Case Scenario:
Companies develop strategic plans and operational procedures through technology processes for data analysis in order to make informed decisions on all levels of the organization. The ability to collaborate from corporate executives, management, end users and customers are key to the overall success and competitiveness of the company with a focus toward making better business decisions. Business intelligence is comprised of various business components-financial intelligence, marketing intelligence, accounting intelligence, and management intelligence all of which is aimed at a specific data analytical goal.
The industry that I currently work within gathers data as it relates to marketing intelligence to better understand our target markets, identify customer preferences, acquire behavioral impressions, determine existing and future needs of our consumers, in order for us to improver customer experiences and maintain a competitive advantage.
Market research is very important for a company to be well at. By knowing your market and the markets out there can better assist you in bettering your business. By gathering information on your competitors and consumers you are able to keep your business in the market, it is a very important business strategy. Both qualitative and quantitative research is needed to be informed on the market. Qualitative research is great when having focus groups, meetings and blind testing while quantitative is great for customer surveys and data analysis reviews. These social and opinionated research helps gather and interpret information about consumers and organizations you are with and or up against.