Significance of information in marketing


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Significance of information in marketing

  1. 1. Significance of Information in Marketing from<br /><br />
  2. 2. Markets and the companies operating in markets are linked by information. <br />Increase in the amount of information available to the companies can lead to the complex decision making environment. <br />Lack of proper information at the company’s end will make the process of decision making a mere guess work.<br />Information in Marketing<br /><br />
  3. 3. Though guess work is a cheaper way of decision making, it comes with a great price. <br />One wrong decision can lead to major mistake and even the closure of the company in some cases. <br />Thus, marketing managers need to take more calculated decisions in a dynamic environment. <br />Significance of information<br /><br />
  4. 4. The marketing management will need timely, accurate, valid and reliable information which can be used in the decision making as well as in making good plans. <br />The accuracy of information is very essential in making correct decisions while avoiding costly mistakes by intuitive guess work. <br />Accuracy of information<br /><br />
  5. 5. Accurate, valid and reliable information is very essential for a marketing planning and implementation control to survive.<br />Accuracy of information<br /><br />
  6. 6. Marketing managers often face a two-fold dilemma. <br />The first issue is when adequate or no information is available to take a proper decision. <br />The second issue is that, information is available in abundance to take a decision, but the information is not available in a standard format. <br />Two-fold Dilemma of managers<br /><br />
  7. 7. In both the cases, decision making for marketing managers becomes a tough job. These information gaps must be reduced so that the process of decision making is not hampered.<br />Two-fold Dilemma of managers<br /><br />
  8. 8. The role of information management<br />Time is one of the major constraints in the scarce and competitive markets. <br />Taking quick decisions is as important as taking right decisions. <br />Role of Information Management<br /><br />
  9. 9. In many cases taking right decision requires time and taking a hasty decision does not require time. <br />So, a management must strike a balance between taking the right decisions and taking them in time.<br />Role of Information Management<br /><br />
  10. 10. The management has to deal with lack of information in some situations and availability of information in others. <br />The decisions in both these situations are time bound.<br />Role of Information Management<br /><br />
  11. 11. The need for reliable information can be explained with these instances. <br />Information management is therefore focused on collecting, maintaining and accessing available data for management decisions.<br />Role of Information Management<br /><br />
  12. 12. Data that is available can be pertaining to external environment and internal environment. These include<br />Role of Information Management<br /><br />
  13. 13. Internal and External Environment<br /><br />
  14. 14. Both Internal information and External information help in Marketing Decision making.<br />One of the central area of work in Information Management is converting data into information. <br />We know that data is raw in nature. The data in its raw form cannot be read that easily. This data must be processed into meaningful information which can make sense. <br />Internal and External Environment<br /><br />
  15. 15. Whenever a survey is conducted by a company, the data that is collected is arranged according to the given criteria. <br />This data is processes with the criteria in mind and the information thus obtained can aid in the decision making process.<br />Internal and External Environment<br /><br />
  16. 16. With the improvements in technology, the collection and processing of information has become a less complex task. <br />Thus the role of information management has improved dramatically with their significance in decision making. <br />Internal and External Environment<br /><br />
  17. 17. You can visit our website at for more details.<br /><br /><br />