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The organization of information is vital to extending value in the data collected and analyzed.  Access to this information is key to linking up-to-date knowledge to decision processes and decision makers.
 
Most companies have a wealth of information within each department, accessible to those few who collect it.  Good companies find ways to put the information into use within the department's decision processes. 
  • Sales may collect information on competitive pricing, product launches and ad spending. 
  • Manufacturing may collect information on how competitors are reducing assembly costs and parts costs
  • R&D may collect information on new technologies, competitive patents and new materials
  • Product Marketing may collect information on market share, tradeshows, consumer buying behaviors and trends. 
  • Product Management may collect information on feature requirements, design trends and new competitive product innovations

These efforts allow companies to make the day to day decisions that are need to survive in today's global marketplace.  BUT, in order for a company to be great and maintain market leadership, an integrated Intelligence program is needed.

MarketWise can develop a customized Market Intelligence website for your company to share information across departments.  When information is brought together about your competitors new rational conclusions can be made. 

An example:  Your sales department finds out a competitor's prices are dropping in an important line so they ask management for comparable reductions.  Product management sees that this competitor's share is going up and agrees with sales.  Manufacturing has just learned that this competitor has found a way to reduce the number of parts in their product.  R&D found this competitor has just filed a new patent for a new product.

Only when this information comes together in an exchange of information and "So What's" does a story develop.  If you look at the sum of all the facts it appears this competitor is launching a new lower cost product line utilizing a new technology in the longer term and clearing out existing inventories in the short term.  Reactive price reductions alone will not successfully counter this competitor's long term actions.  However, a cohesive strategy developed among all key departments sharing their knowledge can!

 

CLICK HERE TO SEE AN EXAMPLE TEMPLATE OF A MARKET INTELLIGENCE WEBSITE

MarketWise Consumer Insights, LLC  Phone: 732-649-1216
Email: info@marketwiseci.com
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