“A marketing information system is a continuing and interacting structure of people, equipment and procedures to gather, sort, analyse, evaluate, and distribute pertinent, timely and accurate information for use by marketing decision makers to improve their marketing planning, implementation, and control”.
Marketing Research(MR)and MkIS
|Marketing Research||Marketing Information System|
|1.Emphasis is on handling external information||1.It handles both internal and external data.|
|2.It is concerned with solving problems.||2. It is concerned with preventing as well as solving problems.|
Mainly 3 types of marketing information related systems are available that marketing decision-makers use to have valuable insights for wise marketing decisions i.e. Internal Data-Based MIS , Marketing Research, and Competitive Intelligence.
An ideal MIS possesses the following features: Continuous flow: A well-designed MIS provides a continuous flow of information for decision making. Decision -making: MIS is structured to provide information for decision -making. Use of computer: Complex process: Economical: Variety: Future-oriented: Flexible:
Illuminating the Marketing Picture. There are three primary types of marketing information marketers use to gain insights that will contribute to wise marketing choices: internal data, competitive intelligence, and marketing research.
A marketing information system is a combination of people, technologies, and processes for managing marketing information , overseeing market research activities, and using customer insights to guide marketing decisions and broader management and strategy decisions.
The marketing information system process Determine what metrics to include in your marketing information system . This is a very serious step in creating an effective marketing information system . Gather relevant data. Plot data. Communicate results. Make marketing decisions.
There are five major sources of information in marketing research. They are (i) Primary Data (ii) Secondary Data (iii) Information from Respondent (iv) Experimentation and (v) Simulation.
The seven functions of marketing are distribution , market research , setting prices, finance , product management, promotional channels and matching products to consumers.
4 Types Of Marketing Plans And Strategies Market Penetration Strategy . Market Development Strategy . Product Development Strategy . Diversification Strategy .
The four main components of Marketing Information System (MIS) are: Internal Records, Marketing Intelligence, Marketing Research (MR), and. Marketing Decision Support System .
Here’s the process I recommend in developing market information into meaningful insights. Set goals. Create KPIs. Define metrics to assess KPIs. Choose marketing information system software. Transform data into insights with appropriate analysis, such as pivot tables, correlations, etc. Use the analysis to make decisions.
Dimensions and metrics of information quality Intrinsic IQ: accuracy, objectivity, Believability, reputation. Contextual IQ: relevance, value-added, Timeliness, Completeness, amount of information . Representational IQ: interpretability, format, coherence, compatibility. Accessibility IQ: accessibility, access security.
Future-oriented: The design and development of MIS should also be future purpose so that the system is not restricted to provide only the past information. Integrated: A complete MIS is a combination of its multiple sub-components to provide the relevant information to take out a useful decision.
Information systems are made up of 5 different features: Software , Hardware , People, Data and Telecommunications. Information is data that has been processed and put into context. It has relevance to its purpose and is timely to the time of it use. This can give an increased understanding and decrease any doubt.