategic decisions.
Once again, it is important to remember that these categories are dynamic and to be prepared for change over time. Always evaluate which information puzzles can support and affect the strategy most.
At the end of the chapter we will focus on models and market signals.
CHAPTER 8: SOURCES IN MARKET INTELLIGENCE
In this chapter we investigate the different types of sources available using field and desk research methods. First we discuss some issues to consider before choosing the best sources. We go on to describe the advantages and disadvantages of each source type, drawing on our research. Finally, we make recommendations regarding the choice between field research methods and desk research methods. In this chapter, case companies illustrate how to work with these issues and the use of various methods and sources.
CHAPTER 9: MODELS TO SHOW MARKET SIGNALS
In this chapter we introduce a variety of models that show market signals and forecasts. The organization should use these signals to take the right decisions and they should warn the company when a market is changing. We believe that the models and themes recommended here can help you by giving your company useful tools and an overview of the market place and its development via the Market Intelligence system.
CHAPTER 10: MARKET INTELLIGENCE INTO AN IT-SYSTEM
The data collection has started, sources have been identified and different models have been established in your market intelligence system.
In this chapter we will discuss how to handle and structure all the information you collect and put into an IT-system and give some advice. Later in this chapter we will make suggestions on how to get relevant data out of the MI system and how to communicate with its users.
CHAPTER 11: IMPLEMENTATION OF MARKET INTELLIGENCE
In this chapter we draw on our case research in enumerating what is needed from the rest of the organization to implement Market Intelligence. Earlier we described how to get started with analysis and with collecting information. In this chapter we describe how the data and reports extracted for the users of Market Intelligence can be developed.
In the previous chapters we defined potential sources, what kind of information was important enough to collect, and we defined and selected ‘need-to-have' information.
So what is left?
Let's get to Market Intelligence “out in the real world”!
We have identified four areas in which it is very important that this occurs. We have not prioritized them as we see these areas as equally important...
CHAPTER 12: HOW BIG CAN MI GET?
In the previous chapters, we have guided you through the process of establishing Market Intelligence and have provided advice and recommendations. In this chapter we want to show how big MI can get and how it can be used to find Blue Oceans (Lindgren 2009) and new business models (Lindgren 2009). Finally we summarize what kind of project you have started and the future of MI in the organization.
Preface
Chapter 1 Introduction to Market Intelligence
Chapter 2 Expectations to Market Intelligence
Chapter 3 Where to Place Market Intelligence
Chapter 4 e Start Up With Market Intelligence
Chapter 5 Gathering Information and Knowledge
Chapter 6 Understanding of the Buying Behavior at the
B2B Markets
Chapter 7 Aspects of Market Intelligence
Chapter 8 Sources in Market Intelligence
Chapter 9 Models to Show Market Signals
Chapter 10 Market Intelligence into an IT-System
Chapter 11 Implementation of Market Intelligence
Chapter 12 How Big Can MI Get?
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