Understanding the market place and consumers

marketing fundamentals -- part 4 -- summary

In today's complex and rapidly changing marketplace, marketing managers need more and better information to make effective and timely decisions. This greater need for information has been matched by the explosion of information technologies for supplying information. Using today's new technologies, companies can now handle great quantities of information, sometimes even too much. Yet marketers often complain that they lack enough of the right kind of information or have an excess of the wrong kind. In response, many companies are now studying their managers information needs in designing information systems to help managers develope and manage marketing customer information.

Importance of information to the company and its understanding of the marketplace.

The marketing process starts with a complete understanding of the marketplace and consumer needs and wants. Thus, the company needs sound information in order to produce superior value in satisfaction for customers. The company also requires information on competitors, resellers, and other actors and forces in the marketplace. Increasingly, marketers are viewing information only as a input for making better decisions but also has an important strategic asset and marketing tool.