International Marketing Information System (IMIS) & Research: The Power of Marketing¶
The International Marketing Information System (IMIS) is a comprehensive framework designed to support businesses in navigating the complexities of global markets. By integrating telecommunications equipment, computer hardware and software, and skilled personnel, IMIS captures, stores, updates, manipulates, analyzes, and displays worldwide business activity information. This system is crucial for making informed marketing decisions and reducing uncertainty and risks.
Importance of IMIS¶
IMIS plays a pivotal role in aiding companies to:
- Understand Past and Pre-historical Events: By analyzing historical data, companies can learn from past trends and outcomes.
- Stay Informed on Current Affairs: Keeping abreast of the latest developments in international markets allows for timely and relevant decision-making.
- Forecast Future Events: Predictive analysis helps in anticipating market movements and preparing strategies accordingly.
The insights gained from an effective IMIS enable marketing managers to:
- Develop New Products: Identifying gaps and opportunities in the market for innovation.
- Improve Existing Products: Enhancing products to better meet customer needs and preferences.
- Refine Marketing Strategies: Making informed changes to promotion, pricing, and distribution tactics to better align with market dynamics.
Sources of Marketing Information¶
Internal Sources¶
Experienced companies often have a wealth of information available internally. This includes sales data, customer feedback, and performance metrics, which can be leveraged to make informed decisions without the need for extensive external research.
External Sources¶
External sources are vital for companies, especially those new to international business, which may not have comprehensive internal data. These sources include:
- Primary Data: Collected directly through surveys, interviews, and experiments when secondary data are insufficient, inadequate, or unreliable.
- Secondary Data: Publicly available information such as industry reports, market analysis, and academic publications.
International Marketing Intelligence¶
Part of a company's overall international business information system, international marketing intelligence encompasses:
- Marketing Research: Focused studies on individual foreign markets to gather specific insights.
- Continuous Data Analysis: An ongoing process to monitor market trends, competitor strategies, and regulatory changes.
The International Marketing Information System and marketing research are foundational elements that empower marketing managers with the knowledge to navigate international markets effectively. By systematically gathering and analyzing both internal and external sources of information, companies can significantly enhance their marketing strategies, product development, and overall market positioning in the global arena.
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