Kotler, et al. (2006) defined it more broadly as "people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers."

Set of procedures and practices employed in gathering, analyzing, and assessing information about a firm's market environment comprised of competitors, customers, suppliers, distribution intermediaries, and sales personnel. Timely market information provides basis for monitoring and estimating emerging market trends. Also called market intelligence system. See also marketing information system.

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gaining the information about the market like share market, inflation, and so on....