Marketing Information Systems and its Components
Marketing Information System consist of people, equipment and procedures that are going to sort, analyze the information which is accurate information for the marketing decision makers. A company MKIS represent what manager think and what should be economically feasible. Sometimes developing an MKIS system is needed so that you can measure the strength of economies rely on services and better to understand the specific need of customer. This system is also relevant that depends some of the crucial developments.
Components of MKIS
Marketing Control System
Marketing control is basically about the monitoring the processed plan and need to control that plan. Planning is like to set road map to you destination and control tells you that you are on the right route or you arrived at your destination. Marketing Control System is divide into 4 main categories. They are Annual plan. Profitability control, Efficiency control and strategic control. Annual plan is the way to monitoring the marketing efforts and compile the results to ensure that annual sales and profit goals are achieved. Profitability Control is to examine weather is company making or losing money and determine the actual profitability of it. The task of improving the efficiency in terms of personal selling, advertising, sales promotion and distribution is Efficiency Control. Last that is strategic control which is the crucial task to make sure that company marketing objectives, strategies and systems are adapted to the marketing environment.
Marketing Planning System
Marketing Planning would be a company-wide plan that describe some of the activities like product to be specific and market to be specific, involved in achieving specific marketing objectives. It always begin with the identification of specific customer needs and how the firm fulfill them. Basically it includes analysis of the current market situation and detailed action program.
Marketing Research System
The term Marketing Research made up of two words marketing and research. A company faces many problems related to consumer, product, competition from the other firms and sales and promotion of their products so the market research here to solve all the problems. There are many of the definition given by different people on the same topic we explain one of them. According to American marketing Association, “marketing research is the systematic way to gathering, recording and analysis of data according to problem related to marketing of goods and services.” So helps to solve the problems quickly and in correct manner. Firstly it will collect all the information about the problems. Then it records data and analysis done on that and draw conclusion from it. Then give the required suggestion to solve problem. If the information related to consumer it will find the needs and expectations of the consumer so that company can deliver the goods according to consumer requirement. This is the continuous process and company totally depend on it, without this process company cannot succeed or survive.
Some of the Features of Market Research
- Wide and comprehensive scope: it has wide scope because it is used to solve problem, take decision, make marketing policies, introduce new product in the market and identify new markets.
- Systematic and Scientific: Systematic because it follow step-by-step process and conducted in the ordered manner. Also uses scientific research methods.
- Science and Art: Here the term science is used to collect information(data) while art is used to solve the problems from the information.
- Collects and Analyzes data, Continuous and dynamic, Use tool for decision making.
Marketing Decision Support System
Marketing Decision Support System abbreviated as MDSS is a collection of data, systems, tools and techniques that supporting software and hardware by which and organization gather an information that is relevant to business environment and turn out to be a marketing action.
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