The Role of Information in the Business Context
For company owners, the information era has brought unparalleled challenges as well as similarly rewarding opportunities. For one thing, increased access to vast amounts of information has complicated market analysis due to the challenges of collecting information that is respectful of the entrepreneurial process while still maintaining responsible business behaviour. On the other hand, the widespread availability of knowledge benefits company owners by allowing them to identify market prospects that they would otherwise have missed. Reading chapters 5, 6, and 7 of Essentials of Marketing by Brassington, Frances, and Stephen Pettitt was indeed particularly insightful regarding the implications of information on the marketing mix of a commercial enterprise.
The Dependence of Executive Decision-Making on Information
Regarding the role of information in the business context, the key takeaway was the apparent dependence of executive decision-making on the availability of information. Brassington, Frances, and Stephen Pettitt argue that a constant flow of information is imperative for effective decision-making involving the range of activities from the identification of markets to the design of long-term strategic business plans. To maximize the value of as much supportive information as is available, marketing information systems (MkIS) with embedded decision support systems (DSS) are crucial. Such computerized systems enable the timely identification and provision of a comprehensive set of information that business administrators can apply to evaluate the effects of their decisions in a simulated, risk-free environment.
The Role of Market Research in the Marketing Mix
The role of market research in availing such information that influences the product and pricing aspects of the marketing mix was another essential takeaway. For instance, market analysis enables the identification of products that may fit the market needs as a step towards creating a portfolio of hypothetical products capable of matching or outcompeting similar offerings. Businesses are also able to strengthen their brands in the process by availing high-quality products. Similarly, information compiled from an initial market research enables management to contextualize an enterprise's products relative to the price perceptions and sensitivities of potential consumers.
Implications of Information Availability on Decision-Making and Product Design
The impact of the availability of information on decision-making and the dynamics of product design and pricing have significant implications in the workplace. The relationship between these aspects of business management is such that the absence of information curtails the design of relevant products as well as the ability of the marketing function to set appropriate prices. The converse also applies, in that immediate access to information and the ability to manipulate it through marketing information and decision support systems is a competitive advantage. It is hence apparent that business managers appreciate the dependence on the product and pricing elements of the marketing mix on information to ensure effective decision-making.
The Importance of Marketing Information Systems and Market Research
The above insights from chapters 5, 6, and 7 have indeed stimulated an appreciation of the importance of marketing information systems as a market research tool. The fact is that entrepreneurs experience an array of informational challenges setting up their first businesses. With MkIS promising to alleviate some of those problems, it is essential that contemporary business managers gain competency in the application of such information systems. Too many businesses fail because they either fail to identify reasonable gaps in the market or end up availing the wrong product at the incorrect price. I have an interest in pursuing an MBA in the foreseeable future. Besides the academic knowledge that I hope to acquire, I acknowledge that being skilled in business software applications will make me more competitive in the labor market.
Works Cited
Brassington, Frances, and Stephen Pettitt. Essentials of Marketing. Harlow [Etc.], Pearson Education, 2013.
