Marketing Information System
Marketing information is a decisive element in the effective marketing as a result of trend toward global marketing, the transition from buyer requirements to buyer wants, and transition from the price to non-price competition. All of the firms operate some form of marketing information system, but systems vary highly in their sophistication. In too many cases, information is not available or comes too late or can't be trusted. Too many companies are learning that they lack suitable information system, yet do not have an information system, lack suitable information, or they do not know what type of information they lack or require knowing to compete effectively.
The Marketing Information System
It does not matters what type of marketing organization we refer to, the marketing managers require a great deal of information to perform their marketing so as to provide higher value and satisfaction for customers. Although, despite the rising supply of information, managers frequently lack enough information of right kind or have too much information of wrong kind. To defeat these problems, various companies are taking steps to improve their marketing information systems. In this Lesson, the marketing information system is described, along with the marketing research procedure thus showing the types of information gathered and how it is gathered.
If a marketing organization is to process superior value and satisfaction for the customers, marketing managers require information at approximately every turn. They need information regarding customers like resellers, end-users (who tend to be called consumers), as well as governmental, competitors and other forces in marketplace. A marketing information system (MIS) consists of people, equipment and process to gather, , analyze, sort ,evaluate and distribute needed, timely and correct information to marketing decision makers. MIS works in the following way:
- A well-designed marketing information system (MIS) begins and ends along the user. The MIS first assesses information require by interviewing marketing managers and surveying their decision environment to determine what information is wanted, needed, and feasible to offer.
- The MIS next develops information and helps managers to use it more efficiently. Internal records provide information regarding costs, sales, inventories, cash flows, and accounts receivable and payable. Such data may be obtained rapidly and cheaply, but must frequently be adapted for marketing decisions.
- Marketing intelligence supplies marketing executives with daily information regarding developments in external marketing environment. Intelligence may be collected from customers, company employees, suppliers, and resellers; or by monitoring published reports, advertisements, conferences, competitor actions, and other activities in environment. The marketing research involves collecting information relevant to a definite marketing problem facing the company
- At last, the marketing information system, distributes the information gathered from marketing intelligence, internal sources, and marketing research to right managers at right times. More and more companies are decentralizing their information systems through networks that allow managers to have direct access to information.