The first fundamental category of business intelligence is market intelligence. Market intelligence is the ability to understand the behavior of the buying public. Analysis in this fundamental category is really about understanding who buys what and why. Market data and behavioral trends are some of the best indicators that business owners can use. Without this type of analysis it would be difficult for a business owner to make informed decisions about their product or service.
Another fundamental category of business intelligence is cultural marketing.
This area of study is about understanding the behavior of people who are unique from one group to another. For example, a group that enjoys a lot of exercise will likely enjoy the latest technological gadget. It is also important to remember that people are different and there will always be some differences in how they think. Knowing this basic information will help marketers target the right group of customers for any given product.
A third category is about people themselves.
People play such an important role in our society. They form the foundation of civilization and they can sometimes be like a secret society. Businesses should always pay attention to what people say about their products. By studying these categories, companies can learn about their target market.
A fourth category is about the company itself.
A company is nothing without its staff and its employees. Staffers have a direct impact on the company and how it performs. Companies should pay special attention to how well they retain their staff. If the company does not take care of its people, then it could be a target for a disgruntled employee.
Understanding the fundamental categories of business intelligence analysis is essential for any business. The more data and information that a company has about their consumers, the more they can improve the quality of their product or service. If the company only knows what its product looks like and does not know much about its customers’ needs, then it may be very difficult to win a person’s business. It is impossible to please everyone in today’s business climate.
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