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1.1.3 Marketing Information
Marketing managers need to base their marketing planning in relation to their target markets on information gained from marketing research. Marketing managers need information on what customer needs are, how best they can be satisfied and how new products can be developed to better meet customer needs.
Not only should appropriate information be gathered through quality research, but such information should also be obtained in a timely manner. Thus market information must be gathered systematically, so that it could be routinely fed into the managerial decision-making process.
Such information can be classified as three types. One type of information comes from company records. These would provide current data on sales, costs, inventories, payments and receipts. Another type of information is information on competitor strategies and products. This may be obtained from published information (e.g. annual reports), customers, suppl