Question

Mass production techniques increased the volume and range of goods on the market. Elaborate this statement with logic and give an example of any FMCG company, also discuss the statement ‘Marketing is the management of exchange relationship’. Define marketing intelligence system. Discuss the various steps to improve the quality of marketing intelligence of an organization. Discuss the significance of marketing information. What are the various ways to manage marketing information and measure market demand? Explain?

Answer 1

i) Definition- A Marketing Intelligence system focuses on the systematic collection and processing of information fromt he relevant source to ascertain the changing trends in the marketing environment . It helps us to understand the audience in detail and also their needs,Allows us to make changes in the product if needed ,Keep upto date of competitor success and failure.

In simple words, the marketr gathers data from all the available sources and the process these into meaningful infornation that can be used to make critcal business decisions.

ii)Following are the steps to improve the quality of marketing intelligence of the organisation:

1)BUILD SENIOR MANAGEMENT SUPPORT:In order to secure funding for carrying out changes in processes or technology,we need senior management support and budget.To secure this budget ,we will need to demonstrate a benefit case.The benefit case is fairlyeasy depending on where we are and our current maturity level

2)MANAGE CUSTOMER RELATIONSHIP PRO ACTIVELY:Most organisation monitors Key Performance Indicator. The difference between leaders and laggards are the kind of key performance indicator they monitor

3)STANDARDIZED MULTINATIONAL AND MULTI DIVISION PROCESSES:The large companies are often not restricted to specific geographics and areas.This ensures not only process standardization but also comparative assessment of performance indicators on parallel opearations

4)INTEGRATE ANALYTICS WITH YOUR FRONT END OPERATIONS:A Big barrier in decision making is that data and analytics sit in a silo away from the opearational team which is responsible for the managgement. Integartion of analytics with front end operation   can help to improve the quality of marketing intelligence of the organisation.

5)INTEGRATE NEW DATA INTO YOUR ANALYTICAL PROCESSES:Append customer data with third parties or from non traditonal sources to build new insights into the target market.

iii)The significance of marketing information are as follows:

a)It heps in understanding customer needs, demand and wants.

b)It also helps in monitoring marketing environment and marketing demand as well as trend

c)It aids in making sound and reliable future decision

d)Helps  in reducing time and cost by eiminating wastage

e)It also facilitates co-ordibation of marketing  

iv)The following are the ways to manage marketing information:

1)Internal data:Internal data consist of various information and dats that company collects about theircustomers and their preferences such as gender,age, Buying nature and Buying behaivour, locationetc.

2)Marketing Research: It is a systematic process foridentify various marketing oppurtunities and and solving marketing problems and it identifies problems which are to be solved.This involves process such as collecting the information,analyzing it,report finding etc

3)Competitive Intelligence:Competitive Intelligence involves processs that help marketers and other members of the organisation to better understand the competitor. Few competitive intelligence are Pricing strategy,Market share and penetration,Product information etc

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