Internal and External Monitoring of Marketing Information

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A marketing information management system is a framework management tool designed to support effective marketing decision making. 

Jobber refers to it as a “marketing information system” because it is a tool used in organizational decision making that is used to manage the data that supports business decisions. It is not intended to replace the need for a marketing manager but it does support such a need by providing managers with facts that they can use. The framework allows for the management of data and knowledge resources and it has proven to be effective in many instances. In the following article, we will take a look at how this framework could benefit you.

One of the primary sources of marketing information is internal company data. 

If you have a marketing department, you need to be able to access internal data from time to perform analysis on what your current sales trend or customer demands are. To do this, you need to have access to databases and you cannot access these unless you have access to the network. As an organization grows, you may need to implement new internal systems that will collect and store data so that you can make timely decisions. Without the ability to use marketing research, you cannot perform such analysis.

It is often the case that external sources will provide you with marketing information that is required for taking marketing decisions. 

When looking at external data, you need to ensure that it comes from reliable sources that are consistent in nature. For example, the results of a paid survey should come from actual customers. This ensures that the results are valid and not affected by sampling errors and biases. In this type of setting, it is the job of the external source to verify that the source is indeed reliable before using it in any internal or external reporting system.

Another important aspect is that you can only take full advantage of marketing information when it comes from inside sources. 

A consistent internal process of collecting and analyzing marketing information from customers and peers can help you make the right marketing decisions based on the data that are available. Without access to this internal data, you would not be able to accurately assess competitor strength or weakness nor would you know how to effectively compete against them. Collecting and analyzing marketing research internally helps to ensure that you have a solid strategy regardless of what the competition is doing.

Companies that enjoy a competitive advantage because of the quality of their products and services will need to work even harder to maintain this advantage. 

To do this, marketers need to adopt an approach that focuses on gathering and analyzing competitive intelligence. This can include reviewing marketing information to identify key areas of weakness and strength in the competitor’s business models and approach as well as identifying opportunities in those areas. This analysis allows marketers to develop marketing plans that are more effective and that address weaknesses in the company’s business model while also increasing the company’s competitive advantage over the competition. In fact, competitive intelligence has become one of the most integral components of today’s modern competitive marketing plan.

However, collecting marketing information internally is only the beginning of the process. 

After all, in order to understand and to effectively communicate the information to decision makers, marketers need to know who to communicate to as well. The decision makers that marketers will communicate to are likely to be employees within the organization or one of the external sources described above. 

If these employees are sales representatives or managers, it may be best to use internal sources as opposed to external sources for collecting information because those individuals are likely to be knowledgeable about the specific challenges the company faces and how the company plans to overcome those challenges. This way, the internal sources and the external sources that the company obtains its marketing information from will have a more cohesive understanding of how the product or service in question is being perceived by the general public.

There are many situations where the efforts of marketing information departments can spill into customer support teams. 

For instance, when a marketing department prepares a marketing campaign, it might focus on creating print advertisements, radio ads, television commercials, and other print and electronic media to communicate information about the campaign to current and future customers. However, when that marketing information reaches customer support professionals, such as support managers, they may not always be up to date on how to properly implement the campaign. 

Similarly, if the marketing campaign requires changes to the internal organization, those changes might not be communicated to the support managers, who might then be unable to successfully implement the changes within the business. By considering how the goals of the marketing campaign can affect the internal support function and analyzing whether or not the impact of the campaign on the internal team is worth the cost of having the outside firm to perform this task, the CFO can ensure that the outside firm is the appropriate source to hire to carry out the tasks associated with the marketing information department’s efforts.

These are just a few examples of the ways that a company can make use of an effective internal marketing information system. 

Such systems are often extremely user friendly so that even the most novice of computer users can quickly and easily begin participating in the various activities associated with its functions. Such programs are also very affordable, which allows them to be implemented right away. Once in place, the CFO should review each month the reports provided by the marketing information systems for an overall assessment of the effectiveness of the marketing campaigns. This assessment can help the CFO make strategic decisions about the future of the marketing information systems. This helps to ensure that the marketing activities are as effective as possible.

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