I wrote this paper....need a question answered.

Marketing is a fundamental aspect of any organization. Thus, through marketing, an entity can popularize its offerings and attract as many customers as possible. This means that marketing can be a source of competitive advantage for an entity. However, it takes a company a strategic approach to succeed in marketing. A company must track market trends and utilize marketing information systems, as discussed in this paper.

The essence of monitoring the current marketing trends for marketers

Monitoring the current trends among marketers is a very critical outcome. In their study, Janto et al. (2020) highlighted that marketing trends can signify opportunities for marketers. This is indeed true; for example, if there is a surge in demand for beverages, marketers might want to popularize their brands so that customers can be inclined toward them and not those of the competitors. Furthermore, monitoring the current market trends is crucial because it allows marketers to become more creative. Umer and Razi (2018) documented that tracking the trends in the market provides an entity the chance to think more imaginatively. Such a cause is critical, according to Umer and Razi (2018), because it goes a long way to ensure that the marketer is not irrelevant in the market. On a similar note, watching over the current trends can hint to a marketer about the changing customers' tastes and preferences. As a result, the marketer can adjust their strategies or tactics to correspond with the changes. Again, this is fundamental because it guarantees the marketer that they will not become obsolete in the market.

Explaining how a marketing information system usually identifies and assesses market trends

A marketing information system often establishes and assesses market trends systematically. Typically, the system will scan newspaper trade documents, such as magazines, economic forecasts, business journals and reports, and numerous other media. Besides, the marketing information system will encompass talking to varied stakeholders, including suppliers, producers, customers, and competitors (FAO, 2022). This context shows that the marketing information system identifies market trends by collecting intelligence. The marketing information system identifies a sector to be analyzed and then investigates the factors affecting it. Umer and Razi (2018) indicated that the data obtained by the market information system analysts then use the data derived to determine the direction their entity will potentially take. However, it is appropriate to note that the marketing information system will assess data by evaluating the underlying relationships and calculating the apparent trends. Therefore, the data presented can assist an organization in making accurate and authentic forecasts.

The approach that one would take to design a marketing information system for a preferred product

The preferred product is loungewear. Accordingly, loungewear refers to loose, comfortable clothing, often designed to relax at home. While this is the case, the targeted loungewear is fashionable apparel for women that can be donned outside the domestic sphere (Spillane, 2022). Therefore, loungewear will have to compete with other casual wear. The first thing in creating a marketing information system for this product is determining the metric to be included in the system. The essence of doing this is to save costs because it will allow for measuring current factors and creating the right decisions. It would be necessary for one to narrow down the metrics to overcome accumulation. Examples of metrics for loungewear include the number of people wearing loungewear outside the home and the number of loungewear brands currently dominating the market.

The second step towards creating the marketing information system for the product is gathering data. In this case, data would come from internal sources, for instance, accounting figures, sales records, reports from the salespeople, and website analytics (Spillane, 2022). Other data might suffice from external sources, for example, economic metrics, competitor reports, listening post metrics, and social media insights. Recurring surveys of customer satisfaction might also be part of the data-gathering process (Spillane, 2022). The next step is plotting the data. Raw data might present invisible patterns about the product. Therefore, it is necessary to plot or graph the data collected to determine the ongoing market trends related to the product. The ultimate step is communicating the outcomes. Central to this procedure is interpreting the marketing information system through the theoretical marketing lens (Spillane, 2022).

Conclusion

Marketing is a strategic outcome for any organization. An entity must always be keen on monitoring the market trends as they suffice a lot of opportunities for an entity. Nevertheless, to help determine the market trends and take advantage of them, a firm should always seek to implement conscious marketing information systems.

References

FAO (2022). Chapter 9: Marketing Information Systems. https://www.fao.org/3/w3241e/w3241e0a.htm#:~:text=It%20involves%20them%20in%20scanning,as%20well%20as%20to%20competitors.

Janto, E., Hennyeyov, K., Polakovi, P., ilerov, E., & Gerhtova, G. Importance of New Marketing Trends and their Application by Slovak Wine Companies." Innovative Approaches for Sustainable Agriculture and Food Systems Development, 1(1), 109.

Spillane, J. (2022). 5 Steps to a Marketing Information System. Business 2 Community. https://www.business2community.com/marketing/5-steps-to-a-marketing-information-system-0277119

Umer, M., & Razi, S. (2018). Analyzing research methodologies and publication trends in service marketing literature. Cogent Business & Management, 5(1), 1446265.

In order to learn consumer preferences for loungewear, a loungewear producer might conduct a survey of both users and non-users in order to learn brand preferences and other product-related information. How should such a survey be administered? How would we ensure that the results received accurately reflect market feelings?