According to Phillip Kotler in his book Marketing Management, 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 happening data. Marketing Managers collect marketing intelligence in a variety of different ways, such as by reading books, newspapers, and trade publications; talking to customers, suppliers and distributors; monitoring social media on the Internet; and meeting with other company managers. The steps that can be taken by a company to improve the quality of its marketing intelligence function includes: managers 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 research firms and vendors; and collecting marketing intelligence information on the Internet. Firstly, train and motivate the sales force to spot and Report new developments. The company must “sell” its sales force on their importance and intelligence gatherers. Grace Performance Chemicals, a division of W. R. Grace, supplies materials and chemicals to the construction and packaging industries. The company’s sales representatives were instructed to observe the various ways customers used it products in order to suggest possible new products. As a result, they found out that some customers were using Grace Waterproof materials to soundproof their cars and patch boots and tents. Consequently, seven new-product ideas emerged, worth millions in sales. In today’s society W. R. GRACE in a press release dated July 12, 2012 mentioned that it had formed a Performance Chemicals…

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>