Explain the different sources marketers obtain information from
Sources of Marketing Information
Marketing is an effective practice in business operations that enables marketers to advertise and promote their goods and services. It also allows companies to expand their customer base through their marketers who find new markets and customers. Therefore, it needs much attention and research to obtain relevant information concerning their best marketing strategies that do not violate environmental sustainability and other corporate laws. Five different marketing sources allow marketers to obtain useful information that helps them perform their job effectively. The sources include business magazines, current customers, surveys, government agencies, and the internet.
Marketers can obtain relevant information from the internet about business trends and how customers perceive their products and services. Internet is an unlimited source of information, and thus marketers are free to search and get their required information for an informed decision. Another source is the surveys. Marketers can use the results and analysis of the business surveys to identify various product and economic trends concerning their selected business industry, such as transport. Various types of surveys are available online and manually, such as customer surveys, random interviews, phone surveys, surveys in an email campaign, and web form surveys. Marketers can also find economic patterns, including competition status, pricing changes, and demand and supply patterns, to make informed decisions before starting their marketing practice to the correct audience and market gaps (Varadarajan, 2020).
Business magazines are another reliable source of marketing information that provides completed business research evaluations relating to various business aspects, such as customer feedback, the purchasing power of particular customers, and purchasing behavior of a certain niche. Other information that marketers can obtain from business magazines relates to competitors, untapped markets, and other economic trends. Through business magazines, marketers can identify different market gaps in the various product line, including food and sports.
On the other hand, government agencies also form a valuable marketing information source as they collect the essential statistical info concerning markets. As the business magazine, government agencies also offer readily available analyses about market patterns and trends. Moreover, government agencies provide various kinds of anticipation about specific markets, helping marketers who plan to advertise and promote their products and services in those particular market segments. Their ability to collect vast marketing information is the leading source of information in marketing research.
Lastly, marketers can also obtain information interviews with the current customers. The quality of information from this source depends on the creativity of the marketer interviewing the customers. Lojo et al. (2020) point out that marketing information obtained directly from the customers is the most valuable information for an organization. It brings the reality about the market and background of the customer perception about the product. Also, customer feedback helps the marketer to identify their specific strengths and weakness for improvement.
Lojo, A., Li, M., & Xu, H. (2020). Online tourism destination image: Components, information sources, and incongruence. Journal of Travel & Tourism Marketing, 37(4), 495-509.
Varadarajan, R. (2020). Customer information resources advantage, marketing strategy and business performance: A market resources based view. Industrial Marketing Management.