Page 157 - DLIS402_INFORMATION_ANALYSIS_AND_REPACKAGING

Information Analysis and Repackaging

Notes We all know that no marketing activity can be carried out in isolation, know when we say it doesn’t
work in isolation that means there are various forces could be external or internal, controllable or
uncontrollable which are working on it. Thus to know which forces are acting on it and its impact
the marketer needs to gathering the data through its own resources which in terms of marketing we
can say he is trying to gather the market information or form a marketing information system.
This collection of information is a continuous process that gathers data from a variety of sources
synthesizes it and sends it to those responsible for meeting the market places needs. The effectiveness
of marketing decision is proved if it has a strong information system offering the firm a Competitive
advantage. Marketing Information should not be approached in an infrequent manner. If research
is done this way, a firm could face these risks:

Opportunities may be Missed

There may be a lack of awareness of environmental changes and competitors’ actions.
Data collection may be difficult to analyze over several time periods.
Marketing plans and decisions may not be properly reviewed.
Data collection may be disjointed.
Previous studies may not be stored in an easy to use format.
Time lags may result if a new study is required.
Actions may be reactionary rather than anticipatory.
The total information needs of the marketing department can be specified and satisfied via a
marketing intelligence network, which contains three components.
1. Continuous monitoring is the procedure by which the changing environment is regularly
viewed.
2. Marketing research is used to obtain information on particular marketing issues.
3. Data warehousing involves the retention of all types of relevant company records, as
well as the information collected through continuous monitoring and marketing research
that is kept by the organization.
Depending on a firm’s resources and the complexity of its needs, a marketing intelligence network
may or may not be fully computerized. The ingredients for a good MIS are consistency, completeness,
and orderliness. Marketing plans should be implemented on the basis of information obtained from
the intelligence network.
Marketing Information System offers many advantages:
1. Organized data collection.
2. A broad perspective.
3. The storage of important data.
4. An avoidance of crises.
5. Coordinated marketing plans.
6. Speed in obtaining sufficient information to make decisions.
7. Data amassed and kept over several time periods.
8. The ability to do a cost-benefit analysis.
The disadvantages of a Marketing information system are high initial time and labour costs and the
complexity of setting up an information system. Marketers often complain that they lack enough
marketing information or the right kind, or have too much of the wrong kind. The solution is an
effective marketing information system.

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