Finding Gold – Marketing Information

A treasure chest full of gold coins

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.

9 Comments

  • Muhammad Wasif Amjad

    Totally agree with your point regarding the complexity and sensitivity of the market scenario that marketers must take into account before making any decision. The recent Hardees’ Advertising campaign comes into mind, that may not have had that much of an impact on their consumer’s needs, but failed to get the public acceptance of majority of the masses’.

  • Rehan Naeem

    It is essential in marketing to keep in mind the public perception of a product rather than the product itself. In my view, public perceptions and socio-cultural (and economic) background of the society are strongly linked – the social and cultural norms of a society govern to a great extent how a new product may be perceived by the general population. Marketers must keep this in mind when introducing a new product into the market. An example that comes to mind is the introduction of hybrid cars in Pakistan. Hybrid cars throughout the world are advertised to the public on the basis of their benefit to the environment as they reduce emissions. However, in Pakistan their primary selling point is that they provide higher mileage and consume less fuel. So the marketing strategy for the same product would be quite different in both cases, depending upon the marketers judgment of how the product would be perceived by the people.

  • Aroussa Manzoor

    Having information about the macroeconomic factors is very important as far was Marketing of product is concerned,but some times information provided to the customers is false or say over rated and can create a negative impact on customer mind ,for example the trend of being number one in the market has lead to every marketer marketing his/her product as number one e:g number one toothpaste or say shampoo in the market etc . Having consumer insight is very important but using is in a negative way causes loyalty issues and impacts negatively on brand name .

  • Iqra Rasheed

    It is also immensely important as to realize the cognizance of the type of information needed and the credibility of the information gained. In Pakistan, the firms spend so much time doing nothing but conducting the quant researches through well established research firms (because ofc they have allocated the budget for the annual reviews and they need to save their backs there). This might be able to give them a good insight of what the customers need and what they like however you can not be entirely sure of the credibility of the information since you do not get in touch with the customer yourself in the first place which leaves ample room for forging the data. So I believe firms in Pakistan, regardless of their size, should develop well collected personnel for the market intelligence so they know the “real picture” and they can plan their strategies accordingly.

  • Qudsia Awais

    It is very important that marketers have the complete information and they make the best out of it. To use the information gathered is also an art because in today’s world there are various sources of information which can lead to information overload. Marketers need to correctly analyse the information and create an image for the product that generate the most revenue and earn the brand loyalty from the customers that is required. It is very important that the customers become the client and turn loyal to the company and it’s products.

  • Iqra Rasheed

    Information systems these days are immensley important as the brand itself. It is the backbone of the brand as they ensure consistency. The significant information doesnt only help ensure intricate compliance but also backs better marketing decision making through the assimilation of new records while mitigating the litigation risks. For any brand to remain relevant in a competitive market, it must embrace the use of modern information systems as they provide a cheap and clear way to stay in touch with clients and partners.

  • OBAID UR REHMAN

    On Books it look good. However, the real challenge is to have such data in the Pakistan Market. No government or private authority is there that can be trusted on data, or even have all data. There is no doubt, with the correct and abundance of data, our marketing or branding strategies will result better. However, the question remain the availability of the data.

  • Fatimah

    Overview of the marketing situation of the world and it’s comparison to what it is in our country and what are the factors that affect the marketing growth in our country. The author has mentioned the main points which influence the growth of the market , and in the end he has compared it to a game of chess , that the marketing personnel should consider the marketing strategies as a gale of chess and to prosper , he or she should choose their moves very carefully.

  • Abdul Rafay

    The blog reminds me of the recent PEPSI ad which the company had to pull off because the ad was indirectly supporting the “black lives matter” movement which is creating a social mess in America these days. Current political and demographic scenarios should be considered. If a company like PEPSI can make a mistake then it is a clear that you have to be very careful before the launch of any marketing campaign.

Post A Comment

Please wait...

Get Notified of Future Blog Post

Thank you for your interest and support. You can register below to get email notifications when I publish my new blog posts.