A Marketing Information System (MIS) consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers. MIS begins and ends with information users (marketing managers), internal and external partners, and others who need marketing information.
Firstly, it interacts with the marketing managers or rather information users to assess information needs. During the second step it develops needed information from internal company databases, marketing intelligence activities and marketing research. Then it helps to analyze information to put in the right form for making marketing decisions and managing customer relationships. Finally, the MIS distributes the marketing information and helps managers use it in their decision making.
In carrying out marketing analysis, planning, implementation and control, marketing managers need information at almost every turn. To put them ahead their competitors, they need information about customers, dealers and also their competitors, and other forces in the marketplace. As incomes increase and buyers become more selective, sellers need better information about buyer response to different products and appeals. When further examining the aspect of Assessing Marketing Information we can look at many of the Companies today that are provided with information by leading retailers. One such example could Wal-Mart and Proctor Gamble. Wal-Mart provides Proctor & Gamble and other key suppliers access to information on customer buying patterns and inventory levels.
In many cases, additional information will do little to change or improve a manager’s decision, or the cost of the information may exceed the returns from the improved decision. Marketers should not assume that additional information will always be worth obtaining. Rather, they should weigh carefully the costs of getting more information against the benefits resulting...
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