Marketing information system
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The key components of an MIS include internal records systems, marketing intelligence systems, and marketing research systems. An MIS supplies three types of information on a recurring, monitoring, and requested basis to help marketing managers identify problems and make decisions. Sources of information come from both internal sources like sales and cost analysis as well as external sources. The importance of an MIS is that it allows companies to anticipate customer demand, take a systematic approach, analyze competition, and understand consumers in order to inform strategic planning.
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Marketing information system
- 2. What is marketing information system ? Marketing information consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers. Marketing decision makers use the data to identify and solve marketing related problems.
- 3. ‘MIS is a set of procedures and methods for the regular, planned collection, analysis and presentation of information for use in marketing decisions’ American Marketing Association What is marketing information system ?
- 4. Components of MIS • Internal Records System It includes information on the order to payment cycle and sales information Systems. • Marketing Intelligence System A set of procedures and sources used by managers to obtain everyday information about developments in the marketing environment.
- 5. Components of MIS • Marketing Research System It includes systematic design, collection, analysis, and reporting of data and findings relevant to specific marketing situation.
- 7. Marketing Information system supplies three types of information. • Recurrent Information • Monitoring Information • Requested Information
- 8. •Recurrent Information This is the data that an MIS supplies periodically about the market share of a specific product and customer’s awareness of company’s brands. The data may be supplied on weekly, monthly or yearly basis.
- 9. • Monitoring Information This is the data obtained from the regular scanning of certain sources. Marketing managers may need data related to competition or the industry. It is essential so that marketing managers can be alert and identify potential problems
- 10. • Requested Information This information is developed in response to some specific request by the marketing manager. Secondary data or primary data through survey research are collected in response to the specific request. The MIS supplies the requested information for decision making.
- 11. Marketing Information System External data Internal data Requested information Marketing Research division Marketing Information system Marketing Managers Division
- 12. Sources of Marketing Information The MIS information inputs come from different sources, viz., both within and outside firms. Some of the commonly used internal sources of information are: Sales Analysis- The marketing information system retrieves sales information and put them in usable and disaggregated form. It detects various marketing strengths and weaknesses. Computer assisted sales analysis uncovers significant details for management needs.
- 13. Cost Analysis-The cost analysis is possible with the effective accounting system. The classification and analysis of the cost of production, cost of distribution and selling may provide adequate information for the management purposes.
- 14. Financial Records- The financial records & publications may provide adequate opportunities for management of sales & marketing activities. Many companies prepare periodical final statement to observe the balance of each item of financial records.
- 16. Importance of marketing information system • Anticipation Of Customer Demand- Every marketer needs up-to-date knowledge about consumer needs and wants. • Systematic Approach-Expanding markets and competitive marketing environment require adequate market intelligence system. • Economic indicator-Marketers must have latest information on the changing trends of supply, demand and prices
- 17. • Significance of Analysing Competition- Marketer cannot survive without having information regarding nature, character and size of competition to be met. • Development of Technology-Marketers must have latest information regarding technological development.
- 18. • Understanding the Consumer-Information system can establish proper two way flow of information and understanding between marketers and consumer. • Marketing Planning-Marketing plans and programmes are based upon information supplied by economic forecasts and market research.
- 19. Conclusion Marketing information system is an important factor in a growing business today with increased competition and environmental changes affecting the consumer world. It is the marketing information system that makes or unmakes any organization in the perspective of marketing strategy. Marketing information system very aptly called as life blood of marketing.