Market Intelligence refers to the process of gathering and analyzing data about a market, including information about competitors, customers, and industry trends. This information helps businesses make informed decisions regarding product development, marketing strategies, and overall business planning. By understanding the market landscape, companies can identify opportunities and threats, allowing them to stay competitive. The data collected in market intelligence can come from various sources, such as surveys, focus groups, and industry reports. Companies often use this information to track consumer behavior and preferences, enabling them to tailor their offerings to meet market demands effectively.