Importance of information in marketing

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Written by SPARSH DIXIT (NOSM MCO–06 B1)
A generalized database of procedures,methods of collection, summarisation and presentation of relevant information which can be used by the company to get valid outcome after getting it implemented or in order to get the targeted results is considered to be an important aspect in field of marketing.
Basically marketing strategy is based on the information which is being collected through various sources including surveys,replies through emails and even feedbacks,thus information plays an important role in field of marketing.
Decisions are often made keep in view the marketing environment and the factors which might affect it like customers,competitors,demographies,level of income along with ideologies of present government and information serve as a channel in providing relevant information to marketing strategist after its collection.
There are various methods through which we collect the information are:-

System of internal reporting:-

Internal reporting system serves within every organisation and they disseminate information like orders which are being recieved by the company, maximum and minimum profitability in products which are being launched by the company and sometimes one product does well in different demogrpgy while other doesn’t thus this information is also being provided by internal reporting system of an organisation.

System of marketing intelligence:-

Observation serves as an essence in marketing system.Even if a person goes and walks around observing the market behaviour of a person inside any shop which implies that the product in which customer shows maximum interest or by observing the product which are visible in display windows he/she can get a valuable insight about the prevalent marketing scenario.

Marketing research system:-

The method of marketing research system is being used for gathering specific information in order to solve a specific marketing problem and this system is not used on daily basis while it’s being implemented sometimes when need arises.A higher degree of confidence as well as accurately refined information is being derived from the above method.

Analytical Marketing System:-

Whenever an enormous set of data is being forwarded to higher authorities it is being compressed and condensed in order to simplify it and it helps in understanding and predicting information in a better way.It even helps in threat analysis and finding better alternatives if there is an abnormal change in data once it is being compared from previous available set of data’s.

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