Need /Importance of Marketing Information

Today the modern world talks about two terms. They are innovation and updating. Updated information leads to more innovation but an innovation without updating probably leads to out dating from market. The information is known as the life blood of today’s world. To manage the business lists and uncertain ties we need to update with the information. Marketing success depends on the utilization of given opportunities on correct and timely decision marketing information system is a systematic or scientific collection of information to take the marketing decisions. The need or importance of marketing information system is:

Changing attitudes of people

Today attitude of people towards product and service are changing. Different taste and preference are coming. People search for innovation products and features. This should be handled with the support of updated collection of information. Especially in the tech world, the features of products changes in seconds.  The mobile launched today will tomorrow replace with updated features.

Understanding the economy

Every day there are lots of changes occurring in the economy? The demand and supply is major aspect of understanding the market. This should be studied and used for the forecasting the business activities. Estimation of demand using various techniques such as Delphi, expert opinion, Jury etc. lead a clear view in the requirement of things to be produced during a period.

 Competition

Information received in time will prevent the competitor to take the market share in an economy. The market leaders have to always focus on their competitor even small. Because updated things can capture the major share of market. Certain copy cats also there to monitor the innovation by the top firms. Especially in the tech world high imitations are arriving that of reputed brands.

Complexities of marketing efforts

Today the marketing efforts became more complex and confusing. Each and every stage should be monitored. Without checking the perfection of the activities the marketing activities may go wrong. This function serves the major existence of any organization. Marketing information assists in doing such things.