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Banking Exams Exam  >  Banking Exams Questions  >  Which of the following statements is correct ... Start Learning for Free
Which of the following statements is correct about the Market Intelligence system, as a component of MKIS?
  • a)
    It is concerned with obtaining information about specific marketing problems like consumer behavior
  • b)
    It covers the information available from internal sources like data on sales turnover, cost, etc.
  • c)
    It covers information from external sources like developments in the marketing environment, changing consumption patterns, etc.
  • d)
    It combines the effect of all other components of MKIS, the use of computerized data in various sectors in meeting the needs of MKIS
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Which of the following statements is correct about the Market Intellig...
Understanding Market Intelligence System in MKIS
Market Intelligence (MI) is a crucial component of the Marketing Information System (MKIS). It focuses on gathering, analyzing, and interpreting data from external sources to aid in strategic marketing decisions.
Why Option C is Correct
- Focus on External Information:
Market Intelligence primarily deals with information obtained from external sources. This includes insights into:
- Developments in the Marketing Environment: Keeping track of trends, regulations, and economic factors that influence market dynamics.
- Changing Consumption Patterns: Understanding how consumer preferences and behaviors evolve over time, which can impact product offerings and marketing strategies.
- Strategic Decision-Making:
The data collected through Market Intelligence helps organizations:
- Anticipate shifts in consumer demand.
- Identify new market opportunities.
- Stay competitive by adapting to changes in the marketplace.
Why Other Options are Incorrect
- Option A:
While MI does provide insights into consumer behavior, it is broader than just addressing specific marketing problems. It encompasses a wide range of external factors.
- Option B:
This pertains to the internal information system, which focuses on data like sales turnover and costs, not MI.
- Option D:
This describes the overall functionality of MKIS rather than the specific role of Market Intelligence, which is not just about combining components but specifically about gathering external insights.
Conclusion
Hence, option C is the correct choice as it encapsulates the essence of Market Intelligence in MKIS—focusing on external information that shapes marketing strategies and decisions.
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Community Answer
Which of the following statements is correct about the Market Intellig...
Marketing Intelligence System covers information from external sources regarding happenings like developments in the environment, changing consumption patterns of the market, etc. through the use of newspapers, magazines, etc.
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Read the passage given below carefully and answer the following questions. In the midst of a global climate crisis, and as India gets closer to hosting the G20 presidency, it is important to recognise our country’s leadership at both ends of the climate debate: By walking the talk on our climate commitments as well as leading people-powered climate action. In November 2021, at the CoP 26 in Glasgow, Prime Minister Narendra Modi, in addition to announcing the panchamrit, or five climate-related commitments of the country, also articulated the concept of “Lifestyle for the Environment” (LiFE) — advocating for “mindful and deliberate utilization” by people worldwide, instead of “mindful and wasteful consumption”.It has been estimated that the global economy could lose up to 18 percent of GDP, and India could lose $6 trillion by 2050 if no climate action is taken. In India alone, more than 50 per cent of our largely rural workforce will be negatively affected by climate change. Food and water security are already threatened across the world due to the climate crisis. Clearly, climate change can no longer be an after-thought to the global development agenda.According to the United Nation Environment Programme (UNEP), if one billion people out of the global population of close to eight billion adopt eco-friendly behaviors in their daily lives, global carbon emissions could drop by approximately 20 per cent. There is an urgent need for individuals to transcend geographical, social and economic boundaries, and come together as a global community to tackle the climate crisis. India can lead the global climate debate by nudging the world towards a new model of sustainable and inclusive development through the Lifestyle for the Environment (LiFE) movement.LiFE was launched on June 5, 2022, World Environment Day, by PM Modi, with a vision of harnessing the power of individual and collective action across the world to address the climate crisis. The objective of the movement is to nudge individuals and communities to adopt simple and specific climate-friendly behaviours in their daily lifestyles. By making daily actions an integral part of our collective social norms, LiFE aims to activate a global community of “Pro Planet People” and steer the world towards a sustainable model of development.Q. Which of the following statements is incorrect about “LiFE” as per the passage?

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Which of the following statements is correct about the Market Intelligence system, as a component of MKIS?a)It is concerned with obtaining information about specific marketing problems like consumer behaviorb)It covers the information available from internal sources like data on sales turnover, cost, etc.c)It covers information from external sources like developments in the marketing environment, changing consumption patterns, etc.d)It combines the effect of all other components of MKIS, the use of computerized data in various sectors in meeting the needs of MKISCorrect answer is option 'C'. Can you explain this answer?
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Which of the following statements is correct about the Market Intelligence system, as a component of MKIS?a)It is concerned with obtaining information about specific marketing problems like consumer behaviorb)It covers the information available from internal sources like data on sales turnover, cost, etc.c)It covers information from external sources like developments in the marketing environment, changing consumption patterns, etc.d)It combines the effect of all other components of MKIS, the use of computerized data in various sectors in meeting the needs of MKISCorrect answer is option 'C'. Can you explain this answer? for Banking Exams 2025 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Which of the following statements is correct about the Market Intelligence system, as a component of MKIS?a)It is concerned with obtaining information about specific marketing problems like consumer behaviorb)It covers the information available from internal sources like data on sales turnover, cost, etc.c)It covers information from external sources like developments in the marketing environment, changing consumption patterns, etc.d)It combines the effect of all other components of MKIS, the use of computerized data in various sectors in meeting the needs of MKISCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Banking Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is correct about the Market Intelligence system, as a component of MKIS?a)It is concerned with obtaining information about specific marketing problems like consumer behaviorb)It covers the information available from internal sources like data on sales turnover, cost, etc.c)It covers information from external sources like developments in the marketing environment, changing consumption patterns, etc.d)It combines the effect of all other components of MKIS, the use of computerized data in various sectors in meeting the needs of MKISCorrect answer is option 'C'. Can you explain this answer?.
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