The Chair Trade is an independent furniture store that specializes in selling Amish-style furniture and household items. Until the first of the year, its overall sales revenue was slowly increasing

Question

Since the first of the year, however, sales of small items increased while sales of furniture decreased, leading to declining sales revenue. How could the owner of the store rely on market intelligence to understand the change in consumer buying behavior? Should the owner rely solely on market intelligence? Why or why not?

Answer 1

A market intelligence system is a method by which marketers get information about everyday happenings in the marketing environment relevant to their business. The owner of the store could compile observations about the marketplace, read industry trade publications, review competitors' websites, and even hire "mystery shoppers" to gather information on the customer experience. However, market intelligence is just the beginning. An effective MIS must include procedures to ensure that the intelligence data are translated and combined with internal data and other marketing information to create a useful report for owner.