Role and Value of Information to Todays Marketing Managers - Essay Example

? Role and Value of Information to Today’s Marketing Managers Introduction The business world has changed significantly in the way that businesses market their products to customers. Businesses produce goods and services that they sell to the customers at a profit. Thus, the aim of the businesses is make a profit while, the aim of the customers is to obtain the goods and services that they need to increase their utility. Customers will only be aware of the products being sold by businesses if the businesses market their goods and services. Therefore, marketing is the major way that creates awareness between buyers and sellers (Sandhusen, 2000, 8). Customers also need to be informed well of the new goods and services that enter the market. Therefore, marketing is very crucial to both the public and the business itself. The level of competition in the market also depends on the extent of market done by the business. Businesses that thoroughly market their products will be highly competitive in the market since; they will attract more customers as compared to businesses that do not market their products rigorously (Maynard, Beckman & Davidson, 2009, 54). Role of Information in Business Information is very important for a business to perform a scrupulous marketing of its products and services. This is because; information is what connects the customers to the business managers. Therefore, a business should ensure that there is a free flow of information between itself, the customers, and the external environment in general. According to Holland and Naude, the effectiveness of a marketing campaign should be evaluated on the basis of the relationships formed (Holland & Naude, 2004, 167). However, a Kotler asserts that information is very important to a marketing campaign. Therefore, he criticizes that marketing campaign should be assessed based on the information driven approaches that are used in the campaign (Kotler, 2005, 25). Information helps managers to identify and be acquainted with the latest trends in the market. The world of today is very diverse and market trends keep on changing depending on the level of innovation in the market. Markets that have highly innovative businesses will tend to have vast changes in their ways of operation. Therefore, a business located in such a market will need to be equipped with data about the latest trends in the market (Randall, 1993, 5). Therefore, information is very important in helping marketing managers to recognize changes in the market prices, product designs and packaging methods. Impact of Information Information in the current days has greatly changed due to use of current technology. For instance, promotional methods have improved due to technological advancement. Therefore, the way in which goods and services are advertised in the market has greatly changed. Managers should be aware of these changes so that they can make the right decisions concerning their marketing procedures. This is because; all business activities are also becoming more information intensive and thus, this also makes it easier to solve physical problems in the business (Holland & Naude, 2004, 168). However, Holland & Naude have been criticized that they do not analyze the whole market when giving out this report because; it is not all business activities that are information intensive in the market. There are other business activities which require very little information (Georgia State University, 2002, 11). Information in marketing has also changed to an extent that it facilitates the marketing plan and control of the organization. Unlike with the old marketing methods, currently marketing managers are able to plan in advance concerning their marketing strategies due to availability of information. The business is able to analyze the whole market effectively since; it will have collected full market information from its competitors (Holland & Naude, 2004, 170). Therefore, the business can use this information to ensure effective planning. Effective market planning in a business is very crucial since; it helps the business in the critical areas of marketing such as pricing, promotion and distribution. On the other hand, effective planning can only be possible if the business is obtaining the right information and processing the information in the right manner. This point connotes that; information helps the business in its market planning. Therefore, we can conclude without doubt that; the success of market planning is highly dependent on the availability of information. Information technology has also changed today’s marketing strategies a great deal. It ensures quality decision making in marketing. This is because; information helps the business in customer analysis, segmentation, and targeting (Holland & Naude, 2004, 171). Therefore, unlike in the old marketing departments where decision making was very poor, information technology in the current economy has enhanced decision making in these markets. In every marketing department, there is constant making of decisions by the marketing managers (Schewe, 2006, 31). Decisions need to be made concerning matters such as the marketing methods to use, the amount of finances to allocate to the marketing department and the number to marketing personnel. Therefore, marketing managers apply the current technological knowhow in order to make efficient decisions concerning the criterion to use in evaluating the success of the marketing procedures. Therefore, such vital decisions can only be made correctly when there is reliable and relevant information. For instance, in order to decide on the marketing methods to use, managers need to have information concerning the location and number of customers being targeted. In addition, information will also help a business to know the marketing methods being used by its competitors in the market (McDaniel, 2002, 20). Information technology has also enabled marketing managers to identify and ascertain untapped business opportunities in the economy. In the old days, businesses were not able exploit some business ideas dues to use of poor technology. However, with availability efficient information technology businesses in the economy have become innovative. The current information technology has also helped marketing managers to expand their business territories. In the past, years, businesses would stagnate without expanding or diversifying their services. However, with the current information, marketing managers can be able to identify the areas where their products have not yet been marketed (Durham University, 2012, 61). Thus, they can take advantage of such areas and increase their market size. A business that is mainly focused on one business line can also diversify its production by use of the current information technology. Marketing in a business involves promoting the business to the market in order to attract more customers into the market as compared to the competitors and increase its sales. Therefore, in order for the businesses to attract more customers, it will have to find new and unique products that are not available to the other businesses in the market. These new products and new opportunities are identified using the available technology (Thomas, Housden & Chartered Institute of Marketing, 2002, 43). Information technology has changed marketing through providing marketing intelligence that was not available in the past (Kotler & Armstrong, 1991, 56). Marketing intelligence refers to perfect knowledge about the happenings of the external environment. For instance; when there are changes in the tastes and preferences of consumers, it is very important for the marketing managers to be aware of such a happening in order to use the marketing methods and to provide the right products to the market. The marketing managers need to understand the marketing environment, and what it entails in order to obtain marketing intelligence. Marketing environment can only be fully understood if the managers possess the right information (OMTEX, 2012, 1). Therefore, in the past marketing was very poor because, marketers did not have efficient technology to understand their markets. Marketing managers can only be able to make the right decisions about their marketing procedures when they have full and accurate information concerning the markets (Peterson, 2007, 11). Marketing has also been changed by the fact that; due to current information technology, marketing managers can engage in risk taking more than in the past (Schaffir, & Trentin, 2003, 33). In their marketing procedures, managers need to take risks concerning different marketing issues. Previously, marketers never used to take risks for fear of making massive losses. This is because; they did not possess the right technological knowhow that could help them minimize losses. The decision of whether to take the risk or avoid the method is dependent on the kind of information that is available to the marketing managers (Schewe, 2006, 13). Current information technology has also changed marketing strategies through encouraging freedom of entry into and exit in and out of a market (Smith, Brien & Stafford, 1998, 40). This is because; it is the availability of information technology that determines whether a market is more competitive and efficient. Marketing managers willing to join a new market will assess the market depending on the type and amount of information in their possession. Furthermore, marketing managers cannot enter a market unless they have some information about it. On the other hand, the availability of information is determined by the technology available. This is because, it is the information possessed by the managers that will help them ascertain whether it will be profitable to join the market (FAO, 1993, 23). Internal records are also classified as information required by marketing managers in decision making (Bhamhra & Chaudhary, 1999, 11). The effectiveness of the internal records of an organization is determined by the extent of technology that is available to the managers. It is for this reason that; current marketers have more efficient internal records. This is because; unlike the old times where marketers would keep their records manually, current marketers use the current technology to keep their internal records. Well-kept and updated internal records greatly determine the effectiveness of an organization’s marketing strategies. This is because; well-kept internal records help managers to compare the performance of different marketing methods applied in the past with those applied in the present. A change that has been brought by current information which cannot be ignored is enabling performance of marketing research. Marketing research mainly involves an attempt by the business to understand the market more deeply. Previously, marketing managers could not perform marketing research due to lack of efficient technology. However, marketing in the current days has changed since marketers can conduct marketing research using technological advancements (Duro? & Sandstro?m, 1999, 54). Current information also assists marketing managers in their international relations (Blattberg, Glazer & Little, 1994, 23). This is because; information increases communication between a business and its economic partners. Marketing managers can be able to communicate with other business internationally and thus securing markets for their products (Holland & Naude, 2004, 173). Therefore, they are able to market the products of the organization to secured markets. Thus, with the current technology, online marketing has become very extensive. This way, organizations have created online markets in which they market and sell their goods and services. Contrary, in the past organizations would only market their products and services to local consumers. However, with current technology, managers can be able to embrace online services and increase the range of their customers. Marketing managers can also be able to assess the competition in the international markets by use of different technological applications. For instance, Holland and Naude assert that the internet can be very useful in developing international marketing opportunities for the business. Through use of information, organizations have taken advantage of e-business opportunities (Holland & Naude, 2004, 173). However, Holland and Naude do not evaluate other promotional methods such as Television advertisements and billboards. Therefore, they limit business people to the internet only. Availability of current information technology also helps marketing managers in innovation and invention of new products, methods and services (Brassington, & Pettitt, 2003, 45). If marketing managers want to bring new methods of promotion into the market, they will have to obtain a wide range of information which will help them to assess their new ideas. In addition, with current information technology, managers are able to assess what the consumers in the market need and what they prefer. Thus, current technology also helps managers to use the 4C’s in serving its customers. In addition, the organization is also able to bring together the 4P’s with the 4C’s while marketing its products (Holland & Naude, 2004, 168). This implies that; managers can invent new products using their innovative methods such that customers are fully satisfied (Harry, 1994, 34). Managers ensure that the 4P’s fully concur with the 4C’s by applying current technology in its marketing strategies. From the diagram, it is clear that technology enables organizations to intermingle the 4P’s and 4C’s effectively. Effectual information technology enables effective promotion of the organization’s goods and services. On the other hand, effective promotion will ensure that there is effective communication to the consumers. According to Holland & Naude, effective information will also help in customer analysis segmentation and targeting. Technology will also help the organization to choose a suitable place where to locate its services. This will serve to ensure that there is convenience on the side of the customers. Still, information technology also helps a business to produce quality goods and services to its consumers. Thus, the business will be able to satisfy its consumers and meet their solutions effectively (Holland & Naude, 2004, 172). The journal by Holland and Naude can also be criticized that it does not provide resourceful information about the integration of the 4P’s and 4C’s. The text only provides the use of the 4P’s to attract customers to the business but, it does give information about the reaction of customers in case there is limited information to the organization. In addition, the journal also asserts that the business will always have some information within its operations by default. However, Peterson states that the organization should go out on its own to look out for the information that it requires (Peterson, 2007, 19). Therefore, the journal by Holland and Naude can be said to make a large number of assumptions concerning the availability of information In conclusion, current information indeed can be said to be the lifeblood of good marketing. This is due to the fact that; it has greatly changed the way in which marketers promote their products in the current economy. Marketers now have a variety of marketing methods that they can apply in order to increase the number of their customers. Technological advancements have also enabled businesses to engage in online marketing thus increasing their customer base. Recommendations Marketing managers should ensure that they seek and obtain the current information technology that is available in the market in order to promote their products efficiently. In addition, the managers should also ensure that the technology they obtain is accurate, reliable and upto date. Managers should also ensure that the internal records of the organization are well kept using the current technology. They should also ensure that the records are well updated after a certain period in order to increase effectiveness in the organization. This way, the marketing managers will be certain that they can depend on the internal data. Therefore, using current technology greatly helps a business to stretch itself from the old marketing methods. References . Marketing information systems, New York, AMACOM Bhamhra, A. S., & Chaudhary, A. K. 1999. 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