Marketing
Marketing Information System
A Marketing Information System (MIS) is a structured approach to gathering, analyzing, and managing information relevant to marketing decision-making. It involves collecting data from various sources, processing and interpreting it, and then disseminating the resulting insights to support marketing strategies and tactics. MIS helps organizations stay informed about market trends, customer preferences, and competitive activities to make informed business decisions.
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12 Key excerpts on "Marketing Information System"
- D.P. Warne(Author)
- 2023(Publication Date)
- Society Publishing(Publisher)
Marketing Information SystemS AND MARKETING RESEARCH CHAPTER2 CONTENTS 2.1. Introduction ...................................................................................... 30 2.2. Proficiency in the Business of Advertising and Marketing .................. 31 2.3. Components of a Marketing Database’s Operating System ................ 32 2.4. Gathering, Storing, Analyzing, and Distributing Valuable Marketing Data ............................................. 35 2.5. Market Segmentation and Targeting .................................................. 39 2.6. Targeting and Segmentation of Markets ............................................. 42 2.7. Relationship Marketing ..................................................................... 43 2.8. Brand Management .......................................................................... 49 2.9. Customers Alone Aren’t the Only Ones Affected By a Brand’s Management ...................................................................... 51 Business Marketing Management in a Business-to-Business Context 30 2.1. INTRODUCTION Figure 2.1: The Management Information System (MIS) Source: https://media.istockphoto.com/photos/chart-analyze-picture-id117997 5275?k=20&m=1179975275&s=612x612&w=0&h=DlYRWuQWmn9DqkKZt E0hPdGUid5c4QKh9vtOJzmpRCo= The management information system (MIS) is a system that may be used to gather, save, process, and disseminate essential marketing data. This type of system is known as a Marketing Information System, or MIS for short. In the data intake portion of a Marketing Information System, information is gathered for analysis and interpretation from both internal and external sources. Once the outcomes of the work done by a Marketing Information System have been broadcast to a large audience, all important executives and internal marketers will view the findings (Lages et al., 2008).
- Callie Daum, Vibrant Publishers(Authors)
- 2020(Publication Date)
- Vibrant Publishers(Publisher)
Research in Marketing
In order to carry out all of the work described in the previous sections, research must be completed to gather all of the information needed. This information is referred to as market research. In the next sections we will discuss how to pull together the information and interpret it.Information Systems
Information systems exist for almost every business function. The same is true for marketing. A Marketing Information System (MIS) uses people, equipment, and procedures to pull together, organize, review, interpret, and disseminate marketing information to the appropriate decision makers. Marketing managers are the operators, in a sense, of the MIS. First, the marketing manager works with the MIS to determine the marketing question(s)that needs an answer. Next, the MIS pulls from various information sources to construct the needed information for the marketing manager. Lastly, the MIS distributes the gathered information to the manager to help answer the posed question(s), so they can plan, implement, and control operations moving forward. The marketing manager walks hand in hand with the MIS throughout the entire process.Constructing Information
Information is constructed from various resources. These resources can be classified into three different categories including internal records, marketing intelligence, and marketing research. The information system pulls this information and packages it together to ensure that the information is presented in the correct context, is appropriate, and applicable to the marketing question at hand.If we examine further, we can describe internal records asinformation that is gathered internally from the organization to help identify strengths and weakness, issues and opportunities, and overall performance. This information could include things such as financial statements, sales records, reporting on manufacturing efficiencies and capabilities, and customer service feedback and issues. Utilizing internal records is a quick function and is low cost as compared to trying to pull information from outside sources. The downside is that the information can often be incomplete or not in a context or format that is useful for marketing purposes. An even larger problem is the sheer amounts of data and information a company can generate. The effort of combing through this information for the right data can be time consuming and difficult to find or track.
eBook - ePub- Geoffrey Lancaster, Lester Massingham(Authors)
- 2017(Publication Date)
- Routledge(Publisher)
DSS) were developed in the late 1970s and are designed from the viewpoint of an individual decision-maker. They are computer-based systems that are interactive and flexible, so results can be generated on the spot and then sorted and regrouped and manipulated as required. Managers can probe for trends and isolate problems.The MkIS is an invaluable aid to decision-making and is a specialized subset of the corporate management information system (MIS). The term ‘management information system’, along with that of MkIS, is synonymous with data processing and forms a framework for managing information that is gathered from both outside and inside the organization. The MIS consists of five separate planning subsystems, namely: Production or Operations; Human Resource Development; Finance; Logistics; and, of course, Marketing, which itself consists of four subsystems, as shown in Figure 13.1 .1 The internal accounting system is a system that reports orders, sales, dispatches, inventory levels and cheques receivable and payable.2 The market intelligence system is a set of procedures and sources used to obtain everyday information about pertinent developments in the marketing environment, largely built up from data such as reports from sales representatives.3 The marketing research system is the systematic design, collection, analysis and reporting of data findings relevant to a specific marketing situation facing the company.4 The analytical marketing system analyses marketing data using statistical procedures and models. This analysis feeds into strategic marketing plans.Subsystems 1, 2 and 3 are data collection methods, whereas subsystem 4 is an analytical method. Together they provide a framework for marketing managers to marshal their thoughts into tactics and to assist management in seeing the important elements of a particular situation and examining the relationships between these elements. A successful MkIS provides a structure for the analysis, planning and control of a given set of activities. Creating an MIS and MkIS for any business is a complex, individualized process.
eBook - PDF- James Burrow(Author)
- 2020(Publication Date)
- Cengage Learning EMEA(Publisher)
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. 6.2 | Find and Manage Marketing Information 157 Businesses need a great deal of informa- tion to operate successfully. With all of the information needed, businesspeople could spend most of their time gathering and studying information. A Marketing Information System (MkIS, pronounced M-K-I-S) is an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions. Manage Information Each business develops its own Marketing Information System. In a very small new business, an MkIS may be as simple as a filing cabinet in which the owner collects, organizes, and stores customer information, business records, and other information important to the business. Today, however, even small businesses maintain computer- ized records. Large businesses may have an information management unit with a dedicated computer system and a staff of people who collect and analyze information and prepare reports. The information man- agement staff is charged with collecting information in a cost-effective manner that is complete, accurate, easy to use, timely, and affordable. Design a Marketing Information System All effective Marketing Information Systems contain five elements. Those elements are input, storage, analysis, output, and deci- sion making. In planning an MkIS, ques- tions relating to each system element need to be answered. The questions and related elements are shown in Figure 6-2. INPUT How do you make decisions? If you want to be as objective as possible and make good decisions, you must gather information. Input is the information needed for decision making that goes into the system.
eBook - PDF- Isaack Onyango Okwaro(Author)
- 2019(Publication Date)
- Society Publishing(Publisher)
It is a cherished device for implementing, planning, and controlling the promotion doings. The part of MKIS is to recognize (identify) the kind of info is necessary for the marketing managers. Then it analyzes and collects the info. It delivers this info to the marketing manager at the correct time. MKIS gathers the info over its subsystems. The subsystems are named as components. The four key components of MKIS are: • Marketing intelligence ; • Internal records; • Marketing decision support system (DSS); and • Marketing research (MR). The basic components of MKIS are depicted and explained in subsections. 7.2.1. Marketing Intelligence The first component of MIS is ‘Marketing Intelligence.’ It gathers info from outside sources. It delivers info on present marketing environment as well as altering settings in the marketplace. This info can be effortlessly collected from outside sources such as trade journals, magazines, press releases, etc. Such info cannot be gathered from the Annual Report of Companies, Annual Reports of the Marketing intelli-gence is the everyday information relevant to a company’s mar-kets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining mar-ket opportunity, mar-ket penetration strategy, and mar-ket development metrics. Marketing Information System 155 Trade Association and Chambers of Commerce etc. The reports provided by salesmen too comprise info on marketplace movements. The information that has been gathered from the outside sources is not directly usable. It needs to be first assessed and organized in an appropriate manner. Then it becomes usable for the purpose of taking decisions by the marketing manager and building strategies regarding marketing. Therefore, marketing intelligence is a significant component of MIS. 7.2.2. Internal Records The second component of MIS is ‘Internal Record.’ Marketing managers receive a lot of info from the inside records of the firm.
eBook - ePub- Paul Reynolds, Geoff Lancaster(Authors)
- 2005(Publication Date)
- Routledge(Publisher)
Decision-making underlies the management process at every level and the terms ‘managing’ and ‘decision-making’ are synonymous. Marketing management is the process of making decisions in relation to marketing problems. Marketing research is utilised by marketing management when planning the marketing strategy of an enterprise. A disciplined and systematic approach to research methodology to the area of investigation is needed and a series of steps should be taken in developing, planning and executing research with a view to solving specific problems (Demirdjian, 2003, pp. 218–223). Marketing research is part of the Marketing Information Systems (MkIS) that collects, processes and coordinates information from a wide range of sources. The MkIS is a computer-based decision support system and has a number of inputs and one output as shown in Figure 14.1. Figure 14.1 Marketing Information System (MkIS) Three inputs can be seen: marketing research, market intelligence and the internal accounting system (see Chowdhury, 2003, pp. 576–580, for a discussion on the use of databases and ‘data mining’). MkIS output is used for strategic marketing planning that formulates marketing plans and implements them, but what is planned does not always match what happens. Deviations from what was planned are fed back into the MkIS represented by a double-headed arrow. Inputs from the Internal Accounting System relate to factors like sales analyses by time, by product group, by region and by customer type. Market intelligence relates to information that has been obtained principally from the field sales force that, in the course of their work, obtains information about customers, competitors, distributors, etc. and feed this into the MkIS. Sales fore-casting is a marketing responsibility and from the forecast company (corporate) plans are prepared. The material for sales forecasting is obtained from all three inputs to the system and the forecast also outputs into strategic marketing plans
eBook - ePub- Nigel Piercy, Martin Evans(Authors)
- 2014(Publication Date)
- Routledge(Publisher)
PART IIIMANAGING MARKETING INFORMATION
7DEVELOPING Marketing Information SystemS Introduction
Reviewing the progress of the discussion to this present point high-lights the rather different role for Part III of the book, and for this chapter in particular. While Part I sought to establish the legitimacy of the MkIS concept — in the company but also in the channel and the product-market — and, indeed, that of marketing information itself, Part II was concerned with the role and use of each of the major types of marketing information source, varying from environmental scanning to complex model-building.The goal now, in Part III , is to examine the development and design of the MkIS in a company. The central focus is marketing managers’ information needs, not the technology of computing and communication. The thesis advanced is that there are a number of powerful attractions in approaching the MkIS from the users’ point of view, rather than that of the systems specialist, and, indeed, for arguing that this may be a distinguishing factor between success and failure in MkIS design. In its crudest terms, the hypothesis is that understanding the needs for information and the way it is used by marketing managers is more fundamental than any particular piece of equipment or technological capability.The procedure here is to examine in some detail the problems in measuring marketing information needs and to establish an operational approach to this task, and then to examine what is involved in matching informational resources and capacities to those information needs.A further implication of emphasising marketing information user needs, as the central focus for analysis, is that information should be seen in its organisational and behavioural context. As suggested at the outset (Chapter 1
No longer available |Learn more- C. P. Gupta, K. K. Goyal(Authors)
- 2020(Publication Date)
- Mercury Learning and Information(Publisher)
(vi)Collaborative Work Management Tools: It is essential for a team to work in a time frame so that they are able to complete tasks as per the set deadlines. Collaborative work management tools help teams in the management of all work activities. Calendaring and scheduling, project management, and knowledge management are a few of the tools that help in the work management.4.8Management Support Systems
4.8.1Management Information Systems
Various definitions provided by different authors for MIS are summarized as follows:■ The MIS is defined as a system that provides information support for decision making in the organization.■ The MIS is defined as an integrated system of man and machine for providing the information to support the operations, the management, and the decision-making function in the organization.■ The MIS is defined as a system based on the database of the organization evolved for the purpose of providing information to the people in the organization.■ The MIS is defined as a computer-based information system.If one analyzes these definitions, one will find there is a single focus on the definition of MIS: the MIS is a system that supports the decision making in an organization. Thus it can be said that MIS is a computerized data-processing system that generates information for the people working in the organization to meet their information needs for decision making. Management information systems are designed to support the need of three different categories of managers: top level, tactical level, operational level, and it also has following applications:■ It supports structured and unstructured decisions■ It is generally reporting and control oriented. They are designed to report on existing operations and therefore to provide help in day-to-day control of operations.■ It performs different types of analysis.4.8.2Decision Support System
A system which supports the middle (tactical) level and also the higher level of management in arriving at a decision is termed as a decision support system
eBook - PDF- Robert J. Thierauf(Author)
- 2001(Publication Date)
- Praeger(Publisher)
A company that undertakes a creative approach that is proactive to current and prospective customers can utilize a business intelligence system to help get a better handle on its customer base. A company cannot reap the rewards of marketing knowledge and, in turn, marketing intelligence simply by buying some hardware and software. Instead, it must take a longer range view and acknowledge that ongoing marketing knowledge and intelligence is critical to new product development and related services. Related to these factors is the development of appropriate marketing strategies for the times. In addition, the pricing of products and services is critical to a company’s success. Other areas that typically lend themselves to marketing intelligence include advertising, market research, and physical distribution. Due to space limitations, only the areas of marketing strategy and product pricing are covered below. MARKETING STRATEGY In this 21st century, characterized by expanding global markets, faster product cycles, and shrinking profit margins, companies are spending millions of dollars annually on appropriate marketing strategies. To be successful, companies must constantly focus on identifying market changes in these fastchanging times. Marketing decision makers must search vast amounts of corporate data, information, and knowledge for answers that enable their companies to develop an intelligent overall marketing strategy. Marketing decision makers need a business intelligence system that delivers a wide range of tactical intelligence to their desks every day and that allows them to spot market trends, rank products, analyze sales personnel performance, or quickly create ad hoc views of sales by account or region. To be useful, the business intelligence system must be timely, flexible, and intuitive not only in marketing but also in its related functions.
eBook - ePub- Alison Scammell(Author)
- 2003(Publication Date)
- Routledge(Publisher)
I begin with a definition of marketing and its relevance to the information sector. I then move on to look at the environment within which the Information Centre operates; the process of carrying out market research; the pros and cons of various methods of data collection and what to do with the information when you have collected it. I then briefly look at the importance of marketing in the context of the long-term future of the information profession.What is marketing?
What is marketing and what relevance does it have for the Information Manager? You may be surprised to read that marketing is not about persuading people to buy or use something which they do not really want or need. Marketing does not begin with a product or service and the marketer cannot create demand that does not exist. Marketing is not a magic formula for instantly increasing use of a service or product. The Chartered Institute of Marketing defines marketing as: ‘…the management process responsible for identifying, anticipating and satisfying customer needs profitably’.Michael J Baker (1987) suggests that real marketing has four essential features. It:- starts with the customer
- [takes] a long run perspective
- [makes] full use of all the company’s resources
- is innovative.
Note that both descriptions have the customer at the heart of the statements. Marketing however is not just a management process, it requires a shift in priorities—it becomes a way of working. We might be surprised by the logic and simplicity of the four points listed in Baker’s definition. Is there anything in these four points that an Information Manager in the context of the information service cannot do? I would suggest not.Is information inherently difficult to market? The customer does not see what he or she will get prior to being presented with the information. On taking the enquiry, the information provider may not know for a fact that the information being requested is available. The information provider may not know whether he or she will incur any charges in getting the information for the customer or that he or she can get the information in the time required by the customer. In short there are many uncertainties involved here but it is not just information a customer gets when using the information department, it is a service. An information provider is unlikely to be able to answer every
- Erwin Grochla, Norbert Szyperski(Authors)
- 2018(Publication Date)
- De Gruyter(Publisher)
Information economics and the notion of Management Information System 343 of us with inoperable definitions of MIS. 1 The practice of coining vague, descrip-tive definitions of areas or systems constitutes, in my humble opinion, a great curse of our discipline. Such definitions may satisfy the whim of a moment, ma-king us believe they delineate the category to be defined. But they neither draw sharp boundaries nor do they convey much knowledge about the essence of the definiendum. Yet if descriptive definitions merely lull us into a comfortable dream, what alternative do we have? It is this alternative, and not so much Dear-den's paper, I should like to talk about. With progressive use of the term MIS it becomes obvious to an increasing number of experts that the content of this expression cannot be derived philologically. That is to say: not every information-procuring device within the managerial or-bit should be addressed as a MIS or as part thereof. To give this term direction and stability we might have to restrict it to a formalizable process of repetitive na-ture and of somewhat permanent structure. Thus the task of this paper is to ex-plore whether recent extensions of information economics can help us in giving meaning to the notion of MIS, and whether it is possible to test this notion in con-nection with its various interpretations. 2. The information economic approach to MIS During the last two decades or so economists like Jacob Marschak, 2 Roy Radner 3 and others 4 have devoted a good deal of brain power to interpret information as 1 Dearden cites Walter Kennon's definition offered in MIS Universe Data Management, September 1970: A management information system is an organized method of pro-viding past, present and projection information relating to internal operations and ex-ternal intelligence. It supports the planning, control and operational information in the proper time-frame to assist the decision-maker.
- Jocelyn O. Padallan(Author)
- 2023(Publication Date)
- Arcler Press(Publisher)
TYPES OF INFORMATION SYSTEMS 2 CONTENTS 2.1. Introduction ...................................................................................... 42 2.2. Categories of Information Systems .................................................... 43 2.3. Management Information Systems (MIS) ........................................... 47 2.4. Other Categorizations of Information Systems................................... 49 2.5. Modules of an Information System .................................................... 52 2.6. Resources of Information System ...................................................... 53 2.7. Information System Activities ............................................................ 56 2.8. Computer Based Information System (CBIS) ...................................... 57 2.9. Data Storage in MIS .......................................................................... 61 References ............................................................................................... 64 CHAPTER The Role of Communication in Computer Science 42 2.1. INTRODUCTION The definition of an information system (IS) is based on two viewpoints: one on its function and the other on its structure. The IS, from a functional viewpoint, is a technologically advanced platform for recording, saving, and transmitting expressions of language, along with aiding inference making. An IS, from a structural viewpoint, is made up of a group of people, procedures, information, models, technologies, and partially codified language that form a cohesive structure that fulfills some organizational objectives or function (Al-Mamary et al., 2014). The functional definition is advantageous since it emphasizes on what consumers do with the medium of IS from a conceptual viewpoint when using it. They communicate with specialists to tackle a specific issue.
Index pages curate the most relevant extracts from our library of academic textbooks. They’ve been created using an in-house natural language model (NLM), each adding context and meaning to key research topics.
