Gathering Information in Marketing Strategy Formulation, Research Paper Example

Gathering information on a target market’s consumer decision making is essential to the formulation of marketing strategy. The importance of gathering information is attributed to the fact that  particulars about a market needs to be developed and analyzed to facilitate an enhanced planning, control as well as execution of important job functions by the marketing managers. The process of information gathering concerning the trend and the size of a specific marketplace is an important undertaking in market research.  Gathering information is a very important component of market research in any vibrant market place as it is a source of answers that are sometimes needed on an urgent basis. The information gathered plays a vital role in tactical in addition to strategic planning and evaluation of functionality of strategies (El-Ansary, 2006).  This information also forms a basis of feedback leading to design and implementation of new plans.

Formulation of the marketing strategy requires information gathering in as far as the market is concerned. The information about potential clients, the position of competitors and market status facilitate for strategic planning through provision of an insight to the managers (Drummond & Ensor, 2001). Such information also acts as an important guide to the managers in the creation of the mission, formulation of strategies and goals and the best way of their implementation. The information gathered also gives answers to numerous marketing problems that exist and facilitate for the involvement of customers in the process of formulation of the marketing strategy. For example, it is important to understand the fact that the knowledge of a consumer is partial prior to making an informed decision to buy and therefore more information is required.

References

Drummond, G. &  Ensor,J., (2001). “Strategic Marketing; Planning & Control”, 2nd Ed. Oxford: Butterworth.

El-Ansary, A., (2006). “Marketing strategy: taxonomy & frameworks”, European Business Review, Vol. 18 Issue 4, pp.266 – 293.