Modern marketing is a much more exact science than it was. In the past, marketing was essentially an art – depending almost entirely on the intuition and judgment of the entrepreneur who was an all-around expert in marketing, production, and finance. Of course, the market environment was much less complex. The number of competitors and…
Marketing research is the systematic process of applying theories, problem-solving methods, and techniques to identify and solve marketing problems.
As the need for information grew, so did the need for more sophisticated means of collecting and processing data. No longer is a random, haphazard accumulation of bits and pieces of data satisfactory. To fulfill this need, a Marketing Information System (MIS) emerged as a critical component of the marketing process. More broadly-based and complex…
A marketing intelligence system is a set of procedures and sources used by managers to obtain their everyday information about pertinent developments in the marketing environment. It means that this is a mechanism used by executives to gather data on the developments taking place in the environment – commercial, technological, legal/political, and so on –…
Understanding market demand accurately vital in business for better resources and gain an advantage over competitors.
Sales forecasting is the process of selecting and targeting specific market segments, and identifying which sub-markets are both viable and attractive requires the sales forecast or estimating future demand. Without a sales forecast, the marketing executive could not determine what sales volume to expect, how much to produce, and how much money and effort to…