Explain why it is important for marketers to monitor current

•Explain why it is important for marketers to monitor current trends in marketing. How does a marketing information system identify and measure trends? How would you design a marketing information system for a product of your choice?

Solution

Answer:

Marketing information system can be defined as a system which accumulates information, analyze it and interpret them in a manner which is useful for the marketing managers.

Without knowing the current trend in marketing, marketing can not be done at all. What are the new products, what are new fashions, what are new designs, what are the new preferences, what are the new budgets of customers, these all are necessary to know for a good marketing information system.

Organization adopts changes as per current marketing trends in order to survive in the market. For example- In past CD/DVD\'s were used to store electronic data but Pen Drive has replaced CD/DVDs. Those organizations who start manufacturing of Pen Drive along with CD/DVDs managed to survive in the market. Further in order to increase sales revenue/volume one must aware of recent trend in the market.

Marketing information system identify and measure trends on the basis of internal data collected by it. Marketing information system consists of people, facilities,Marketing information system consists of people, facilities, and integrated procedure to collect data to identify and measure trends.

Design of a marketing information system depends upon the product for which marketing is being done. In our case, products are men and women cloth.

Marketing information system will include below-

(1)  Internal records: This include data collected in the form of database about the daily operations of the organization and includes the necessary data records to obtain information regarding the scale of activity and the current performance in sales, cost, inventory etc.

(2) Marketing research: This includes searching of new products which is suitable to customer budget and preference. In our case making new cloth design etc. for men and women are example of market research.

(3) Information to management: Marketing information system includes a interface by which a information is provided to marketing managers. In our example sales person in the cloth showroom may be interface between customers and marketing managers.

(4) Implementation of decision: Decisions taken by marketing managers and other higher authorities of organization regarding marketing is implemented through marketing information system. In our example launch of new shirts for men in the organization showroom is implementation of new decision to launch new product.