Market information systems
Okay, so think about when you go to the store to buy a toy. How do you know which toy you want to buy? Maybe you saw a commercial on TV or your friend told you about it. This is kind of like how businesses need to know what people want to buy.
A market information system helps businesses figure out what people want to buy by collecting and analyzing information about what people are buying and what they might want to buy in the future. It's like a big brain that helps companies make smart decisions about what products to make and how to sell them.
This information is collected from many different sources. For example, a market information system might look at how much money people are spending on certain products, what age group is buying them, or what kind of advertising is working best. It then helps businesses make plans based on this information.
Think of it like a super smart friend who knows everything about what toys and snacks are popular, and can help you decide which ones to buy. Except, in this case, the super smart friend is a computer program that helps businesses make important decisions about what to sell and how to sell it.
A market information system helps businesses figure out what people want to buy by collecting and analyzing information about what people are buying and what they might want to buy in the future. It's like a big brain that helps companies make smart decisions about what products to make and how to sell them.
This information is collected from many different sources. For example, a market information system might look at how much money people are spending on certain products, what age group is buying them, or what kind of advertising is working best. It then helps businesses make plans based on this information.
Think of it like a super smart friend who knows everything about what toys and snacks are popular, and can help you decide which ones to buy. Except, in this case, the super smart friend is a computer program that helps businesses make important decisions about what to sell and how to sell it.