Marketing illustration Marketing theory

Information gathering and interpretation

The gathering of relevant and up-to-date information is a key business process. Information consists of organised facts and figures that have meaning within the context that the information is intended to be interpreted by people. Information is thus a valuable business commodity, and frequently businesses pay money for up-to-date and relevant information.

Businesses buy:

  • Market research information
  • Information about the financial performance of other companies
  • Information about economic trends, and the economies of other countries
  • Product research and development information.

The more up-to-date, accurate and complete is the information, then the more valuable it will be.

Increasingly there are market opportunities for companies to provide information on websites that users can pay to access - e.g. information about share prices, market movements, and potentially good investments.

Information is gathered:

  • Internally within an organisation - e.g. about production performance, sales performance, standard operating procedures, manufacturing systems, etc.
  • Externally i.e. outside the organisation - e.g. information about customers and markets. The firm may contract out the collection of such information to an appropriate organisation such as a market research company.

Information processing

Information can then be analysed by using computers or by manual methods. Databases and spreadsheets make it very easy to analyse information. For example, information about the market e.g. market growth, market share, etc. can be entered using a spreadsheet package. This information can then be presented in line graphs, histograms, bar charts, pie charts etc so that it is easy to quickly make sense of the information.

Information processing refers to the collection, storage, manipulation, distribution and presentation of data, usually by electronic means. Computers are used widely in business for information processing.

Supporting Documents

These downloads will help to put marketing theory into context using real world examples from real businesses.

Using the marketing mix to drive change
Parcelforce Worldwide logo

Learn how Parcelforce Worldwide applied marketing theory to succeed in the logistics industry by downloading our premium case study.

Creating the right marketing mix
Motorola logo

Find out how Motorola applied marketing theory to thrive in the telecommunications industry by downloading our premium case study.

Positioning the brand
Chap Stick logo

Discover how Chap Stick employed marketing theory to thrive in the healthcare industry by downloading our premium case study.

Live, breathe and wear passion
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Discover how Diesel applied marketing theory to succeed in the fashion industry by downloading our premium case study.

Re-focussing a company's culture and marketing mix
Argos logo

Discover how Argos employed marketing theory to thrive in the retail industry by downloading our premium case study.

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