A marketing information system (MKIS) is a management information system (MIS) designed to support marketing decision making. Jobber (2007) defines it as a “system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis.”
“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”.
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.
Marketing information and research describes information you need to collect which gives you a good idea what your target customers (beneficiaries, donors, opinion formers, etc) are thinking/wanting/needing or doing in relation to your product (be it a service, a fundraising proposal or a campaign).
4 Types Of Marketing Plans And Strategies Market Penetration Strategy . Market Development Strategy . Product Development Strategy . Diversification Strategy .
The market research process consists of 6 distinct steps: Step 1 – Determine the research problem and objectives. Step 2 – Cultivate the overall research plan. Step 3 – Collect the data. Step 4 – Analyze the data. Step 5 – Present or publish the findings. Step 6 – Use the findings to make an informed decision.
Marketing information and research address the need for quicker, yet more accurate, decision making by the marketer. These tools put marketers close to their customers to help them understand who they customers are, what they want, and what competitors are doing.
Benefits of Marketing Information System (MIS) Prediction of Consumer Demand. Identification of Marketing Complexity. Facilitates up-to-date Economic Information or Condition. Up-to-date Information on Technology. Proper flow of Information for better Customer Service . Facilitates Marketing Planning Activities.
Sources of Information for Market Research Current customers. Collecting data from the current customers will depend on your own creativity. Business magazines . Business magazines are valuable sources of business information that can be useful for the purpose of your market research. Surveys. Government agencies. Internet.
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.
The 7 functions of marketing: A field guide (Infographic) Promotion . Selling . Product management . Marketing information management . Pricing . Financing . Distribution .
The Five Marketing Concepts The Production Concept . The production concept is focused on operations and is based on the assumption that customers will be more attracted to products that are readily available and can be purchased for less than competing products of the same kind. The Product Concept . The Selling Concept . The Societal Concept.
Marketing research serves marketing management by providing information which is relevant to decision making. Marketing research does not itself make the decisions, nor does it guarantee success. Rather, marketing research helps to reduce the uncertainty surrounding the decisions to be made.
Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
The first step in the marketing research process is to: Gather primary data. Conduct an informal investigation. Gather secondary data. Define the problem or question. Perform a situation analysis .