Market intelligence is the information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining strategy in areas such as market opportunity, market penetration strategy, and market development.
Business Intelligence refers to skills, processes, technologies, applications and practices used to support decision making. Business Intelligence often aims to support better business decision-making and as such can be defined as a decision support system.
Market intelligence includes gathering of data from the company’s external environment, whereas the Business intelligence process primarily is based on internal recorded events – such as sales, shipments and purchases. The purpose of incorporating Market Information or intelligence into the Business Intelligence process is to provide decision makers with a more “complete picture” of ongoing corporate performance in a set of given market conditions.
- Cornish, S. L. “Product Innovation and the Spatial Dynamics of Market Intelligence: Does Proximity to Markets Matter?” Economic Geography. Volume: 73, Issue 2 (April 1997)
- D. J. Power (2007-03-10). "A Brief History of Decision Support Systems, version 4.0".
- Prescott, John and others, Proven Strategies in Competitive Intelligence (Wiley, 2001)