Market Intelligence (MI), can be defined as ″the process of acquiring and analyzing information in order to understand the market (both existing and potential customers); to determine the current and future needs and preferences, attitudes and behavior of the market; and to assess changes in the business environment that may affect the size and nature of the market in the future.″ In other words market intelligence is the information, gathered and analyzed specifically for the purpose of accurate and confident decision making for determining market opportunity, market penetration strategy, and market development metrics.
There is an urgent need for making available market intelligence services to boost the trade and increase the participation of all importing and exporting organizations or firms in India and also other countries which require support about latest developments in trade. Thus these services are likely to bring more awareness among exporters and importers all over. Market intelligence plays a vital role in marketing of agricultural produce. If the information on commodity prices prevailing in various markets is made available, the farmers would be able to get better price for their produce by moving their produce to the market which pays higher price.
» To provide market and customer orientation
» Identification of new opportunities
» To identify new trends in markets and competitors
» Early warning of competitor moves to enable counter measures
» Minimizing investment risks, to detect threats and early market trends
» To provide better customer interaction and to give intensified customer market view
» Information for better market selection & positioning and to understand and discover untapped or under-served potential
» To give quicker, more efficient and cost-effective information in order to avoid duplication of report acquisitions and expensive consultant work