What is a marketing information system?
This question is answered in an article on Business Jargons, which explains that a marketing information system involves systematically collecting marketing information from internal and external sources and analyzing and interpreting that information. The information is stored and disseminated to marketers on a consistent basis for them to make informed decisions pertaining to the marketing function.
The components of a marketing information system include the company’s internal records, the marketing intelligence system, the marketing research system, and the marketing decision support system. In dissecting these components, the following points can be appreciated:
- Internal records are a valuable resource from which marketing information can be gleaned to aid the marketing decision-making process. This resource includes records such as invoices, transit copies, etc., which contain a range of vital data including customer information. To be effective, records must be kept up to date and maintained in a proper database.
- A knowledge of current market conditions and trends is crucial, and the marketing intelligence system serves to meet this need. The efficiency of this system should be developed and maintained through training and motivation of the salesforce. It is equally important to include the gathering of competition information, inviting loyal customers to share their customer experiences, obtaining government data to buttress the marketing information system, and purchasing marketing information from research companies, in such an effort.
- Marketing research involves collecting, organizing, analyzing, and interpreting data to use in the marketing decision-making process. Data may be obtained from primary research and/or secondary research. Marketing research seeks to explore and evaluate the various elements of the environment in which the market operates. These elements include such developments as shifting customer tastes and preferences, new product launches, and competitor activities.
- The marketing decision support system uses computer software to analyze the body of data collected by the company. Once the computer system analyzes the data, it will return the findings to the user who will use them to make the best possible decisions in terms of policies, procedures, and strategies.
eCornell’s marketing program in Strategic Hospitality Marketing will serve as a guide to building a resilient services marketing information system.
eCornell courses are approved by SkillsFuture Singapore for SkillsFuture Credit as well as by HRDF Malaysia under its SBL Scheme.