Business research Question 2

[usmanstar]

What is the difference between market intelligence and market research?

Market Intelligence:is the continuous process of getting knowledge and information

Market Research: is the problem based study conducted by the professional individuals.

There is some software available in the market to help the management or decision makers. They are the artificial intelligent decision making.

DSS (Decision support system)
This is an artificial system in which the information is saved.

BIS (Business intelligence system)
This will tell the management whether the research should be conducted or not.

Strategy
Strategy is the means of achieving long terms objectives. Following are the some characteristics of a strategy:
-->Long terms objectives are to be achieved
-->Competitiveness
-->Sustainability: It brings self regulation
For example: the Federal University was facing some problems in the admission process the management made a strategy and set a standard that all the students intending to take admission in the University will go through a aptitude test. This strategy gave the university an edge over its competitor's universities and it made the system sustainable it brought regulation because it set a minimum standard.

Tactics:
For example our yearly sales are Rs100, 000 and we want to increase our sales to Rs
10, 00,000 per year. For this purpose and the target we will break our strategy into
different parts or ways suppose for the first year we will try to achieve the target of
increased sales of 200000 for the 2nd year we will increase our sales target and make
some adjustments in the strategy to achieve these specific ways to achieve a some
objectives are called the Tactics.