A marketing information system (MIS) is a set of procedures and methods designed to generate, analyze, disseminate, and store anticipated marketing decision inf ormation on a regular, continuous basis. An information system can be used opera tionally, managerially, and strategically for several aspects of marketing. A marketing information system can be used operationally, managerially, and stra tegically for several aspects of marketing. We all know that no marketing activity can be carried out in isolation, know whe n we say it doesn t work in isolation that means there are various forces could be external or internal, controllable or uncontrollable which are working on it. T hus to know which forces are acting on it and its impact the marketer needs to g athering the data through its own resources which in terms of marketing we can s ay he is trying to gather the market information or form a marketing information system. This collection of information is a continuous process that gathers dat a from a variety of sources synthesizes it and sends it to those responsible for meeting the market places needs. The effectiveness of marketing decision is pro ved if it has a strong information system offering the firm a Competitive advant age. Marketing Information should not be approached in an infrequent manner. If research is done this way, a firm could face these risks: 1. Opportunities may be missed.
2. There may be a lack of awareness of environmental changes and competitor s actions. 3. 4. 5. 6. 7. 8. Data collection may be difficult to analyze over several time periods. Marketing plans and decisions may not be properly reviewed. Data collection may be disjointed. Previous studies may not be stored in an easy to use format. Time lags may result if a new study is required. Actions may be reactionary rather than anticipatory.
The total information needs of the marketing department can be specified and sat isfied via a marketing intelligence network, which contains three components. 1. Continuous monitoring is the procedure by which the changing environment is r egularly viewed. 2. Marketing research is used to obtain information on particular marketing issu es. 3. Data warehousing involves the retention of all types of relevant company reco rds, as well as the information collected through continuous monitoring and mark eting research that is kept by the organization. Depending on a firm s resources and the complexity of its needs, a marketing intel ligence network may or may not be fully computerized. The ingredients for a good MIS are consistency, completeness, and orderliness. Marketing plans should be i mplemented on the basis of information obtained from the intelligence network. An Marketing Information System offers many advantages: 1. Organized data collection.
2. A broad perspective. 3. The storage of important data. 4. An avoidance of crises. 5. Coordinated marketing plans. 6. Speed in obtaining sufficient information to make decisions. 7. Data amassed and kept over several time periods. 8. The ability to do a cost-benefit analysis. The disadvantages of a Marketing information system are high initial time and la bor costs and the complexity of setting up an information system. Marketers ofte n complain that they lack enough marketing information or the right kind, or hav e too much of the wrong kind. The solution is an effective marketing information system. The information needed by marketing managers comes from three main sources: 1) Internal company information ustomer service reports etc E.g. sales, orders, customer profiles, stocks, c
2) Marketing intelligence This can be information gathered from many sources, in cluding suppliers, customers, and distributors. Marketing intelligence is a catc hall term to include all the everyday information about developments in the mark et that helps a business prepare and adjust its marketing plans. It is possible to buy intelligence information from outside suppliers (e.g. IDC, ORG, MARG) who set up data gathering systems to support commercial intelligence products that can be profitably sold to all players in a market. (3) Market research Management cannot always wait for information to arrive in b its and pieces from internal sources. Also, sources of market intelligence canno t always be relied upon to provide relevant or up-to-date information (particula rly for smaller or niche market segments). In such circumstances, businesses oft en need to undertake specific studies to support their marketing strategy this i s market research.
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2. There may be a lack of awareness of environmental changes and competitor s actions. 3. 4. 5. 6. 7. 8. Data collection may be difficult to analyze over several time periods. Marketing plans and decisions may not be properly reviewed. Data collection may be disjointed. Previous studies may not be stored in an easy to use format. Time lags may result if a new study is required. Actions may be reactionary rather than anticipatory.
The total information needs of the marketing department can be specified and sat isfied via a marketing intelligence network, which contains three components. 1. Continuous monitoring is the procedure by which the changing environment is r egularly viewed. 2. Marketing research is used to obtain information on particular marketing issu es. 3. Data warehousing involves the retention of all types of relevant company reco rds, as well as the information collected through continuous monitoring and mark eting research that is kept by the organization. Depending on a firm s resources and the complexity of its needs, a marketing intel ligence network may or may not be fully computerized. The ingredients for a good MIS are consistency, completeness, and orderliness. Marketing plans should be i mplemented on the basis of information obtained from the intelligence network. An Marketing Information System offers many advantages: 1. Organized data collection.
2. A broad perspective. 3. The storage of important data. 4. An avoidance of crises. 5. Coordinated marketing plans. 6. Speed in obtaining sufficient information to make decisions. 7. Data amassed and kept over several time periods. 8. The ability to do a cost-benefit analysis. The disadvantages of a Marketing information system are high initial time and la bor costs and the complexity of setting up an information system. Marketers ofte n complain that they lack enough marketing information or the right kind, or hav e too much of the wrong kind. The solution is an effective marketing information system. The information needed by marketing managers comes from three main sources: 1) Internal company information ustomer service reports etc E.g. sales, orders, customer profiles, stocks, c
2) Marketing intelligence This can be information gathered from many sources, in cluding suppliers, customers, and distributors. Marketing intelligence is a catc hall term to include all the everyday information about developments in the mark et that helps a business prepare and adjust its marketing plans. It is possible to buy intelligence information from outside suppliers (e.g. IDC, ORG, MARG) who set up data gathering systems to support commercial intelligence products that can be profitably sold to all players in a market. (3) Market research Management cannot always wait for information to arrive in b its and pieces from internal sources. Also, sources of market intelligence canno t always be relied upon to provide relevant or up-to-date information (particula rly for smaller or niche market segments). In such circumstances, businesses oft en need to undertake specific studies to support their marketing strategy this i s market research.
doc_758018202.txt