The Impact Of Marketing Intelligence System On Sales Of Beverages
1.1 Background of the Study
Today, a tsunami of changes in the corporate sector is sweeping the globe, and marketing intelligence, without a doubt, is at the heart of it. Organizations are subjected to a variety of environmental changes. Organizations’ survival will be jeopardized if they do not prepare for these changes, which occur at such a rapid pace. The goal of marketing intelligence is to prevent employee astonishment and inability to adapt to environmental changes, as well as to reduce and minimize the company’s risk exposure (Johns & Van Doren, 2010). Marketing intelligence is a modern tool that aids firms in achieving a proper position in today’s climate. The concept of intelligence refers to marketing data that is used to improve the competitiveness of strategic programming processes on a continuous basis. The systematic collecting and analysis of publicly accessible information on customers, rivals, and market changes is known as marketing intelligence (Kotler & Armstrong, 2013). Successful businesses, according to Igbaekemen (2014), employ an outside-in approach to their operations. He understands that the marketing environment is constantly presenting new opportunities and threats that can only be detected, collected, analyzed, and used through the use of marketing intelligence, and that a ‘organization’ should understand the importance of continuously monitoring and adapting to that environment. Many businesses fail to recognize change as an opportunity. Changes are ignored or resisted until it is too late. Their strategies, structures, systems, and organizational cultures are all becoming outdated and dysfunctional. Many factors have increased the need for more and better marketing intelligence, according to (Igbaekemen, 2014). As companies become more national and international in scope, they require more information on larger, farther away markets as income rises and buyers become more selective. As a result, marketing intelligence is critical because the quality of marketing information influences the effectiveness of decision-making and sales in the beverage industry. There is always competition among the various players in the beverage industry, and each beverage company must devise ways to survive, thrive, and become a mega force to be reckoned with in this sector. This study will provide organizations, particularly those in the beverage industry in Nigeria, with more information about how customers respond to their various products, appeals, cost data, market data, and competitor sales.
1.2 Statement of the Problem
Marketing intelligence’s ultimate goal is to help people make better choices. Organizations that concentrate on marketing research, product and market orientations, and sales use marketing intelligence. Even though distributors are near to the market, they are unable to exploit marketing information since their marketing function is constrained (Jones,2010). Many firms believe they have developed a solid distribution network that allows for efficient information flow. Unfortunately, the distributors are enthusiastic about the organization’s marketing efforts, but their knowledge is muddled by the management due to their narrow-mindedness about new marketing trends. As a result, a Marketing Intelligence System on Beverage Sales is will be looked into.
1.3 Objective of the Study
The primary objective of this study is as follows
- To examine the impact of marketing intelligence system in the sales of beverages.
- To evaluate if marketing intelligence system is effective in the sales of beverages.
- To find out the various marketing strategy used in increasing sales of beverages
- To find out strategies to use in improving marketing intelligence system.
1.4 Research Questions
The following questions have been prepared for this study
- What is the impact of marketing intelligence system in the sales of beverages?
- Is marketing intelligence system effective in the sales of beverages?
- What are the various marketing strategy used in increasing sales of beverages?
- What are the strategies to use in improving marketing intelligence system?
1.5 Significance of the Study
This study examines the impact of Marketing Intelligence System on Sales of Beverages.it also exposes the need to gather more information about the beverage preference of consumers in other to drive sales.
This study will be significant to the academic community as it will contribute to the existing literature.
1.6 Scope of the Study
This study examine the impact of marketing intelligence system in the sales of beverages. The study will also evaluate if marketing intelligence system is effective in the sales of beverages. Furthermore, the study will find out the various marketing strategy used in increasing sales of beverages. Lastly, the study will find out strategies to use in improving marketing intelligence system. Hence this study will be delimited to Cadbury Nigeria plc Lagos state.
1.7 Limitation of the Study
This study was constrained by a number of factors which are as follows:
Just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data.
Financial constraint , was faced by the researcher ,in getting relevant materials and in printing and collation of questionnaires.
Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher.
1.8 Definition of Terms
Marketing Intelligence System:
The systematic collection and processing of information from all the relevant sources to ascertain the changing trends in the marketing environment.
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Frequently Asked Questions
What is food and beverage industry market intelligence coverage?
SalesLeads’ food and beverage industry market intelligence coverage gives sales and marketing professionals powerful insights into planned projects and key decision makers at target accounts throughout North America.
How does marketing intelligence system help companies meet their customers needs?
The marketing intelligence system help the companies meet their customer’s needs by gathering customer level information that assists in business decision making. Managers use the marketing intelligence system tool to collect information about the daily happenings in the market, analyze them and develop results for the company.
Why choose sales leads for food and beverage project intelligence?
SalesLeads’ food and beverage project intelligence platform is designed with accuracy and simplicity in mind… Our objective is to get our clients information on new, planned projects as seamlessly as possible; without the headaches of having to work through contractors, search through bid documents, specs, and other data that just slows you down.
What is the difference between internal records and marketing intelligence system?
The internal records system supplies results data, but the marketing intelligence system supplies happening data. A marketing intelligence system is a set of procedures and sources which managers use to obtain everyday information about developments in the marketing environment.