In this dynamic market
with the free flow of information and innovative marketing programs, needs and
wants of consumers are always changing. As per capita income increases
consumers are willing to explore more alternatives for purchase decision.
Companies should be aware of changing situation all the time to take the right
decision. This calls for development of sophisticated marketing information
systems.
The information system
consists of stakeholders, process and equipment to collect, analyze and
proliferate information across relevant decision makers. The system is
formulated using the internal company records, market research data and other
intelligence gathering system. The internal system consists of analyzing
information from product order to the delivery cycle and sales information
systems.
In product order to the
delivery system, companies analyze consumption of various brands and make sure
inventory of raw materials as well as finished products are maintained at
sufficient levels. This is to make sure that whole cycle is completed in the
shortest time possible. In the sales information systems, sales figure across
different geographical centers are collected and analyzed to understand the consumption
pattern. The data collected from the above process is analyzed to understand
consumer behavior and develop products as well as programs to cater to consumer
demand.
The marketing
intelligence system requires a combination of people, system and procedure to
gather market data. For the company, sales people are on the frontline to spot
and report any trend prevailing in the market. The distribution channel also
can provide companies with valuable information of the end user. However, sales
people as well as distribution have to be train about spotting trends and then
sending to the right people in the organization. Sometimes companies send a
decoy into to the supermarket as a potential customer to check customer
service, another way of gathering intelligence. Companies also outsource
intelligence gathering activities to agencies like A C Nielson.
If
the marketing information system have reportedany issue or emerging trend,
further analysis would have been done through marketing research.
The marketing research process consists of following; defining the problem,
developing research plan, collecting data, analyzing data, presenting findings
and implementing the decision. Each step has to be carefully planned and
executed for market research to succeed. During problem defining process
companies have to make sure that objective is not too vague, nor does it take
researchers in the wrong direction.
Developing research
plan consist of creating a blue print as to how the information collection is
going to occur. Here particular focus has to be maintained on cost for not over
shoot the benefits. The step includes reaching out to the target audience and
collecting information. Market researchers have various techniques and models
at their disposal to analyze the collected data. Once market researchers are
done with their analysis, findings have to be presented in a structure format
as to answer the research objective questions. It is now for the top management
to take the decision as the way forward from market research study.
In the world driven by
technology, marketing managers are also making efforts to use the available
resources. Marketing managers are routinely using the statistical tools like
regression analysis, factor analysis, etc., models like markov process model, sales response models to support decision
making process. Marketing managers are also using marketing and sales software,
which helps in making day to day decision like pricing, budgeting, etc.
Once managers are able
to finalize opportunities using marketing research and other technology backed
models then next step forward is to calculate the market size, growth and other
business model related attributes. Managers estimate market demand for a given
product by calculating total product sell per market segment, per defined
customer set, in a finite time and under specific marketing strategy. From
these managers calculate company’s market share vis-à-vis the competitor’s
business plan.
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”If the marketing
information system have reported any issue or emerging trend, further analysis would
have been done through marketing research. ”
This sentence is
a Conditional Sentence Type-3, as it is contain a Conditional Clause ( Words that include “if” or condition required
for Main Clause to occur ) and a Main Clause ( Words that states the
action will occur if the required condition is fulfilled ).
“If the
marketing information system have reported any issue or emerging trend, … “
These words are
the Conditional Clause.
“ …, further
analysis would have been done through marketing research.”
These words are
the Main Clause.
"if" +[Past Perfect], "would have"
+ [Past Participle]
The
sentence is a Conditional Sentence Type-3, because the Conditional Clause is in Past
Perfect and the Main Clause is in
Past Participle Form.
