Marketing information, Marketing Management

Marketing information: to perform the complex task of marketing the marketer needs many pieces of information as a basis for drawing marketing decisions. Market information as a basis is of great importance to the management of firms. Market information includes all facts, estimates, opinions etc.considered in making decision which affects the marketing of goods. Market information is an important feature of marketing. In drawing and formulating policies and directing the marketingactivities a marketing executive must have adequate information about the firm and the market regarding the products of the firm. The ability of the marketing executive is vital for success in marketing operations. He must be able to evaluate the up to date information pertaining to:

  1. The customer's expectation regarding the product.
  2. The degree of competition to be faced.
  3. Government policies.
  4. Channel of distribution.
  5. Defects of rival products.
  6. Bying motives of the customers.
  7. Supply demand and price of similar products.
  8. Size of the market to be cover.
  9. Customer's opinion about the product size, shape, type etc.
  10. Satisfactory inflow of information.

The market information really helps a producer to retain create and expand the market for his products. Information is needed relating to current and future market for the products. A business man has to take decisions often. He can to take wise decisions to tackle the situations effectively only when he possesses the relevant information. For a company to operate successfully the management must develop an orderly method for gathering and analyzing the mass of information includes all facts, estimates, opinions etc. take into account in making decisions that effect the marketing of the goods and services.

Posted Date: 9/19/2012 8:12:49 AM | Location : United States

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