Marketing Intelligence and Big Data
Chapter from the book:
Yılmaztürk,
Y.
&
Akdoğan,
Ç.
(eds.)
2023.
Selected Topics in Marketing: Concepts and Studies.
Synopsis
For businesses to self-knowledge and recognize the environment for their strategic decisions is important. If businesses analyze the information they obtain in a sufficient and reliable way, they can have strong marketing intelligence. Thus, businesses can make the most appropriate strategic decisions. In the past, marketing intelligence focused on both market research and internal resources in businesses to obtain information about many issues such as consumers and markets. Today, marketing intelligence's focus has shifted to applying models and techniques such as big data technology to discover strategic decisions and marketing insights. In this context, this chapter discusses the concept of marketing intelligence and big data technology in detail. The elements of marketing intelligence which are market intelligence, product intelligence, competitor intelligence, and customer intelligence are explained separately. Then, the concept of big data technology used in marketing intelligence is mentioned. The subject of big data is addressed both in the essence of big data and from a marketing perspective, starting from the basis of data and data development. As a result of the study, the importance of creating marketing intelligence to establish a competitive advantage or survive against their competitors in the market is emphasized. Also, both the benefits and the difficulties of using big data, which comes into play in the marketing intelligence formation phase and decision-making mechanism, are mentioned.