Finding Gold – Marketing Information
Marketing companies in Pakistan whether new or old have always been surprised while discussing with likes of me at the level of marketing information, intelligence, and areas that marketing companies and their employees must operate within if they want to be successful in the competition.
It has been become a routine for local marketing strategists in my country to stress to the marketing companies that the marketing of products/services and the processes of making marketing decisions do not operate without careful consideration of the environments identified as identifies in many ways. But the thinking must divert to a modern marketing strategy that it must be cognizant of “how” their company’s product or service is perceived as much as “how” it functions.
It is necessary that the head of the marketing department must consider himself/herself as a player in the game of chess. Each move must be carefully chosen for subsequent moves by competition and public scrutiny for acceptance or rejection. Products marketed must meet both the consumer’s needs as well as the public’s acceptance of the product.
It is always challenging in my country to communicate to the marketers, even an experienced one, the complexity of and sometimes the conflicting forces impacting marketing managers in the today’s environment.
To carry out their analysis, planning, implementation, and control responsibilities, marketing managers need a marketing information system (MIS) to assess information needs, develop the needed information, and distribute it in a timely manner.
For the successful marketing MIS, companies must consecrate on three components: (a) an internal records system, which includes information about the order-to-payment cycle and sales information systems; (b) a marketing intelligence system, a set of procedures to obtain everyday information about the marketing environment; and (c) a marketing research system that allows for the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation.
Smart marketers always alert to find many opportunities by identifying trends (directions or sequences of events that have some momentum and durability) and megatrends (major social, economic, political, and technological changes that have long-lasting influence).
Within the rapidly changing global picture, Pakistani marketers must monitor most applied and practised six major environmental forces: demographic, economic, social-cultural, natural, technological, and political-legal.
1. In the demographic environment, marketers must be aware of worldwide population growth; changing mixes of age, ethnic composition, and educational levels; the rise of non-traditional families; and large geographic shifts in population.
2. In the economic arena, marketers need to focus on income distribution and levels of savings, debt, and credit availability.
3. In the social-cultural arena, marketers must understand people’s views of themselves, others, organisations, society, nature, and the universe. Their products must correspond to society’s core and secondary values and address the needs of different subcultures within a society.
4. Acknowledging the public’s increased concern about the health of the natural environment, marketers are embracing sustainability and green marketing programs.
5. In the technological arena, marketers should take account of the accelerating pace of technological change, opportunities for innovation, varying R&D budgets, and the increased governmental regulation brought about by technological change.
6. In the political-legal environment, marketers must work within the many laws regulating business practices and with various special-interest groups.