The three main types of market information systems that gain valuable insights in making market decisions are Internal Data-Based MIS, Marketing Research, and Competitive Intelligence. There has been an increase in sales channels. Customers will try to look for the qualities of the many channels with which they interact when purchasing a brand. Product information management will directly influence the consumer's decision to buy the product. Product information management will detail the significance of the product characteristics, price consistency, and the quality of the images.
Internal Data
Internal data is an information system used by companies to collect data about their clients and prospective customers. It is a part of the internal operations. Most of the departments I have worked with preserve information concerning the interests which lead to prospective customers. The information system will target data like location, gender, age, spending habits, and preference in communication. Internal data can show the website visitors and traffic. Good sale teams will collect information about the clients buying the products, where they are situated, and the number of times they purchase. They can maintain information about the clients’ preferences and how prospective clients will evolve to become regular clients. More on goaland.com.
Information on how much clients spend and when they purchase the company's product will be maintained by the accounting department. It is advisable to keep and maintain information on the experiences of the clients after using the product, the problems they experienced when using the product, and if the product was able to satisfy their needs. Before, most departments kept this data in their systems unlike, now when they can be a uniform system to keep all this information. It is a challenge for businesses to update the data they had. As information was stored in different systems. When most institutions decided to store data in a single information system that can be used by the different departments at the same time. It gave rise to a shared system that has substantial operation systems that support business functions.
Competitive Intelligence
Competitive intelligence refers to the information of the market which assists marketers to comprehend how competitive markets operate. There are several types of competitive intelligence they include:
• Product information- It will aid you to know who makes products that compete with yours. What are the qualities needed to be in your product to make the prospective clients to regular clients? After understanding the qualities, make a comparison of the qualities of your current products to what the market expects.
• Market share and penetration- It will help you to know which company sells the most to the target market. Check if they are market leaders. How much do the market leaders sell? Check if the market can shift to buying your product.
• Pricing strategy- check what your competitor's pricing is. Compare their pricing to yours. Find out if there is any discount offered or any other special pricing. Will their pricing affect your pricing?
• Competitive positioning and messaging- It will aid in helping to understand how effective is messaging in gaining the interest of prospective clients. Do your competitors dominate in the search engines?
• Win/loss analysis- with your products, are you able to influence the market compared to your competitors? Do clients consider buying your products?
Marketing Research
Market research is the logical procedure for discovering market opportunities and finding solutions to those market opportunities using product information which requires critical analysis of the market. Market research will aid in finding the problems in the market and finding the solutions. Market research will involve the collection, analysis, identification of insights, and report findings and recommendations of information. The results will directly influence the solutions taken when market problems arise. Market research will be influenced by certain factors, including:
• Environmental factors will involve the performance of the economy, trends in the market, and technology.
• Customer attitudes, behaviours, and perceptions- It will help you understand the level of satisfaction with your product.
• Product research- It shows the opportunities and gaps that will exist in the market when the current products are improved.
• Marketing, advertising, and promotion research- it will try to better business activities.
• Corporate research- will seek to view the position of the institution is improved in the market which will happen when the brand of the institution is improved and when they get strategic partnerships.
Controlling Product Experience
Product information should always be taken into considered since clients are connected. Product information management will assist in combating challenges faced when product information is processed.