MI

Marketing Intelligence

Marketing Intelligence

Introduction

Organizations in today's world seek proficiency in attaining complete business intelligence, more commonly known as market intelligence. Globally, the importance of marketing intelligence is increasing day by day because of the fact, that organizations require regular and efficient knowledge for improvement. For such a purpose, continuous expenditures are made in research and analysis to attain information for market expansion and growth (Chiu & Tavella, 2008, pp.55).

The intelligence system is further used to make effective strategies and finalize priority decisions for the organization. Different high-end strategies can be developed using such an integrated knowledge system. Strategies like market opportunity and growth can be defined by developing different metrics using the marketing intelligence tactics.

As the competition is rising in both global and regional markets, Corporations are seeking to build better relationship with existing consumers and are heavily focusing on attracting new and potential customers. McDonalds, being a Giant Corporation, fall in such a category that has concerns regarding, building a strong costumer orientation to provide high-class products and services.

The entity carries a global reach with localities in over 117 countries, known to be amongst the world's best fast food chain. The organization is keen to maintain standard practicing of continuous development activities in terms of understanding the consumer patterns of buying behaviors and consumer psyche, branding and corporate image and creating a loyalty factor with an increase in overall regional and global market share and performance. For all this purpose, different marketing intelligence tools are used by McDonalds to achieve better understanding, relationship and reach to the costumers and attaining a global competitive edge.

Discussion

Identification of Buyer Behavior & Pattern

Consumer patterns and buying behavior of the consumers, needs great understanding and thinking for the organization to outperform other competitors in the market by developing marketing intelligence to attract individuals and groups according to their psyche.

The basic task in marketing intelligence is to first identify who are the existing and potential consumers for the organization. Consumers are individuals, households, businesses representing different societies and cultures. These representatives generate a source of income and revenue for the organizations (Kardes, et.al, 2011, pp. 58). McDonalds has a business domain in the food industry, more specifically in the fast food industry. The target consumers for McDonalds involve all possible individuals, families and groups belonging from any society and culture. The aim is to provide fascination to consumers who have likeness for fast food with great taste and to attract those who are not so familiar or fond of eating fast food (Solomon, 2009, pp. 23).

The need for understanding the buying behavior of consumer requires great understanding of how the consumer perceives a particular brand, its products and its overall image. The task gets challenging because of the mass population and great diversification in that population. The criterion is to generate great understanding of consumer buying behavior and decision-making process.

Factors affecting Consumer Behavior

The factors that mainly affect the consumer behavior and the organizations response in serving to those behaviors include various ...