Definition: The Marketing Information System refers to the systematic collection, analysis, interpretation, storage and dissemination of the market information, from both the internal and external sources, to the marketers on a regular, continuous basis. The marketing information system distributes the relevant information to the marketers who can make the efficient
decisions related to the marketing operations viz. Pricing, packaging, new product development, distribution, media, promotion, etc. Every marketing operation works in unison with the conditions prevailing both inside and outside the organization, and, therefore, there are several sources ( viz. Internal, Marketing Intelligence, Marketing Research) through which the relevant information about the market can be obtained. Components of Marketing Information System
Thus, the marketers need to keep a check on the marketing environment, i.e. both the internal (within the organization) and the external (outside the organization, so that marketing policies, procedures, strategies can be designed accordingly. Reader InteractionsWhat are the two sources of marketing information?There are five major sources of information in marketing research. They are (i) Primary Data (ii) Secondary Data (iii) Information from Respondent (iv) Experimentation and (v) Simulation.
What does a marketing information system do?What is a Marketing Information System? A marketing information system is a decision-making tool. More specifically, it is a computer system that's designed to collect store analyze and distribute marketing data that helps us to understand what's really going on inside and outside of our organization.
What does marketing information system include?A marketing information system has four components: the internal reporting system, the marketing research systems, the marketing intelligence system and marketing models.
What are the sources of information in marketing management?Information Sources for Market Research. Current customers. Collecting data from the current customers will depend on your own creativity. ... . Business magazines. ... . Surveys, interviews, and focus groups. ... . Government agencies. ... . Internet. ... . Social Media.. |