Significance of marketing information

Marketing information is crucial to effective marketing management. Often, the extent of marketing excellence achieved by firm bears a direct relationship to the way it manages marketing information. Marketing excellence is, after all, the net result of correct marketing decisions. And, the decisions can be correct only when they are information based. This is particularly true in today’s world. Today, ‘operating by gut-feel cannot be the paradigm in running an enterprise; information based management has to take its place; firms have to manage by facts/evidence, not gut-feel/opinions. It will not be inapt to say that today for all business firms, the way they handle marketing information accounts for the difference between winning and losing the business game.

In fact, practically every decision area of marketing needs the support of marketing information.

It is well known that today business organizations need knowledge management for success. It has become important not only in launching new businesses and developing corporate strategies, but in carrying out every major management activity/function. To put it in brief, the supremacy of knowledge management in running a business is now well established. Business success now requires a sustainable and cutting edge knowledge base.

It is not our case that knowledge has suddenly started playing a vital role in managing a business. Organizations have always harnessed knowledge and used it as the main competitive advantage in their quest for business success. What is new is the growing compulsion for managing knowledge in a systematic and structured manner. In other words, the need for knowledge management and not the need for knowledge per se is at the root of the new phenomenon. Till recently, there was not so much need for management knowledge so explicitly and so systematically. Quite a few factors have led to this new compulsion for managing knowledge in this manner.

Marketing Information benefits a Firm in many ways:

In marketing planning,

* Helps tap opportunities and build defenses against threats.
* Helps quick spotting of changing trends.
* Provides valuable market intelligence.

In marketing Implementation,

* Helps deliver customer-oriented marketing offers/4Ps.
* Supports promotion; helps planning of promotion; leads to better campaigns, better selection of target audience better choice of media and so on.
* Helps build relations with customers. After all, customer relations rest on customer knowledge. And, marketing information confers this knowledge. It is by using such information intelligently that organizations build best relation with customers.

In marketing control,

* Imparts quality to all marketing decisions; the quality of these decisions is actually determined by the quality of marketing information available to the decision maker. And such quality decisions are the essence of effective marketing control.