“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.
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.
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:
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.
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.|
4 Types Of Marketing Plans And Strategies Market Penetration Strategy . Market Development Strategy . Product Development Strategy . Diversification Strategy .
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.
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.
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.
We usually work with two data sources : primary and secondary in marketing research projects. A basic difference between them is based on a purpose for which information was collected.
The four main components of Marketing Information System (MIS) are: Internal Records, Marketing Intelligence, Marketing Research (MR), and. Marketing Decision Support System .
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.
Further details of these characteristics related to organisational information for decision -making follows. Availability/accessibility. Information should be easy to obtain or access. Accuracy. Reliability or objectivity. Relevance/appropriateness. Completeness. Level of detail/conciseness. Presentation. Timing.
A differentiated marketing strategy is one in which the company decides to provide separate offerings to each different market segment that it targets. It is also called multisegment marketing . Each segment is targeted in a particular way, as the company provides unique benefits to different segments.