Effective functioning in today's highly competitive market is a real challenge. Enterprises must constantly monitor the market, recognize the conditions in which they will work and meticulously plan their activities - including planning the demand for specific products, based on the analyzes of the environment. Marketing information systems are used to create marketing strategies that will allow to achieve specific goals. What exactly is marketing information?
What is Marketing Information?
Effective company management is an art. Art based on the constant collection and analysis of information from various sources. This information is the basis for creating well-thought-out, effective strategies that keep the company in the market and help it build a competitive advantage. Properly used, they are a guarantee of industry success.
Marketing information is the basis of marketing. Marketing information is any data used in the marketing management process of a company, bringing specific knowledge that reduces risk in the decision-making process. Marketing information improves both strategic (company goals, strategies) and operational (marketing mix configurations).
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Marketing information and strategic planning
Marketing is undoubtedly one of the most important strategic management areas business. decent marketing strategy it is an important element of the functioning of any enterprise. The strategy sets goals, determines the way to achieve these goals, and also indicates the language communication with customers and the channels and means used to reach audiences. However, it is impossible to create an effective marketing strategy without proper preparation. The key to success is a thorough analysis of the marketing environment, including the formulation of forecasts of possible changes on the market. Only on the basis of the data obtained in the analysis, i.e. marketing information, the goals of marketing activities are determined.
Marketing information is the basis for rational planning and strategic managementbecause they provide comprehensive data about the market, including competition, industry trends, target groups and other elements that may affect the direction of the company's development.
Many companies create special marketing information systems that improve the flow of information obtained between specific people in the organization, and also systematize this information. What exactly is a marketing information system? And why is it worth using?
A few words about the marketing information system
In the Encyclopedia of Management, we can read that the marketing information system, or SIM, is "the whole of people, equipment, procedures and techniques for collecting, organizing, processing, and then making available transparent and accurate information on time for people making important decisions, with particular emphasis on the employees of the department. marketing ". In other words, it is a certain structure that allows you to group all marketing information that flows into the company, and also makes it easier to transfer it to people who play important roles in the company - i.e. managers, marketing department employees or other people in the organization involved in marketing activities. . A logical, efficient marketing information system facilitates important marketing decisions.
The marketing information system is based on three main elements. These are:
- internal reporting - information obtained from secondary sources, i.e. data collected within the organization, e.g. data on the number and value of goods sold, inventory levels, profits, company operating costs, etc.,
- marketing interview - activities and sources used by marketing employees to better understand the market, e.g. blogs, books and industry publications, scientific articles,
- marketing research - various techniques for collecting and saving information from various sources, including research on external and internal phenomena, research related to the product, price, distribution, brand image research, the results achieved by the enterprise and others.
Why is it worth using a marketing information system?
The entire information system (including the marketing information itself) is an effective support in creating marketing strategies that bring the expected results. Properly used information reduces the uncertainty associated with making important and less important marketing decisions. In addition, they are the basis for a broadly understood assessment marketing environment. They allow you to get to know the market, competitors, potential business partners and specific target groups, as well as accurately track their activities. Moreover, they identify and evaluate the strengths and weaknesses of the enterprise. This, in turn, allows you to create tailored marketing plans, based on real goals, and in the long run, build a competitive advantage.
Does your company need a marketing information system? Without a doubt! A well-thought-out, carefully prepared and properly implemented system is your ticket to a great success on the market.