We will discuss the Components of the Marketing Information System.
Meaning of Marketing Information System.
According to Philip Kotler,
“It consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision-makers.”
Components of Marketing Information System
a. Internal Record System
It is collecting, analyzing, evaluating, and interpreting data and information about internal activities, results, and performance. An organization is the source of information and data itself. It maintains records of past results, ongoing activities, current status of the manager and leaders of the concerned department and group. In other words, It is an internal database system of organizations to fulfill legal and ethical organizations or to meet the need for data influence for planning & budgeting purpose. Hence, It consists of information related to production, sales, assets, liabilities, income, expenditure, annual report, audit report, etc
b. Intelligence System
It is collecting, interpreting, and distributing data and information about everyday happening in the field of the marketing environment. It is updating data about new changes, development, and events. Hence, It can be defined as environmental scanning to formulate goals, plans, policies, etc. Intelligence systems can be managed from various resources like data collectors, salesforce, middle man, experts, etc, Hence, It is related to tools, methods, approaches, and ways of obtaining day-to-day changes in the marketing environment.
c. Marketing Reserach System
Marketing Research is a problem-oriented systematic inquiry conducted by an organization to collect more information about any problem, events, etc It is always problem-oriented in nature. Market research means the collection, development, and interpretation of data and information for strategic marketing decisions by solving problems. So, It offers multiple choices for making marketing decisions. It also identifies new opportunities and maintains threats or challenges of marketing. Hence, Marketing research can be done from the research and development department of an organization or from vertical agencies.
d. Decision Support System
Decision Support System of facilitating the processing and interpretation of data and information for effective decisions. It consists of an interactive computer program that allows a manager in Handling data for interacting and reacting with data and information. It works through a computer workstation. Hence, the Decision Support System does not collect information but only analysis information for effective decision making.
Components of the Decision Support System are:
1. Data Bank
4. Online Activities.
Hence, these are the components of a Marketing Information System.
Other Important Links:
Process of Market Research: CLICK HERE
Marketing Plan: CLICK HERE
SWOT analysis and examples: CLICK HERE
Frequently Asked Questions
a. What are the components of a marketing information system (MIS)?
= Following are the components of marketing information system:
- Internal Record System
- Intelligence System
- Marketing Research System
- Decision Support System