Marketing intelligence system

Marketing

1. Marketing Information System FOR EFFICIENT AGRICULTURAL MARKETING

2. An important marketing function which ensures the smooth and efficient operation of the marketing system . Accurate, adequate and timely availability of market information facilitates decision about when and where to market the products. It is essential at all stages of marketing, from the sale of the produce at the farm until the goods reach the last consumer. At present AGMARKNET is the largest network in India to provide real time information by connecting major regulated markets across the country. Market Information

3. Importance Farmer/Producers: Helps in improving the decision making power of the farmer Market middlemen General economy Government Market information and intelligence are crucial to enable farmers and traders to make informed decisions about what to grow, when to harvest, to which markets produce should be sent, and whether to store it or not. 

4. Market Intelligence: includes information relating to such facts as the prices (price intelligence) that prevailed in the past and market arrivals over time. An analysis of the past helps us to take decision about the future. It helps in building outlook for current and future decisions. Market News: refers to current information about prices, arrivals and changes in market conditions. Helps the farmers in taking decisions about when and where to sell his produce. Its availability in time and with speed is of utmost value. It quickly becomes obsolete and requires frequent updating. Market outlook: refers to the market situation that is likely to prevail in the near future. Types of Market Information

5. Criteria for good Market Information Comprehensive Must be complete and cover all the agricultural Commodities. Accuracy Relevance Trustworthiness Agency that collects it must create faith, and the users must trust the organisation /agency. Equal and Easy accessibility Timeliness

6. Collection and Dissemination of Market Information Collection of market information: Dissemination of market information: Personal contacts Post and telephones Newspapers Magazines (E&P Weekly, Business Today) Government agencies reports Price bulletins Bulletin of Agril . Prices (Weekly), Agril . Situation in India (monthly), Agril . Prices in India (Annual ) Bulletin on Food Statistics (Annual) Radio and television Interpretation of Market Information

7. Marketing Intelligence System (MIS) Consists of people, equipment, and procedures to gather, sort, analyze, evaluate and distribute timely and accurate information to decision makers.

8. Components of Intelligence System Customer Intelligence: This provides useful information on a customer’s business, preferences or loyalties, personal demographic details. Competition Intelligence: This gives information on strengths and weaknesses of each competitor in the territory, the strategy and the tactics being used by them.

9. Purposes of Marketing Intelligence Customer satisfaction Creative and effective marketing strategy Realities of the company and its competitors Strengths and weaknesses Realities of the marketplace Opportunities and threats Competitive advantage Anticipate the competitive move and develop competitive strategies

10. Sources of Marketing Intelligence Company’s own personnel Executives Consultants and specialists Purchasing agents Salespersons Other employees Issue: Always busy people Fail to pass on important information

11. Sources of Marketing Intelligence Company’s supply chain Suppliers Business partners Business allies Other marketing intermediaries

12. Competitors Annual reports Speeches and press releases Products and labels Advertisements and other marketing communications Web sites Sources of Marketing Intelligence

13. Sources of Marketing Intelligence Government sources Census of population Census of industries Other government agencies and publications Academic sources Theses and research reports Academic journals Academic forum

14. Analyzing Marketing Intelligence Data Competitor analysis -- knowing about competitors 1. Who are our competitors? 2. What are their strategies? 3. What are their objectives? 4. What are their strengths and weaknesses? 5. What are their reaction patterns?

15. Marketing Intelligence Scheme in India It provides for the collection of data on prices, arrivals, dispatches and stocks of important agricultural commodities. These data are reported by market intelligence inspectors, market reporters, agriculture assistants, price inspectors, statistical investigators, marketing inspectors etc. The scheme covered 137 agricultural commodities and 1300 markets of the country. Market intelligence centres set up under the scheme work under the supervision of Directorate of Agricultural Marketing or Directorate of Economics and Statistics of the states. The importance of flow of market information has considerably increased in recent years particularly in case of fruits & Vegetables.

16. Market Information vs Market Intelligence Market Intelligence is a process of giving you insights into what might happen in the near future. This process requires that we go from market data to information and then to market intelligence. For example Data – Arrivals and Prices of fruits and vegetables in Narwal mandi. Information – Month wise arrivals and prices of commodities for 20 years Intelligence – Forecasting the arrivals and prices of the commodities on the basis of available data for next say 5 years or 10 years.

17. The Ideal Agricultural Marketing Information System (AMIS) should be Responsible for sourcing all the market data/information being collected by various agencies; processing and analyzing such data/information to turn it into useable knowledge; and developing mechanisms/systems for information/ knowledge dissemination through various media such as radio, TV, newsletters, bulletins, and websites. 

18. Factors responsible for poor market intelligence i )     Limited availability of market intelligence. ii)    Poor access to relevant market information. iii)   Limited dissemination of existing information to farmers and entrepreneurs. iv)   Lack of price forecasting system. v) Limited capacity to understand and use market intelligence.

19. Thankyou!