Marketing Information System : Example | Process

What is Marketing Information System ?

The Marketing Information System relates to a comprehensive gathering, research, interpreting, storing, and distributing market information to marketers on such a routine, ongoing basis, both internally and externally sourced.

The marketing information system provides valuable data to marketers to make informed decisions about prices, packing, new product developments, distribution, media, and promotions, among other things.

All marketing operation functions in tandem well with circumstances that exist simultaneously inside and outside the company. As a result, there seem to be various resources (internal, market intelligence, and market analysis) to collect appropriate market data.

In this post today, we will let you know about the Marketing Information system, its role, Its process and much more stay connected and let’s explore more.

Characteristics

All businesses are now using the marketing information system to get a competitive advantage and achieve commercial achievement.

Let’s have a look at its various aspects to get a better idea of the core principle:

Computer-Based Design:

All information is being collected, evaluated, and disseminated through a computing device throughout the marketing information system, and thus the critical marketing information is kept inside microchips.

Information that is fast, precise, and exact:

Through a marketing information system, the business could keep a relevant marketing database accessible quickly and precisely at every time.

Accessibility is simple:

The information kept throughout the marketing information system may be seen and used with the aid of such a computing device.

Components that are interconnected:

All four components were intertwined in marketing decisions and communication, i.e., the information produced through one component is beneficial also for the operation of all the others.

Internal reports, market analysis, marketing intelligence, and marketing decision support systems are interlinked components.

Future-Oriented:

The marketing information system starts with the development of future marketing strategies and plans.

Aids in Decision Making:

Because this solution generates an accurate marketing database, marketing managers could use it to make rapid decisions.

Consistent information:

Management and decision-makers can evaluate appropriate, up-to-date, and profitable marketing information using a marketing information system.

Applied at All Management Levels:

All managers use the marketing information system to deliberate on marketing strategies, objectives, guidelines, and processes produced at all management levels.

Marketing Information Systems Examples

Loyalty Card

A simple example might be a grocery shop loyalty card. Stored transactional data each time you swiped the card with your buy to earn points or discounts. Whatever you purchase, when you shop it, where you get it, and how often you buy it is all information saved with such transactions.

A corporation could then make decisions based on such data and those of others customers and perhaps other considerations. When the grocery store merges such information from hundreds of customers, a procedure that would have been nearly inconceivable to be done manually but is achievable with such a MkIS, the supermarket could use it to enhance marketing and sales by targeting advertising and special promotions at particular groups of individuals and perhaps even attempting to sell this information to third sides for profit.

Airlines

A further example would also be airlines, which have a large amount of data to collect in multiple locations. Their MkIS could contain the following:

data from consumers’ (personal and corporate) loyalty cards, including personal information and flight patterns, food choices, and many more.

Data on competing airlines’ prices, routing, and discount rates from the internet.

information gleaned via in-flight feedback

Internal data on sales, passenger numbers, and so on.

External data, which caterers and other suppliers may sell to them, and then outside market information.

What are the Roles of a Marketing Information System?

Helps in Decision Making

Decision-Making Assists MkIS makes a great deal of logic from such a corporate standpoint. They could save a great deal of money by target marketing campaigns to an appropriate audience, through using data they collect in intelligent ways, to be familiar with the idea of and inclined to modify individuals’ perceptions of their company, and also realizing what individuals desire, all of which help them make strong choices about which projects to continue pursuing and one that to abandon.

Marketing that is more relevant to the customer.

Individually, consumers would notice when they use such platforms how they sold them to, and the things they see are significantly highly customized and feel less like spam. With proper usage of such systems, what consumers were subjected to becomes much more appropriate and may introduce them to items and services they require or were fascinated in.

A valuable source of information

When such systems were indeed in position in such a corporation and records is comprehensively collected, that becomes a valuable source of information for the corporation since it gathers, creating a record for the corporation from which it could perhaps discover, which warns it of both future difficulties and advantages, and which could be utilized sensibly to increase profit margins.

Cost and time savings:

The marketing information system identifies the problematic area and makes the appropriate judgments to avoid wasting time, money, and efforts on ineffective initiatives.

Marketing Strategy:

To support effective marketing operational management, a marketing information system analyses consumer needs and potential sales.

Better Control and Evaluation:

Marketing information systems aid in the tracking and evaluation of marketing activities and programmes.

Adapting to Changes in the Marketing Surroundings:

It monitors any changes in the economic, political, technological, and competing settings regularly. It aids in seizing new chances and preparing for future obstacles.

Corporate operations management has become a lot easier than ever, thanks to technological advancements and modernization. With just a single click, we could now stay up with the latest events and latest developments on our desktops.

Marketing Information System Components

When using four basic approaches or components, the marketing information system unifies data gathering, processing, analytics, and presenting to streamline marketing efforts. Such elements interact together in the context of marketing decisions and communication.

Let’s take a closer look at each of these elements in turn:

System for Internal Reporting

Data on sales, cash flows, receivables, payables, stock, analysis, marketing people, and the price is documented, evaluated, checked, analyzed, and transmitted to the appropriate divisions concerned in decision making from internal business records accessible in multiple accounting records.

System for Market Research

A marketing research system is indeed a sophisticated tool that investigates a reported marketing difficulty or concern. It is conducted with primary or secondary information gathered and displayed in tabulated form to make relevant results.

It also offers potential answers to decision-makers as well as a variety of marketing options.

System of Marketing Intelligence

The marketing intelligence system gathers, analyses, and communicates daily information to the organization.

The topics covered in these updates are the external marketing environment, latest trends, advancements, altering client’s requirements, technical innovation, competitor’s strategies, and market circumstances. As a result, you can prepare for anticipated problems and prospective business prospects.

Marketing Decision-Making Aid

Various mathematics and economic tools (regression, linear programming, optimization, statistics, time series analysis, and so on) have been used in marketing decision support systems to receive, analyze, and transform raw data to acquire relevant marketing information to assist decision-making operations.

Marketing Information System Process

Goals and objectives are examined.

The first step in the MIS process is defining or developing defined objectives, including starting new product development, creating a business plan, or monitoring campaign efforts, among other things. These goals aid in the selection of necessary information for usage in an organization’s structure.

Metrics evaluation

Following goal setting, the following step is to select which Should include info metrics or elements in an organization’s marketing information system. Distinct internal and external data must be addressed when creating objectives.

Developing a marketing department or team

Once the aim and data accessibility have been established, the next phase in the MIS process is identifying data fitting. Identifying the marketing team that will use and preserve data and define decisions necessitates collaboration amongst marketing departments.

Tools are identified.

The following phase would be to identify the supportive tools that will utilize to make marketing decisions. Spreadsheets, for instance, could be appropriate for basic systems, whereas larger systems necessitate additional sophisticated tools such as dashboards, visualization tools with more data, and so on. A more sophisticated system need the involvement of an IT specialist in the MIS process.

Implementing System

The final phase in MIS is competent system implementation or putting the system into operation, which involves all necessary data collection, database management into tools, etc.

Conclusion

The core of marketing is just the marketing information system, without which a company’s existence and profitability are impossible. MIS serves by assisting managers in their many tasks, such as informative, decisional, and interpersonal. It is essential at all stages of management, including operations, administrative, and strategy choices. As a result, businesses should have a marketing information system in place.

Marketing Information System : Example | Process | Components