Posted by: Madhavi CN | June 22, 2010

Market Research & Intelligence: The Team (Final)

In spite of the ever-increasing access we have to information today, it is still a daunting challenge for the uninitiated to find the sources and quickly distill the information required for good planning. 

The research team should not be discouraged by the deficiencies in the market and competitive information. Good strategic planning has a time horizon, which includes a few cycles of the process to fully understand our place in the world. In second and subsequent iterations of the process, it is almost certain that the team will be better prepared to undertake the research activities. Having lived with the plan for several months, the team will be naturally attuned to the information needs. This helps in knowing which are the critical questions for our particular products and services, markets and competitive situations.

The team needs to be aware of the facts that:

  • In spite of its convenience, online research alone does not always meet all the objectives.
  • Competitive Intelligence does not begin and end with the World Wide Web.
  • Too tight a focus on reports from a single research bureau can potentially reduce predictive insights that a wider array of industry reports present. A clearer understanding of the information from multiple sources in the context of data base marketing is required.
  • Market and competitive intelligence arena is changing very rapidly. Hence search techniques need to be continuously improved.

 The mastery of the strategic planning process, along with the ability to complete the market and competitive research will improve with time! Hence it is essential to have an experienced market intelligence team.

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