Topic 1 Questions

PACE 3: Topic 1 Question
September 4, 2022
PACE: Business Elective 3 BSBA 2-Y1-2
The following questions are for Topic 1 of our subject. Copy the following
questions and start answering them in an MS Word file so you can just transfer
them in your PACE account once your account is activated.
Topic 1 Questions
Q1.1 What is market intelligence and how can information gathered and recorded as a
result of networking activities or participation/ attendance at trade fairs, expos, industry
conferences or seminars contribute to forecasts?
Market intelligence is the knowledge or information required to understand the
market, assess customer needs, and collect and organize data on market events to
identify market opportunities, develop and enter the market for potential new products or
services. This data information may be utilized as a motivator or tool to make better
decisions, as well as a guide for developing competitive tactics. Customers' surveys or
statistics, as well as social media analytics and sales records, can be used to obtain
information. One frequent method of gathering information is to visit rivals' websites,
conduct surveys, and review consumer comments, feedback, and ideas.
Q1.2 What other sources of information can contribute to the development of market
intelligence?
 Market research and market intelligence service organization.
 Customers/consumers and prospects.
 Joint venture partners.
 Universities that can provide up-to-date research data and analysis.
 Industry Influencers
 Industry publications and industry associations/peak industry bodies.
 Social media- twitter, LinkedIn, face book, instagram etc.
 Digital tolls and analysis that help assess industry behavior.
 Competitors/competitor analysis.
 Online directories.
 World industry reports.
 Newspapers, magazines, television and other media.
 Austrade
 International government, manufacturing, infrastructure and planning agencies.
 Government’s- government statistics.
 Web analysis.
 The organization’s sales force.
 A range of international bodies.
 Chambers of commerce and business institutes.
 Foreign embassies and trade missions.
 The companies register or equivalent in different countries.
Including;
 News/ Newspapers
 Sales people
 Public Blogs
 Suppliers
 Employees
 Social media
 Market research
 Internet
 Customers and consumers feedbacks
 Commercial services
Q1.3a What are the criteria against commercial market intelligence services can be
evaluated?
The organization will need to set criteria for evaluating any commercial service.
To assess a commercial market intelligence service, a corporation must define a
criterion for this service in order to choose which among services to use. A corporation
must negotiate with another service provider in order to make a comparison.
Criteria that a company might consider:

 How to measure value for money.
 Costs attributed to the contracted analyst
 The risk of using external service provider
 The benefits of using external providers
 The reputation of the analyst (company)
 How to make comparisons between the offers from the different
companies.
Q1.3b Why would an organization choose to use the services of a commercial provider?
Organizations choose to use the services of a commercial provider to help with
cost reduction and to let service providers take on some of the responsibility of the
entity. The firm benefits from using the services of a commercial supplier not only in
terms of cost but also in terms of convenience and better or easier access to data
sources. Allowing organizations to concentrate on core projects rather than on a daily
basis operations is more efficient, which will help them save money. Because they lack
the ability or skill, organizations sometimes opt to engage the services of a commercial
supplier.
Q1.4 How does relevant market intelligence plus evaluation of an organization’s market
performance help determine future directions?
Market intelligence and an evaluation of an organization's market performance
are essential for predicting future changes. Market intelligence is information that may
be utilized to help a firm decide on its future direction or focus. Additionally, it enables a
business to anticipate customer needs, spot possibilities, and improve its processes.
Recognizing changes in trends will also help the business grow and maintain its
competitiveness in the future. The vast bulk of market data, however, is employed to aid
in business growth. On the other hand, by examining its market performance, the
company may determine if it can continue to operate or if it has to halt or discontinue
those activities.
Market intelligence and evaluation

of an organization’s market
performance are very important in
predicting
future directions. Market
intelligence is the information that
serves as a tool or guide, through
its data which can
be used to determine its future path
or directions, also it enables and
helps the business to forecast
market
needs, determines opportunities,
and development of the business. It
will also help to identify changes
in
trends, which allows the business
to innovate and stay competitive in
the future. The purpose of most
market
intelligence, however, is to help
the company grow. On the other
hand, evaluating the organization’s
market
performance allows the company
to determine if the business will
have the ability to continue its
operation or
have to terminate or discontinue its
operation because of the poor
performance.
predicting
its data which can
market
in
market
market
operation or
performance.
predicting
its data which can
market
in
market
market
operation or
performance.
predicting
its data which can
market
in
market
market
operation or
performance.

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PACE 3: Topic 1 Question

Criteria that a company might consider:

Market intelligence and evaluation

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