Marketing Information and Marketing Intelligence: Generation of Customer Insights

Companies require understanding the needs, wants, and preferences of customers and generating relevant customer insights to serve them well. Customer insights can be generated only when companies have processes in place to collect marketing information and marketing intelligence. Companies collect marketing information from many and varied sources. They handle big data and extract insights. Companies manage marketing information with the help of marketing information systems. Marketing information systems help companies in assessment of information requirements, in developing the information, and in analyzing the information to generate customer insights. Companies collect competitive marketing intelligence to have a better understanding of competitors. Companies should adhere to ethical practices while collecting and analyzing marketing intelligence. Proper coordination and utilization of marketing information, marketing information systems, and marketing intelligence will help companies generate relevant customer insights, serve customers well, and achieve business excellence.