Internal Company records and Marketing Intelligence
Marketing managers basically rely on internal records of orders, sales, cost, inventory levels which thereby helps us is in spotting opportunities and problems.
The Order to payment Cycle
The heart of internal records is order to payment cycle. Sales representatives send orders to customers of the firm. The sales department presents invoices and generates other billing and shipping documents. So, today’s companies in order to improve the accuracy, efficiency and speed use of internet and extranet has increased so that timely delivery is done and customer only favors those who are fast and punctual in this work. E.g. Cisco connection online allowed the computer networking leader to connect with all its suppliers, manufacturers, distributors, retailers which helps in reduction of cycles and thus there is saving of money and faster dissemination of information.
Sales Information System
Sales information system is very important because it not only helps marketers know the current trend of sales. E.g. Wall mart kept an hourly update of every customer, store. It once saw that the east coast store sales were dropping, the marketing dept immediately contacted the store people and they found that the computers and monitors were not displayed so the customer was unaware about the posted price of the good. As, soon as the marketing department got to know about the problem they solved it by restarting the monitors and thus sales soon start to pick up. It means utilizing the information in order to understand the needs of the customer through required market information. The marketers also get the market related information from reliance world and Sify Way.
Databases, Data warehouse, Data Mining
In today scenario companies organize their information into databases like consumer database containing what he has bought, name address, demographics thus helps the company in determining what customer has the highest purchasing power to mail him the new offer and thus marketers are able to generate information and thus market their product.
Market Intelligence System
It is about how the mangers get to know about the recent Devt through newspaper, publications and internet, interaction with customers. Refer book.
It tells us the various sources through which the organization help in generating marketing information about the market and thus benefiting themselves
1 Motivate distributors, intermediaries, suppliers for passing on the intelligence
2 Networks Externally
3 Take advantages of Government Resources
4 Set up a customer advisory planning
5 Possible information from outside suppliers
6 Use online customer feedback for collecting competitive intelligence.
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