Market Information

Market Information

Market Information

As a result of the revolutionary changes which have taken place in the physical distribution of goods, manufacturers can no longer rely upon the guidance of wholesalers for their market information. It has become inevitable that personal skill and flair on the part of individuals must play a lesser part than strategy based on scientifically prepared statistics in the creation of business profits.

Following the definition which we have applied to marketing, it can be seen that the functions of the ONLINE MARKETING organization are extensive. They cover a much wider field than that generally allotted to the sales department of a company. Among the most important functions of ONLINE MARKETING are the assessment of the market to discover where the consumers of the product are to be found, how many there are of them, whether their number-which constitutes the market-shows a tendency to grow or to diminish. Enquiry must be made into the methods currently used to distribute and sell to that market and if these methods are likely to remain viable in the future. The attributes and the shortcomings of competitors must be assessed to establish the degree of competitive merit which each of them enjoys in the market. It is also a function of ONLINE MARKETING to probe into the attitude of the consumer with regard to both current products and those products which it is proposed to develop. What do the consumers need? What is their attitude to current products and the prices which they have to pay for them? Do they have marked preferences between one brand and another and, if so, what are they? ONLINE MARKETING must look into the likely future pattern of demand. It must establish sales forecasts, to ensure the correct allocation of ONLINE MARKETING resources and also to provide essential information, not only for the planning and production departments, but for the overall budget of the company.

The planning of sales is a further major function of the ONLINE MARKETING department. The choice of the best methods of distribution-via the wholesaler, direct to the retail outlet or by mail order-must be considered. Changes occur from time to time in the accepted channels of distribution of particular products and those responsible for ONLINE MARKETING must keep in step with events and not let events overtake them. ONLINE MARKETING must concern itself with the promotion and presentation of the product, both through advertising and through merchandising with the provision of samples, demonstrations, free trials and other forms of physical presentation.

In discussing the scope of ONLINE MARKETING we enter an area of controversy. ONLINE MARKETING is often regarded with suspicion by other departments in an organization as a threat to their independence and authority. The fact is that if ONLINE MARKETING is to do its job properly it is inevitable that other departments, including research and development, production, sales, finance and distribution, must abdicate some of their sovereignty in the common interests of the organization. If the purpose of the business operation is to earn a profit and that profit is dependent upon a sale, then the total resources of the organization must be directed towards the creation and satisfaction of the consumer. It is the function of ONLINE MARKETING to identify the consumer, to establish his needs and, by co-ordinating the efforts of all sections of the company, to bring about their satisfaction.

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Please Note

The Trade is, of course, a major source of product ideas. All manufacturers examine, with avid interest, the new products of their competitors.