Exploring Critical Measures for Developing Market Intelligence Culture in Construction Companies

Abstract

In today's highly competitive environment, integrating market intelligence (MI) is paramount to enhancing organisational decision-making processes. Despite its significance, measures for improving MI culture remain underexplored in the construction marketing literature. Therefore, the objective of this study was to identify critical measures for improving MI culture within construction companies. Employing a sequential exploratory mixed-method approach, twelve key measures were initially derived from exploratory interviews and subsequently validated through an extensive review of relevant literature. The 215 construction companies that assessed these measures classified them as either 'very critical' or 'critical.' Factor analysis identified 'top management commitment' and 'active internal marketing' as the principal measures. It is recommended that construction companies allocate sufficient financial, technological, and human resources to nurture and sustain a strong MI culture. Furthermore, companies should view employees as internal customers, recognising their crucial role in improving MI culture. By fostering a robust MI culture, construction companies can strengthen decision-making capabilities and secure a competitive advantage through more accurate forecasting of market trends, customer preferences, and optimised pricing strategies. This study is the first to explore this subject within the construction industry, laying a foundation for future research.