Question

Discuss marketing insight and marketing memo

Answer 1

MARKETING INSIGHTS
Marketing insights are the conclusions drawn as a result of the analysis of market research and surveys. It leads to the discovery of the reality of a target market. Marketing insights is a great way to gain knowledge about the current marketing situation. It also helps to generate new ideas by fueling innovation.

Importance of Marketing Insights:
Marketing insights are an important form of drawing vital conclusions from the research data that help in:

1. Finding new revenue sources
2. Developing or revamping marketing and pricing strategies
3. Measuring the current performance against the market's potential
4. Monitoring brand awareness among customers and the general public
5. Knowing competitors and evaluating potential threats
6. Analysing buying patterns of customers to predict future actions

MARKETING MEMO
A marketing memorandum is a document containing the news, threats, challenges and solutions enclosed within it. It is used to communicate these marketing insights within an organization. An employee's ability to read the marketing memo and derive necessary information from it depends on the employee's job position and his level of involvement. The memo must be clear and informative. It must outline the information in such a way that the crucial matter is conveyed effectively.

The following are details that are to be kept in mind when formulating a marketing memo:

1. Include the technical details like the date, recipients, and the department issuing the memo.
2. Include a 'subject line' and write it in such a way that it describes the memo in a nutshell.
3. Write a clear introduction such that it delivers crucial information effectively.
4. Include a body that elaborates the entire content that is to be communicated.
5. Write a summary that is a short explanation of the content of the memo and gives an overview of all necessary information.