Marketing Research Degree Essay Example | Topics and Well Written Essays - 2000 words

Marketing Research Degree - Essay Example On the other hand it is also important to have the knowledge of how to present the product in effective manner in order to reach the customer in an effective manner. With the changing business needs the new marketing techniques such as product differentiation, branding and advertising are also gaining immense importance. The successful product positioning and promotion is only possible if all the required information in this lieu is gathered and used in the right direction. In order to fulfill modern information needs, new information technologies have also been evolved. The information regarding the buyer preferences and behavior plays an important part in helping the management to take important decisions regarding the product such as pricing, promotion, competition etc. It is important for the company to establish a system in order to acquire a large amount of information for the marketing managers. "Competitive companies study their managers' information needs and design marketing information systems (MIS) to meets these needs. A marketing information system (MIS) consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision markers. To carry out their analysis, planning, implementation, and control responsibilities marketing managers need information about developments in the marketing environment. The role of the MIS is to assess the manager's information needs, develop the needed information, and distribute that information in a timely fashion, the information is developed through internal company records, marketing intelligence activities, marketing research, and marketing decision support analysis." (Kotler, 2000) In the case of Dairy Products Limited the MIS can play an important role in successfully marketing the new dessert which the company is planning to launch. An effective MIS will also help in enhancing the exposure level of the company from local market to national market. It is important for the company to design the MIS system in an effective manner. In most of the cases the companies lack information sophistication. Some of them collect a large amount of information but the data is not stored in a proper way to be handled easily. Without an effective marketing information system it will become impossible for the Dairy Products limited to reach to the desired customer. The MIS will help the company in understanding the customer's perception, taste, needs and desires regarding the new product. Without the proper MIS the investment in the production and innovation will not be of any use. "The MIS represent a cross between what managers think they need, what managers really need, and what is economically feasible." (Kotler, 2000) The MIS will provide support to the management in the areas of reduction of price risks, planning for an effective and cheap marketing strategy with technology assessment and development, particularly in evolving and popularizing food product offered by the company. An effective Marketing information system can help in the company in motivating distributors, retailers, and other intermediaries to pass along important intelligence. Through the components of MIS the Company will able to collect information regarding