Published by: Mandira
Published date: 04 Feb 2022
Information like mirror, which demonstrates the realities of the organization, males aware of the opportunities and threats, and helps to identify the right track or road to move. Since marketing decision makers cannot control all the factors in a given situation, there is always risk of making wrong decision. Sucha a wrong decision can be fatal to the organization. So, it is the task of market researchers to provide the information that will enable the decision makers to eliminate or reduce mistakes or risks in the business.
The need of proper market information is immense. With the dynamics of the market ever changing, it is a must to have information related to the various aspect’s pf the market. Greater the market information, one is better equipped to survive and succeed amidst the different challenge.
The primary needs that make market information such an important aspect listed below:
Decision Making: For every marketing decision it is important to have sufficient and correct market information. Market information provides the proper dissection of related marketing aspects, based on which one can take a correct decision.
Planning: “If you want to succeed, start your steps with proper planning”. This line sums up the importance of planning. Planning is the proper when you have a pool of market information. Market information helps to assess the strength and weakness of firm as well as the opportunities and threat associated with the market it exists on.
Implementation and Control: Market information is also essential for the proper implementation and control of the various marketing activities. Market information makes us aware of the changing aspects of different marketing components which in turn help the firm to implement its marketing program with required changes and without any hassles.
Environmental adaption: The component of marketing environment are dynamic in nature. In such scenario, an organization need to analyze the various components of marketing environment and act accordingly.
There are varieties of sources that can be used to obtain marketing information. Some of are as follows:
Marketing Mix
The components of marketing mix itself are the primary source of marketing information. Information related to product, price, people and promotion can be obtained from marketing mix itself.
Marketing Research
Marketing research is conducted when accurate information is needed to solve a particular problem, such as which market segment prefers what kind of product, which advertising theme for a product will attract more customers etc.
Marketing Information System
As another primary source, marketing information system regularly pulls together various scattered sources of information from inside and outside the organization. The purpose of these systems is to provide information and analytic capabilities that are needed by executive who must make decisions on a board range pf marketing topics.