A study of the market intelligence activities of selected SME's operating in the northwest of Ireland

Abstract

The rationale for this study was to highlight the importance of scanning the competitive environment for intelligence to the success and smooth running of businesses today. In the words of Fredrick the Great (1740-1786), “it is pardonable to be defeated, but never to be surprised” (Calof and Wright 2008). It is not money that makes the world go around, but information. Successful global and domestic marketing strategies are built on a solid base of business information. Strategic intelligence is the backbone of effective global strategies, as it is of domestic marketing strategies (Hiam and Schewe 1998). Knowledge of existing and potential markets, business trends, competitors, and the effectiveness of marketing programmes is critical to the success of any company’s efforts. One popular text notes that “In carrying out marketing analysis, planning, implementation and control, marketing managers need information at almost every turn” (Kotler and Armstrong, Principles of Marketing 1989). SME’s do not conform to conventional textbook marketing theories, instead their business is characterised by the limited resources available to the firm. SME’s tend to be social entities and those who have placed themselves in industrial clusters have found that the collaborative relationships formed have been beneficial and a crucial method of keeping intelligence flowing into the organisation. Most SME owners act as owner managers and also play the roles of the company’s strategist. Their ability to set up and manage information / intelligence management solutions in their organisation sets the tone for the business and can be the critical success factor in the market monitoring activities of the firm. Enterprises today are constantly trying to outpace the competition while still keeping up with changing business cycles, security, globalisation and regulatory compliance. As companies struggle to respond more quickly and efficiently to business change, they are forced to examine the underlying architecture that supports their business to determine future strategy. SME’s in the northwest of Ireland have a range of different orientations to the competitive environment. This study is based upon 3 research objectives aimed at identifying the level of intelligence activities with the SME’s of the region. It is hoped that this study will enhance existing knowledge on the area.