Marketing Information Management – Concept, Graph, and More

Concept of Marketing Information Management

Marketing Information Management create greater customer satisfaction and value, companies need information almost every moment. Although, More and more companies see information as an essential strategic asset and as a fundamental marketing tool. In this way, marketing managers must design effective marketing information systems so that it is easy to obtain the correct information in the right way and at the right time to make better decisions. The MIM is the set of people, teams, and procedures designed to collect, classify, analyze, assess and distribute the precise information demanded by marketing managers on time.

Also Read: What is Financial Modelling – Definition, Uses, Elements and More

The following Graph shows how Marketing Information Management Develops:

MARKETING ADDRESS AND OTHER USERS OF THE INFORMATION
Analysis
Planning
App
Organization
Control

MARKETING INFORMATION SYSTEM

Development of necessary information
Internal data
Information Analysis
Information distribution and use
And also, Information needs assessment
Marketing intelligence
Commercial investigation

MARKETING ENVIRONMENT

Target market marketing Channels
Competitors
Interest groups
Macro-environment forces
The fundamental difference between the MIM and market research is that all the information is stored in this system to be using at any time. In contrast, market research deals with particular issues, and this is within the MIM.

Reasons that justify the implementation of a MIM
CAPACITY

More incredible processing speed, speed in performing the same task as human beings. Increase in volume, a more significant number of activities are processed. And also, new commercial opportunities are taken advantage of—quick retrieval of information, useful for complete searches.

CONTROL

Greater accuracy and better consistency allow the computational steps to be carried out correctly and always in the same way.

COMMUNICATION

Improves internal communication, accelerates the flow of information and messages.
Integration of company areas coordinates activities of the company that are carry out in different areas.

COSTS

Monitoring of costs, labor, goods, and facilities to determine their evaluation. Cost reduction due to the use of computers.

COMPETITIVE ADVANTAGE

Attract clients, modifying the services provided and the relationship with clients. Leaving out the competition, reducing the possibility of competitors entering the same market is a barrier to entry. And also, Better agreements with suppliers, changes in prices, services, delivery conditions, relationships, and a more effective organization. Development of new products and services. Furthermore, if you are getting trouble in managing your clients, you can use management tools to manage all your clients.

Development of Marketing Information Management

Information can be obtaining from three fundamental sources: Internal data. marketing intelligence systems, market research
Internal data computerized accumulations of information obtained from data sources within the company. Although, These can be use to identify marketing opportunities and problems, plan programs, and evaluate performance. The information in the database can come from several sources, such as accounting (financial statements, sales, costs, cash flows), production (production schedules, inventories), salesforce (reactions of salespeople and the activities of salespeople). Competitors), marketing (consumer information), etc. Access to internal databases is usually faster and cheaper, but it presents problems such as collecting the data for other purposes. They could be incomplete.

Information intelligence systems

It is a set of sources and procedures used to obtain information, on time, about the most relevant events that have occurred in the company’s marketing environment. This information is publicly accessible and is generally about competitors and changes in the background. Marketing managers obtain information by reading books, newspapers, or magazines, talking to customers, suppliers, and others, so a company must take various actions to improve the quality and quantity of its marketing intelligence.
Information can also be collecting from competing companies: executives, engineers, scientists, purchasing agents, and salespeople. A company can also obtain information from key suppliers, distributors, and customers or observe its competitors. You can buy and analyze competitor products, monitor your sales, search for new patents, and examine various physical evidence. Some companies have even rummaged through their competitors’ garbage. Competitors also disclose annual reports, business publications, trade shows, press releases, advertisements, and web pages.

To achieve what is desired, companies must

Prepare and motivate sales teams to identify and report on new events of interest. However, due to the short time, the company must encourage them to be intelligence gatherers. Motivate distributors, traders, and other intermediaries to provide important news.

Marketing Research

It consists of the design, collection, analysis, and relevant information to solve a specific marketing problem that the company faces. It can also be a commercial investigation is a systematic process of design, collection, analysis, and presentation of information related to a specific marketing situation faced by a company. The commercial investigation process is divide into the following phases: Definition of the problem and the objectives of the investigation interpretation of the results report research plan development investigation plan application.

Also Read: What is Marketing Internship – Definition, Role, and More