Describe what aspects, technologies, of a Marketing Information System should be included and why when it comes to marketing.
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Marketing Information System is a MIS system that provides information technology regarding the components of marketing function. There are different kinds of MIS system, some of which helps in product planning, pricing of the products, product management decision making, sales promotion, market research, advertising etc. According to Markas and O’Brien, there are few aspects of Marketing Information System, which are important to the company.
Firstly, there should be a good research and forecasting of the company. Without a proper research and forecasting, a company cannot understand the need or behavior of the customer, without which the marketing process becomes worthless. Now a days, when online platforms have created processes, where one can even customize and personalize the marketing activities, it would be naïve to start without a research and proper understanding of the market.
Secondly, there should be an interactive marketing carried with a consumer-focused marketing process. These interactive marketing are engaged in encouraging customers to be involved product development, delivery and services related issue, where the customers and producers can end the gap and collaboratively.
Thirdly, we need a customer relationship management system. This system helps in maintaining a good and valuable relationship of customers with the company. This system helps us understand our customers so that we can design a good marketing plan around them.
Similarly in another booklet of FAO (2016) says we can divide Marketing information systems into 4 parts.
Firstly, Internal report system which is information related to ordered received, stocks or sales invoices. Internal report system gives details of the company about information important to production or sales, say a store can know information related to the replenishment of certain of its product by its internal report system.
Secondly, we have marketing research system that is proactive search of the information to understand the recent market trends or recent pains of the customer. Say, as the middle income groups increased in India, the supermarkets had large stock of rice than the Atta, which was revealed through different researches in India.
Thirdly, Market intelligence system, which is the set of procedures and data to sift information from environment for decision making. It is basically collecting information from different sources to find a definite trend that is likely to occur in the market. Say Walmart used its intelligence to generalize the increase in sales of water and its popsicles at times of hurricanes.
Lastly, we have different marketing models based on which there can be different MIS. we have tools like time series sales modes, brand switching models etc. to analyze the subsystem of MIS.