The use of market intelligence to improve market performance of retail SMMEs in Ccape Town

Abstract

The understanding of consumer’s needs and competitor’s activities, strategies and techniques is useful for the identification of marketing opportunities – aspects of market performance determination. But with growing consumer demand for improved product quality and increased competition, the use of market intelligence to understand needs, activities and strategies of consumers and competitors is needful for SMMEs. Objective: This study presents argument for the use of market intelligence to determine market performance through the understanding of needs, activities and strategies of consumers and competitors. Prior Work: Previous studies provided evidence that the marketing environment is both complex and dynamic with challenges and opportunities – supports the use of market intelligence and its positive impact on business performance. Methodology: This study adopted a positivist paradigm and utilised survey method to collect quantitative data from 30 purposive randomly selected respondents from retail SMMEs in Cape Town central district. Data analysis was done using descriptive and inferential statistics. Results: The study found lack of understanding of market intelligence benefits amongst respondents with limited use to improve performance. Implications: The market performance and the understanding of market dynamics and complexities would be improved with training and development of retail SMME owners and managers in the use of market intelligence. Value: The understanding of SMMEs ability to use market intelligence is important for policy and strategic intervention to support and promote SMMEs development initiative and programme for success, economic growth and job creation.