Marketing Systems & Structure for Penton Ltd Essay Example
If a company is experiencing growth issues, it could be attributed to a lack of marketing orientation. Insufficient sales and declining customer loyalty can lead to financial problems for the organization, making it vulnerable in the market. This ultimately causes deterioration in the company's overall structure and systems. Ineffective marketing systems result in inadequate strategic product planning, causing a decline in performance levels.
The focus of this case study is on Penton Ltd and its marketing systems, which encompass marketing information, intelligence, and control. These systems are designed to aid organizations such as Penton Ltd in leveraging valuable information and achieving a competitive advantage. A dedicated marketing information system is developed explicitly to furnish managers with precise and timely data that can assist them in making well-informed marketing decisions.
These systems a
...re information systems, comprising of individuals, equipment, and procedures for gathering, sorting, analyzing, evaluating, and distributing precise, timely information to marketing decision makers (Marketing Management, P. Kotler, p. g 123, 11th Edition). In the case of Penton Ltd, the organization lacks this essential information. According to the case study, the consultants' preliminary reports brought attention to a specific issue - Penton Ltd's past few years have been marked by disappointing performance and a high failure rate in launching new products.
The issue at hand is caused by a lack of communication and the underutilization of Marketing Information Systems (MIS) by Penton Ltd. MIS is a crucial tool that can assist in gathering the necessary information for introducing new products. Therefore, it is vital for Penton Ltd to utilize this system in order to determine their requirements, desires, and economic feasibility. When launching their
new product, Penton Ltd should consider the following key questions.
- What information do they need to make these decisions?
- What information do they want that they are not getting now?
- What are the 3 most helpful improvements that could be made in present marketing information systems?
This diagram illustrates the process of MIS and its importance. It demonstrates the beginning and completion of MIS, as well as the necessary processing for it to be effective. The red line highlights the connection between MIS and marketing managers.
Marketing managers are responsible for requesting and specifying the information they need. Once information is received from various sources such as the internal database and marketing intelligence, marketing managers assess it. The red arrow indicates that this is where the decision-making process begins. However, establishing this flow of information in Penton Ltd is crucial for improving overall decision making, as the board of directors currently appears uncertain about which decisions to make.
Marketing Intelligence Systems
The marketing intelligence system at Penton Ltd involves the board of managers, purchasing agents, and sales force. However, it is apparent that these forces do not effectively communicate important information. This information is crucial as it serves as an early warning system for both opportunities and threats for Penton Ltd. The marketing intelligence system gathers this information by scanning the surroundings and utilizing general knowledge, which is subsequently shared with the marketing managers.
In Penton Ltd, it was pointed out that there is a need to be more proactive in their new product development. Consequently, once these marketing systems are implemented, they will
enhance their ability to innovate. Moreover, the control system not only allows them to manage the profitability of their launched products but also provides updates on market activities and competitors. Additionally, it aids in controlling costs and distribution channels.
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