Examples of business intelligence in the following topics:
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- Competitive Intelligence (CI) is a hybrid process of marketing research and strategic analysis that can give companies a competitive advantage.
- There are many synonyms for competitive intelligence such as business intelligence, market intelligence, and corporate intelligence.
- The CI field has been growing exponentially as it is becoming a must-have core competency for many businesses.
- At the core of this concept is the ability to understand the competition's position and predict the likely moves that competing companies will employ based on basic business principles.
- Primary research – This process involves the use of a human network to access meaningful intelligence.
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- Decision support systems are tools that help companies assess and resolve business questions in a timely and effective manner.
- Companies across all industries rely on decision support tools, techniques, and models to help them assess and resolve business questions.
- With supporting software and hardware, this tool collects data that helps an organization gather and interpret relevant business information.
- A key component to any DSS is business intelligence reporting tools, processes, and methodologies.
- Decision support systems have become critical and useful across all types of business.
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- Companies must monitor competition in order to make intelligent marketing decisions based on how competitors operate.
- It means basing intelligent marketing decisions on facts about how competitors operate, as well as determining how best to respond.
- A broad definition of competitive intelligence is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in making strategic decisions for an organization.
- Competitive intelligence is an ethical and legal business practice, as opposed to industrial espionage which is illegal.
- There is a process involved in gathering information, converting it into intelligence and then utilizing this in business decision-making.
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- A marketing-oriented business starts with the customer, finds out what they want, and then produces it for them.
- Kohli in the "Journal of Marketing", marketing orientation is the, "The organization-wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments and organization wide responsiveness to it. "
- Using this customer intelligence, companies could produce products that supported their overall business strategy, competed effectively in an increasingly global and competitive market, and delivered solutions for current and future customer needs.
- Marketing-oriented companies revolve around internal business processes that gather, synthesize, and package market intelligence into integrated marketing communications programs (i.e., advertising campaign, new product launch, promotional offer, etc.).
- As stated, the most important focus in a market-orientated business is the customer.
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- Business customers - as compared to consumers - tend to be more rational, are more concerned with quality, and look to make lasting relationships.
- Business-to-business or B2B marketing targets markets where the end users or customers are the purchasers of goods and services.
- Business customers also purchase a wide variety of different services, depending on their business needs.
- However, like consumer markets, business marketers monitor and analyze customer purchase behavior to develop segmentation strategies and customer intelligence.
- Because B2B sales cycles can extend over months and even a few years, the business customers are more cautious and rational in their purchasing decisions than day-to-day consumers.
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- Companies like McDonald's and Starbucks were able to survive the recession by being smart about how they conducted business.
- As a result, many firms develop new products based on an orderly procedure, employing comprehensive and relevant data and intelligent decision-making.The continuing development of a successful new product looms as the most important factor in the survival of the firm.
- All business enterprises must earn a long term profit.
- For many businesses, long term profitability also allows the business to satisfy company stakeholders such as investors, employees, customers, and suppliers.
- Just as survival requires a long term profit for a business enterprise, profit requires sales.
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- Clearly, without the existence of people or businesses to buy and consume goods, services, and ideas, there would be little reason for marketing.
- The Internet, or more specifically, the World Wide Web, has eliminated time and geographic constraints for both consumers and businesses looking to connect regardless of physical location.
- Personal information ranging from birthdays and profession, to family photos and multi-user gaming yield insightful intelligence for marketers looking to improve promotion to niche and hard-to-reach markets.
- Besides the rapid adoption of Internet technologies among consumers and businesses, the world is now seeing a generation of people born after the emergence of the commercial web come into adulthood.
- Busy and hectic schedules are prompting people to view and access brand messaging on the go from their Smartphones, tablets and gaming consoles.
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- The sole purpose of these firms is to capture customer feedback from various sources on a real-time basis and have reporting tools in place that lead to intelligent decision making.
- For example, a pharmaceutical company may employ lobbyists to change laws related to their business.
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- In some companies, the product management function is the hub of many other business activities around the development and launch of a product.
- They often translate business objectives set for a product by marketing or sales into engineering requirements for product development.
- This constant exchange between technical and business teams ensures that product benefits and features are accurately communicated to target audiences.
- To facilitate this communication process, product management teams will perform activities including customer research, competitive intelligence, industry analysis, and competitive analysis.
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- As companies seek to run leaner and more efficient businesses, more marketing professionals are tasked to demonstrate how marketing generates revenue and contributes to companies' business goals.
- Increasing competitive intelligence and anticipating competitor reactions to new marketing strategies
- Long-term ROMI creates a challenge for brands unfamiliar with using business analytics together with marketing analytics to determine resource allocation decisions.