What is marketing information?
Marketing information or marketing information system (MKIS) is a system for collecting, analyzing, interpreting, storing, and disseminating market data to marketers on a regular, continuous basis from both internal and external sources.
The marketing information system provides valuable data to marketers to make informed decisions about pricing, packaging, new product development, distribution, media, and promotion, among other things.
Different types of marketing information
Internal data or information
Internal data is information that businesses collect about their customers and potential consumers as part of their day-to-day operations.
Marketing departments keep track of the interest and prospects they create from potential clients, as well as how they connect with them. They collect information such as geographic location, gender, age, purchasing habits, and communication preferences for segmentation and targeting purposes.
The statistics on current sales and inventory levels assist management in determining their goals, and marketers can utilize this data to plan their future marketing strategy.
Companies keep their data in a data warehouse, from which they may obtain it whenever they need it. Once the data has been saved, statistical professionals mine it using a variety of computer applications and procedures to convert it into useful information such as facts and statistics.
Marketing competitive intelligence
The business environment, or market intelligence, is the second type of information that will be required. Market intelligence is concerned with overall market demand, market potential, market rivals, and so on.
Internal sources, such as consumers, suppliers, and distributors, typically provide a significant amount of marketing intelligence.
- The following is information about the product. This comprises details about numerous competitors’ items that compete with an organization’s production in terms of presentation, reliability, number of products delivered, features, and so on.
- Information on market share. This contains information about the rivals selling the most products in an organization’s target market, changes in market share, market leaders, and so on.
- Information about pricing policy and strategy. This comprises pricing policy, financial model, and competitor pricing strategies for similar items, competitor reduced pricing tactics, comparisons that affect an organization’s pricing based on competitor pricing strategies.
Marketing research is a method for identifying marketing opportunities and resolving marketing issues based on customer insights gleaned from the gathering and analysis of marketing data.
Marketing research defines the problem that needs to be solved or the opportunity that needs to be investigated, as well as the data needed to answer research questions. It also entails procedures for gathering data, evaluating it, identifying insights, and communicating findings and recommendations to people who will act on the findings.
Marketing research plays an important role in the marketing information system since it delivers accurate data that has been thoroughly tested by researchers.
Marketing decision support system
It comprises a number of software packages that marketers can use to assess the data they’ve gathered so far and make smarter marketing decisions.
The rise of the internet allows marketing managers to save large amounts of data in a csv file, evaluate the data using statistical algorithms, and make decisions based on the findings.