An information market is any area where individuals pass information back and forth. In today’s economy, many experts call it the Information Age, as computers allow for the immediate or near immediate gathering of information. The information market works both ways, upward and downward. Companies will advertise goods or market service to consumers, providing information for making a decision. Consumers provide feedback — one form of information — for companies to correct or improve operations based on consumer desire. Financial markets are often a main source for users of information.
Most individuals do not make decisions without some type of information on hand. In classic economic markets, information was needed to buy and sell goods. Necessary information included price, number of companies offering goods and services, quantity of goods available, consumer demand levels and what substitute goods were available. Information often moved slowly and was many times limited to the immediate market area around businesses and consumers. However, the small information market supplied the necessary data for consideration when parties engaged in economic markets.
Information in today’s economy is more important, as the data is often readily available to a wide number of individuals and businesses. Rather than focusing on how to get information, the goal today is how to get the information faster than other groups, primarily competitors. Technology is usually the number one tool for gathering and sending information. Few businesses operate without a technological plan for using emails, text messages, social media networks, websites, blogs or other technical means to access the information market. Failing to maintain an accurate information system can result in businesses or individuals being behind the curve and unable to accurately assess the economic market and make changes to their business practices.
Another issue with the information market is what to do with the gathered data. While companies can gather copious amounts of information, it means nothing if the company or its employees cannot interpret the data. Companies will often hire or train employees to review information or data gathered and disseminate it amongst the final users in the company. While computers and software programs can help disseminate the information, most companies will need to use employees to go through the information a second time. Companies may need to contact individuals who provided the information — such as consumers — to collect additional information for clarification purposes. This follow-up process attempts to remove the barriers or confusion that can exist in the information market.