Information Gathering In Market Research

Oct 27 • General • 1777 Views • No Comments on Information Gathering In Market Research

Marketing information system is a system which includes people equipment and procedure to collect, analyse, sort and distribute the correct information to the decision makers for the market. It is developed from the internal records of the company, marketing activities and the research of the market. The marketing manager of the company is dependent on the internal reports of the company and only by analyzing this information they can identify the opportunities and threats for the organization. Here you will find the stuff related to Information Gathering In market Research with description.

Market Research

The Order-to-Payment Cycle :customers are loyal only to those companies who promise accurate delivery of goods and services. The companies try to use various technological advances to improve the accuracy and speed of the order to payment cycle.

Sales Information System : Marketing managers need timely and accurate reports on current sales to analyze the inventory control and timely delivery.

Database, Data warehouse and Data Mining

A database is something that in which the organization organize their data for easy recovery of it. These records are easily maintained in these databases for the customers, products and staff and these can be used to combine one data with the other. The companies then warehouse these data to make it easily available to the organization’s decision makers. The data in the warehouse can also be mined by skilled methods and look into the fresh details of the customers who have been neglected in order to discover new trends in the customers.

The marketing Intelligence System

The marketing intelligence system defines a set of procedures that help the managers to obtain day to day information regarding the advancements in the marketing atmosphere. There are different steps that the company take in terms of improving the quality of the marketing intelligence. These steps include :

The organizations can motivate and also train their employees to know about the new developments and can achieve them.
The organization can also motivate their retailers, distributors, and various other intermediaries involved in order to help them pass along marketing intelligence.
The network system of the company can be operated externally also.
There can be a customer advisory panel that can be set up by the company.
The company can utilize and take advantages from the government resources.
The useful information that is required by the company can be purchased from the suppliers from outside.

There are some major forces that a firm need to monitor when collecting the information, these forces are :