The document discusses marketing information systems (MKIS). It defines MKIS as a management information system designed to support marketing decision making by formally gathering, storing, analyzing, and distributing marketing data to managers. The key components of an MKIS are described as the internal records system, marketing intelligence system, marketing research system, and marketing decision support system. Various types of data collected and analyzed by these systems are explained, along with advantages such as organized data collection, avoidance of crises, coordination, and analysis/planning. The importance of marketing research in identifying problems/opportunities, formulating strategies, determining consumer needs/wants, effective communication, improving sales, sales forecasting, revitalizing brands, and facilitating new product
The document discusses the components and functions of a marketing information system. It defines a marketing information system as consisting of people, equipment, and procedures to gather, analyze, and distribute market data to aid in decision making. The key components are an internal records system to track customer and sales data, a marketing intelligence system to monitor the external environment, a marketing decision support system to interpret and apply findings, and conducting marketing research.
The key components of an MIS include internal records systems, marketing intelligence systems, and marketing research systems. An MIS supplies three types of information on a recurring, monitoring, and requested basis to help marketing managers identify problems and make decisions. Sources of information come from both internal sources like sales and cost analysis as well as external sources. The importance of an MIS is that it allows companies to anticipate customer demand, take a systematic approach, analyze competition, and understand consumers in order to inform strategic planning.
This document discusses marketing information systems. It begins by explaining how information flows in markets similarly to blood in the body, and companies must collect this information to make strategic market decisions. It then discusses how firms must organize continuous information flows and marketing decision makers use this data to solve problems. It provides definitions of a marketing information system as a structured system to gather, analyze, and distribute needed market information to decision makers. The document outlines the components of an information system including internal records, marketing intelligence, marketing research, and decision support systems. It concludes by stating marketing information systems are important for anticipation, planning, efficiency and adapting to changes.
The document discusses the history, scope, types, applications, benefits and limitations of marketing research. It provides examples of early companies that conducted marketing research as well as case studies. It also outlines the role of marketing research in managerial decision making and characteristics of good marketing research professionals.
Marketing information systems gather, analyze, and distribute market data to aid marketing decisions. They represent a balance between manager needs and economic feasibility. MKIS have four main components: marketing control, planning, research, and decision support systems. MKIS are organized with information flowing from production to customers and back to the company through manufacturers.
Marketing research systematically studies marketing problems to inform solutions. It became popular in the 1950s while MKIS emerged in the 1960s using computers. Research is retrospective while MKIS is continuous. Both aim to aid decision-making but MKIS has a broader scope.
Marketing managers obtain information from three main sources: internal company data, marketing intelligence from external sources, and market research. Marketing intelligence encompasses all regular market information and can be purchased from external providers. When necessary information is not available internally or through intelligence, businesses conduct market research studies. An effective marketing information system collects data continuously from various sources, analyzes it, and shares it with decision-makers to provide a competitive advantage through informed decisions.
The document discusses several models of consumer behavior, including the economic model which views consumers as rational actors seeking to maximize benefits based on price, income, and substitution effects. It also describes the learning model based on Pavlov's stimulus-response theory, the psychoanalytic model examining complex unconscious motives, and the sociological model analyzing social and group influences. Two additional models covered are Howard Sheth's model with input, hypothetical, output, and external variables, and Nicosia's model outlining four areas of the consumer decision process.
The document discusses the components and functions of a marketing information system. It defines a marketing information system as consisting of people, equipment, and procedures to gather, analyze, and distribute market data to aid in decision making. The key components are an internal records system to track customer and sales data, a marketing intelligence system to monitor the external environment, a marketing decision support system to interpret and apply findings, and conducting marketing research.
The key components of an MIS include internal records systems, marketing intelligence systems, and marketing research systems. An MIS supplies three types of information on a recurring, monitoring, and requested basis to help marketing managers identify problems and make decisions. Sources of information come from both internal sources like sales and cost analysis as well as external sources. The importance of an MIS is that it allows companies to anticipate customer demand, take a systematic approach, analyze competition, and understand consumers in order to inform strategic planning.
This document discusses marketing information systems. It begins by explaining how information flows in markets similarly to blood in the body, and companies must collect this information to make strategic market decisions. It then discusses how firms must organize continuous information flows and marketing decision makers use this data to solve problems. It provides definitions of a marketing information system as a structured system to gather, analyze, and distribute needed market information to decision makers. The document outlines the components of an information system including internal records, marketing intelligence, marketing research, and decision support systems. It concludes by stating marketing information systems are important for anticipation, planning, efficiency and adapting to changes.
The document discusses the history, scope, types, applications, benefits and limitations of marketing research. It provides examples of early companies that conducted marketing research as well as case studies. It also outlines the role of marketing research in managerial decision making and characteristics of good marketing research professionals.
Marketing information systems gather, analyze, and distribute market data to aid marketing decisions. They represent a balance between manager needs and economic feasibility. MKIS have four main components: marketing control, planning, research, and decision support systems. MKIS are organized with information flowing from production to customers and back to the company through manufacturers.
Marketing research systematically studies marketing problems to inform solutions. It became popular in the 1950s while MKIS emerged in the 1960s using computers. Research is retrospective while MKIS is continuous. Both aim to aid decision-making but MKIS has a broader scope.
Marketing managers obtain information from three main sources: internal company data, marketing intelligence from external sources, and market research. Marketing intelligence encompasses all regular market information and can be purchased from external providers. When necessary information is not available internally or through intelligence, businesses conduct market research studies. An effective marketing information system collects data continuously from various sources, analyzes it, and shares it with decision-makers to provide a competitive advantage through informed decisions.
The document discusses several models of consumer behavior, including the economic model which views consumers as rational actors seeking to maximize benefits based on price, income, and substitution effects. It also describes the learning model based on Pavlov's stimulus-response theory, the psychoanalytic model examining complex unconscious motives, and the sociological model analyzing social and group influences. Two additional models covered are Howard Sheth's model with input, hypothetical, output, and external variables, and Nicosia's model outlining four areas of the consumer decision process.
Sales meetings are gatherings where company representatives discuss products and services with potential buyers. They outline benefits in an effort to make sales. Planning sales meetings involves defining aims, deciding content, selecting a method, executing the plan, and evaluating outcomes. There are several types of sales meetings including national, regional, local, and remote control meetings. Sales contests provide incentives beyond normal compensation to increase sales volume and profits. Contests have objectives like obtaining new customers or pushing slow items. Management should evaluate contests before and after to improve design and impact on employee morale.
1) The document discusses knowledge management systems and knowledge-based expert systems. It describes key capabilities like leveraging existing knowledge and creating new knowledge to position companies favorably in markets.
2) Important reasons for actively managing knowledge are to facilitate decision-making, build learning organizations, and stimulate cultural change and innovation.
3) Expert systems provide high quality performance solving difficult problems like human experts through vast domain knowledge and explanation capabilities.
MkIS consists of people, equipment, and procedures to gather, analyze, evaluate, and distribute timely and accurate marketing information to decision makers. It is an ongoing process of generating, analyzing, disseminating, storing, and retrieving information useful for marketing decisions. MkIS facilitates marketing planning and control, helps recognize changing environmental dynamics, and provides quick information supply and quality decision making through information integration.
The document discusses Marketing Information Systems (MKIS), which interact with information users to assess needs, develop internal and external information, and help users analyze information for marketing decisions. It defines MKIS and outlines their key functions, components, and processes. Specifically, it discusses developing marketing information through internal data, marketing intelligence, and marketing research. It also addresses the cost-benefit aspects and challenges of implementing effective MKIS.
The document provides an overview of management information systems (MIS). It defines MIS as a formalized computer information system that integrates data from various sources to provide information to support management decision-making. The document discusses the components, characteristics, functions, role, outputs and benefits of an MIS. It also explains how computers are essential for realizing an MIS and lists some common types of MIS like transaction processing systems and decision support systems.
Behavior can be defined as the acts of individuals in making decisions to spend resources on goods and services. Understanding consumer behavior and what motivates customer purchases is an important part of marketing. Businesses research questions like who buys products, how and where they buy, and why, in order to understand what influences customer decisions and better meet their needs. Consumer decisions are affected by social, cultural, personal and psychological factors.
The document discusses key concepts related to consumer decision making and behavior. It covers the consumer decision making process, which includes need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. It also outlines various factors that influence consumer decisions, such as cultural, social, individual, and psychological factors. Finally, it provides learning objectives that explain why marketers should understand consumer behavior and identify the different types of consumer decisions and levels of involvement.
This document discusses several models of consumer buying behavior:
- Traditional models include the economic, learning, psychological, and sociological models.
- Contemporary models include the Howard-Sheth model, Nicosia model, Engle-Kollat-Blackwell model, EBM model, and organizational buying models.
- The Nicosia model explains consumer behavior as a system with stimuli as input and behavior as output across four fields: consumer/firm attributes, search/evaluation, purchase, and post-purchase.
STP: segmentation, targeting and positioningsavi maha
The STP process involves segmentation, targeting, and positioning. Segmentation involves dividing the market into subgroups with distinct characteristics. Targeting involves selecting which market segments to focus on. Positioning involves managing consumer perception of a brand relative to competitors. The goal of STP is to guide development of an appropriate marketing mix. Common segmentation bases include geographic, demographic, psychographic, and behavioral characteristics.
The marketing environment represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
The marketing environment consists of the micro and macro environment.
Macro environmental factors include social, economic, political and legal influences, together with demography and technological forces. These are sometimes referred to as the PESTLE factors and are discussed in more detail in PESTLE analysis. The organization cannot control these forces, it can only prepare for changes taking place.
Micro environment refers to the forces closely influencing the company and directly affect the organization’s relationships. The factors include the company and its current employees, its suppliers, marketing intermediaries, competitors, customers and the general public. These forces can sometimes be controlled or influenced and are explained in more detail in Porter’s 5 Forces.
Porter’s 5 Forces model is an excellent tool to analyze the structure of the competitive environment. Two important forces are the bargaining power of customers and the bargaining power of suppliers.
Supplier power is represented by their ability to determine the terms and price of supply and will increase if there are fewer suppliers than buyers, if the organization is not a key customer for the supplier, or if their industry is not attractive for suppliers.
Buyer power refers to the pressure that customers exert on companies to obtain high quality products and services at lower prices. Buyer power increases when there are few buyers and many sellers in the field, or when products are not significantly differentiated and can be easily substituted. For the seller, buyers’ demands represent costs. This means that the stronger the buyer is, the less profit available for the seller, which is why many companies try to develop strategies that reduce the power of buyers.
The PESTLE Analysis is a framework used to scan the organization’s external macro environment. The letters stand for Political, Economic Socio-cultural, Technological, Legal and Environmental.
The document discusses subsystems and types of management information systems (MIS). There are two approaches to defining subsystems: organisational function and activity. Organisational function subsystems support marketing, production, personnel, etc. Activity subsystems support transactions, operations, etc. Common MIS subsystems include transaction processing, production, marketing, and personnel. Types of systems include operations support systems, management support systems like management information systems and decision support systems, and executive information systems.
Environmental scanning is the process of gathering information about events and relationships within a company's external environment that could impact its strategy. It aims to identify potential opportunities and threats from trends and events in the political, economic, social and technological spheres. Effective environmental scanning involves continuously collecting both quantitative and qualitative data, analyzing and interpreting it, and using the insights to inform strategic planning and decision-making. There are various techniques for conducting environmental scans, such as SWOT analysis, PEST analysis, and issue priority matrices, which help assess trends and their potential impact on the organization.
important Organizational buying behavior aarati jadhav
This document discusses organizational buying behavior. It defines organizational buying as the process by which organizations identify needs, evaluate options, and choose products and suppliers. It describes the characteristics of organizational buying, including large purchase quantities and involvement of multiple people within the organization. The document outlines different types of organizational buying situations and the major influences on business buyers, including environmental, organizational, interpersonal, and individual factors. It then details the stages in the organizational buying process and concludes by identifying the different roles involved in organizational buying decisions, such as users, influencers, deciders, and approvers.
Corporate level strategies are basically about the choice of direction that a firm adopts in order to achieve its objectives.
Corporate strategy is essentially a blueprint for the growth of the firm.
The corporate strategy sets the overall direction for the organization to follow.
It also spells out the extent, pace and timing of the firm’s growth.
The document discusses techniques for sales forecasting. It describes sales forecasting as projecting expected customer demand for products or services to help with business planning. Both qualitative and quantitative techniques are covered. Qualitative techniques include executive opinion, Delphi method, and surveys of buyers. Quantitative techniques covered are projection of past sales, time-series analysis, moving average method, and exponential smoothing. The document provides details on how each technique is implemented to develop a sales forecast.
Business policy refers to the guidelines developed by organizations to govern decisions and define boundaries for subordinate decision making. It deals with acquiring resources to achieve goals and is determined by top management after evaluating organizational strengths/weaknesses relative to the environment. Business policy is important as it integrates functional knowledge, enables understanding complex interactions between areas, and guides decision making. It also helps understanding strategic decision making, the business environment faced by senior management, and ensures efficient organizational operation according to written policies. Understanding policy benefits executives through opportunities for career planning and developing insights for decision making at both macro and individual levels.
An Introduction to Marketing for Business Managers1STOUTSOURCE LTD
This slide show covers the introductory lecture for a post graduate marketing course. Introduces the broad concepts and sets the ground for the remaining lecture series. During this series the full range of marketing concepts will be covered. They are also posted to www.1stoutsource.com
The document discusses the marketing mix, which refers to the combination of elements used to achieve marketing objectives and satisfy customers. It describes the traditional 4 P's of marketing mix as product, price, place, and promotion. For services, three additional elements are often included: people, physical evidence, and process. Each of the seven P's is then defined in more detail, including product as anything that satisfies a want or need, price as the value attached to the service, place as where the service can be obtained, promotion as communication tools, process as how transactions are undertaken, people as both employees and customers, and physical evidence as the tangible environment where services are delivered.
Chapter 2 Defining and Understanding the Consumer (Tourism and Hospitality Ma...Md Shaifullar Rabbi
This document discusses various aspects of consumer behavior and marketing information systems. It begins by defining consumer buying behavior and explaining the factors that influence consumer purchases. It then outlines the stages of the consumer buying process, including problem recognition, information search, evaluation of alternatives, purchase decision, purchase, and post-purchase evaluation. The document also discusses models of consumer behavior, including how marketing stimuli enter a consumer's "black box" and influence their responses. It provides an overview of the key components of a marketing information system, including internal reporting systems, market intelligence systems, marketing research systems, and marketing models used for interpretation.
This chapter introduces marketing information systems and their importance for organizations. A marketing information system (MkIS) brings together disparate data into a coherent body of information to support marketing decision-making. An effective MkIS provides relevant, timely information to marketing managers through both internal reporting on metrics like sales and costs, as well as external marketing intelligence on factors like customer needs, competitors, and the business environment. The chapter outlines the key components and features of an MkIS, including how it assesses information needs, develops and analyzes data, and distributes findings to aid strategic, control, and operational marketing decisions across organizations.
Sales meetings are gatherings where company representatives discuss products and services with potential buyers. They outline benefits in an effort to make sales. Planning sales meetings involves defining aims, deciding content, selecting a method, executing the plan, and evaluating outcomes. There are several types of sales meetings including national, regional, local, and remote control meetings. Sales contests provide incentives beyond normal compensation to increase sales volume and profits. Contests have objectives like obtaining new customers or pushing slow items. Management should evaluate contests before and after to improve design and impact on employee morale.
1) The document discusses knowledge management systems and knowledge-based expert systems. It describes key capabilities like leveraging existing knowledge and creating new knowledge to position companies favorably in markets.
2) Important reasons for actively managing knowledge are to facilitate decision-making, build learning organizations, and stimulate cultural change and innovation.
3) Expert systems provide high quality performance solving difficult problems like human experts through vast domain knowledge and explanation capabilities.
MkIS consists of people, equipment, and procedures to gather, analyze, evaluate, and distribute timely and accurate marketing information to decision makers. It is an ongoing process of generating, analyzing, disseminating, storing, and retrieving information useful for marketing decisions. MkIS facilitates marketing planning and control, helps recognize changing environmental dynamics, and provides quick information supply and quality decision making through information integration.
The document discusses Marketing Information Systems (MKIS), which interact with information users to assess needs, develop internal and external information, and help users analyze information for marketing decisions. It defines MKIS and outlines their key functions, components, and processes. Specifically, it discusses developing marketing information through internal data, marketing intelligence, and marketing research. It also addresses the cost-benefit aspects and challenges of implementing effective MKIS.
The document provides an overview of management information systems (MIS). It defines MIS as a formalized computer information system that integrates data from various sources to provide information to support management decision-making. The document discusses the components, characteristics, functions, role, outputs and benefits of an MIS. It also explains how computers are essential for realizing an MIS and lists some common types of MIS like transaction processing systems and decision support systems.
Behavior can be defined as the acts of individuals in making decisions to spend resources on goods and services. Understanding consumer behavior and what motivates customer purchases is an important part of marketing. Businesses research questions like who buys products, how and where they buy, and why, in order to understand what influences customer decisions and better meet their needs. Consumer decisions are affected by social, cultural, personal and psychological factors.
The document discusses key concepts related to consumer decision making and behavior. It covers the consumer decision making process, which includes need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. It also outlines various factors that influence consumer decisions, such as cultural, social, individual, and psychological factors. Finally, it provides learning objectives that explain why marketers should understand consumer behavior and identify the different types of consumer decisions and levels of involvement.
This document discusses several models of consumer buying behavior:
- Traditional models include the economic, learning, psychological, and sociological models.
- Contemporary models include the Howard-Sheth model, Nicosia model, Engle-Kollat-Blackwell model, EBM model, and organizational buying models.
- The Nicosia model explains consumer behavior as a system with stimuli as input and behavior as output across four fields: consumer/firm attributes, search/evaluation, purchase, and post-purchase.
STP: segmentation, targeting and positioningsavi maha
The STP process involves segmentation, targeting, and positioning. Segmentation involves dividing the market into subgroups with distinct characteristics. Targeting involves selecting which market segments to focus on. Positioning involves managing consumer perception of a brand relative to competitors. The goal of STP is to guide development of an appropriate marketing mix. Common segmentation bases include geographic, demographic, psychographic, and behavioral characteristics.
The marketing environment represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
The marketing environment consists of the micro and macro environment.
Macro environmental factors include social, economic, political and legal influences, together with demography and technological forces. These are sometimes referred to as the PESTLE factors and are discussed in more detail in PESTLE analysis. The organization cannot control these forces, it can only prepare for changes taking place.
Micro environment refers to the forces closely influencing the company and directly affect the organization’s relationships. The factors include the company and its current employees, its suppliers, marketing intermediaries, competitors, customers and the general public. These forces can sometimes be controlled or influenced and are explained in more detail in Porter’s 5 Forces.
Porter’s 5 Forces model is an excellent tool to analyze the structure of the competitive environment. Two important forces are the bargaining power of customers and the bargaining power of suppliers.
Supplier power is represented by their ability to determine the terms and price of supply and will increase if there are fewer suppliers than buyers, if the organization is not a key customer for the supplier, or if their industry is not attractive for suppliers.
Buyer power refers to the pressure that customers exert on companies to obtain high quality products and services at lower prices. Buyer power increases when there are few buyers and many sellers in the field, or when products are not significantly differentiated and can be easily substituted. For the seller, buyers’ demands represent costs. This means that the stronger the buyer is, the less profit available for the seller, which is why many companies try to develop strategies that reduce the power of buyers.
The PESTLE Analysis is a framework used to scan the organization’s external macro environment. The letters stand for Political, Economic Socio-cultural, Technological, Legal and Environmental.
The document discusses subsystems and types of management information systems (MIS). There are two approaches to defining subsystems: organisational function and activity. Organisational function subsystems support marketing, production, personnel, etc. Activity subsystems support transactions, operations, etc. Common MIS subsystems include transaction processing, production, marketing, and personnel. Types of systems include operations support systems, management support systems like management information systems and decision support systems, and executive information systems.
Environmental scanning is the process of gathering information about events and relationships within a company's external environment that could impact its strategy. It aims to identify potential opportunities and threats from trends and events in the political, economic, social and technological spheres. Effective environmental scanning involves continuously collecting both quantitative and qualitative data, analyzing and interpreting it, and using the insights to inform strategic planning and decision-making. There are various techniques for conducting environmental scans, such as SWOT analysis, PEST analysis, and issue priority matrices, which help assess trends and their potential impact on the organization.
important Organizational buying behavior aarati jadhav
This document discusses organizational buying behavior. It defines organizational buying as the process by which organizations identify needs, evaluate options, and choose products and suppliers. It describes the characteristics of organizational buying, including large purchase quantities and involvement of multiple people within the organization. The document outlines different types of organizational buying situations and the major influences on business buyers, including environmental, organizational, interpersonal, and individual factors. It then details the stages in the organizational buying process and concludes by identifying the different roles involved in organizational buying decisions, such as users, influencers, deciders, and approvers.
Corporate level strategies are basically about the choice of direction that a firm adopts in order to achieve its objectives.
Corporate strategy is essentially a blueprint for the growth of the firm.
The corporate strategy sets the overall direction for the organization to follow.
It also spells out the extent, pace and timing of the firm’s growth.
The document discusses techniques for sales forecasting. It describes sales forecasting as projecting expected customer demand for products or services to help with business planning. Both qualitative and quantitative techniques are covered. Qualitative techniques include executive opinion, Delphi method, and surveys of buyers. Quantitative techniques covered are projection of past sales, time-series analysis, moving average method, and exponential smoothing. The document provides details on how each technique is implemented to develop a sales forecast.
Business policy refers to the guidelines developed by organizations to govern decisions and define boundaries for subordinate decision making. It deals with acquiring resources to achieve goals and is determined by top management after evaluating organizational strengths/weaknesses relative to the environment. Business policy is important as it integrates functional knowledge, enables understanding complex interactions between areas, and guides decision making. It also helps understanding strategic decision making, the business environment faced by senior management, and ensures efficient organizational operation according to written policies. Understanding policy benefits executives through opportunities for career planning and developing insights for decision making at both macro and individual levels.
An Introduction to Marketing for Business Managers1STOUTSOURCE LTD
This slide show covers the introductory lecture for a post graduate marketing course. Introduces the broad concepts and sets the ground for the remaining lecture series. During this series the full range of marketing concepts will be covered. They are also posted to www.1stoutsource.com
The document discusses the marketing mix, which refers to the combination of elements used to achieve marketing objectives and satisfy customers. It describes the traditional 4 P's of marketing mix as product, price, place, and promotion. For services, three additional elements are often included: people, physical evidence, and process. Each of the seven P's is then defined in more detail, including product as anything that satisfies a want or need, price as the value attached to the service, place as where the service can be obtained, promotion as communication tools, process as how transactions are undertaken, people as both employees and customers, and physical evidence as the tangible environment where services are delivered.
Chapter 2 Defining and Understanding the Consumer (Tourism and Hospitality Ma...Md Shaifullar Rabbi
This document discusses various aspects of consumer behavior and marketing information systems. It begins by defining consumer buying behavior and explaining the factors that influence consumer purchases. It then outlines the stages of the consumer buying process, including problem recognition, information search, evaluation of alternatives, purchase decision, purchase, and post-purchase evaluation. The document also discusses models of consumer behavior, including how marketing stimuli enter a consumer's "black box" and influence their responses. It provides an overview of the key components of a marketing information system, including internal reporting systems, market intelligence systems, marketing research systems, and marketing models used for interpretation.
This chapter introduces marketing information systems and their importance for organizations. A marketing information system (MkIS) brings together disparate data into a coherent body of information to support marketing decision-making. An effective MkIS provides relevant, timely information to marketing managers through both internal reporting on metrics like sales and costs, as well as external marketing intelligence on factors like customer needs, competitors, and the business environment. The chapter outlines the key components and features of an MkIS, including how it assesses information needs, develops and analyzes data, and distributes findings to aid strategic, control, and operational marketing decisions across organizations.
Management: The organization and coordination of the activities of a business in order to achieve defined objectives.
Information: It is that which informs, i.e. an answer to a question, as well as that from which knowledge and data can be derived.
System: A set of detailed methods, procedures and routines created to carry out a specific activity, perform a duty, or solve a problem.
Management Information System: It broadly refers to a computer-based system that provides managers with the tools to organize, evaluate and efficiently manage departments within an organization.
Marketing information systems (MkIS) are designed to provide relevant information to marketing managers to help them make effective decisions. MkIS integrate internal records, external market data sources, and analytical tools to supply timely information. Effective MkIS are computer-based, future-oriented, used by all levels of management, and collect marketing data on customers, competitors and the business environment to support strategic and operational decision-making. Regular, accurate and selective information from a unified MkIS allows firms to recognize trends, develop strategies, coordinate activities and tap new opportunities.
It's reference slide for BBA First Semester Students of Prime College, Kathmandu -
Nepal.
Contents include:
Information System and Business
MkIS Introduction
Features of MkIS
Components/Subsystems of MkIS
- Internal Records System
- Marketing Intelligence System
- Marketing research System
- Marketing Decision Support System
Advantages of MkIS etc.
Business information systems support business functions through integrated technology, people and processes. They include marketing, manufacturing, human resources, financial and transaction processing systems. Transaction processing systems specifically collect, store, modify and retrieve organizational transactions for processing, updating files/databases, and generating documents and reports. They are essential for supporting day-to-day business operations through functions like order processing, purchasing, and payroll. Well-designed information systems provide important benefits like increased efficiency, effectiveness and quality of decision-making across business activities.
Business and Marketing Information SystemMarkEzreal
This document discusses business information systems and marketing information systems. It defines business information systems as systems that integrate information technology, people, and business processes. It also defines marketing information systems as systems designed to support marketing decision making through the collection, analysis and presentation of relevant information. The document outlines the key components, functions, advantages and disadvantages of marketing information systems.
The document discusses key concepts related to marketing information systems including:
- The components and functions of a marketing information system which gathers internal and external data, processes it, and provides output to assist marketing decisions.
- Sources of data include the marketing environment, internal reporting, marketing research, intelligence and models.
- The system analyzes information at operational, middle management, and strategic levels to track performance, identify opportunities and issues, and support decision making.
1st solve assignment Management information systemDanish Saqi
Information systems are essential for running and managing modern businesses. They help reduce costs, improve efficiency and productivity, minimize litigation risks, safeguard vital information, support better decision making, and preserve corporate memory. Porter's competitive forces model examines how five competitive forces - traditional competitors, new market entrants, substitute products/services, suppliers, and customers - shape a firm's competitive strategies. Firms can use information systems to develop strategies to deal with these competitive forces, such as by creating new products/services, improving customer intimacy and gaining competitive advantages.
This document discusses management information systems (MIS). It defines MIS as a system that processes data into information to facilitate decision making across departments in an organization. The document outlines the objectives, characteristics, types, advantages, and need for MIS. It concludes that MIS helps analyze operational systems to support planning and control activities across an organization by automating and supporting human decision making.
This document discusses marketing information systems and their importance for analyzing opportunities and developing strategies. It begins by explaining how companies need to understand their marketing environment to identify opportunities and threats. It then describes the key components of a marketing information system, including assessing information needs, developing information through internal records, marketing intelligence, and research. It discusses the subsystems of a marketing information system and why acquiring information is important for predicting the future and making strategic decisions.
This document is an assignment submission for an IT-102 class on Management Information Systems. It discusses key topics of MIS including the definition, components, inputs and outputs, types and applications, and advantages. Management information systems integrate people, processes, data and technology to provide managers with timely information to support decision making and monitor business performance. They have advantages like improved market monitoring, strategy development, and functional integration across departments.
The document discusses various components of a logistics management information system (LMIS). It describes key functions and benefits of the LMIS including sales, purchase, inventory, quality management, transportation, plant maintenance, retail, and shop floor information systems. It provides details on how these systems integrate and support logistics planning, operations, and decision making across the supply chain.
Marketing information system (MIS) consists of people, equipment, and procedures to gather, analyze, evaluate, and distribute timely and accurate information to marketing decision makers. MIS collects and analyzes information that is valuable for planning, implementing, and controlling marketing activities. The components of an MIS include internal records, market intelligence, marketing research, and a market decision support system. Internal records provide sales, cost, and other operational data. Market intelligence collects external information on customer needs and market trends. Marketing research solves specific marketing problems through data collection and analysis. A market decision support system uses computer hardware and software to help analyze information and support marketing decisions.
The document discusses the functions and roles of management information systems (MIS) in organizations. Some key points:
1) MIS acts as the "heart" of the organization, collecting, processing, and distributing essential information to various parts of the organization, similar to how the heart circulates blood in the body.
2) MIS supports decision-making at all levels by providing relevant and timely data and reports to managers. It helps ensure accurate, complete information is available for strategic planning, operations management, and other business functions.
3) By systematizing data collection and reporting, MIS streamlines operations, creates a shared understanding of business concepts, and allows managers to leverage analytical tools for better insights and decisions.
The document discusses the functions and roles of management information systems (MIS) in organizations. Some key points:
1) MIS acts as the "heart" of the organization, collecting, processing, and distributing essential information to various parts of the organization, similar to how the heart circulates blood in the body.
2) MIS supports decision-making at all levels by providing relevant and timely data and reports to managers. It helps ensure accurate, complete information is available for strategic planning, operations management, and other business functions.
3) By systematizing data collection and reporting, MIS streamlines operations and creates efficiencies. It brings structure and clarity to communication across an organization.
SCM, Value Chain, Objectives of SCM, Importanceprachimba
Supply Chain Management (SCM) refers to the strategic coordination and integration of all activities involved in the sourcing, procurement, production, logistics, and distribution of goods and services. It encompasses the planning and execution of processes to optimize the flow of materials, information, and finances across the entire supply chain network, from raw material suppliers to end customers.
Human Resource Management and Its Importanceprachimba
Human Resource Management (HRM) is a crucial function within organizations that focuses on managing the people who work for the organization. Its primary objective is to maximize employee performance to achieve the organization's goals effectively.
Global Supply Chain Management - Seekho Session.pptprachimba
This PPT details about various challenges and opportunities in Supply chain management. Also this entails various cultural live examples and how these cultural biasness creates issues in Logistics and SCM too.
The document discusses how the COVID-19 pandemic accelerated trends in remote work, e-commerce, and automation, potentially requiring up to 25% more workers to switch occupations. Remote work and virtual meetings are likely to continue after the pandemic but less intensely. The pandemic may also speed up the adoption of automation and AI technologies, especially in occupations requiring physical proximity. Companies and policymakers need to help facilitate workforce transitions as many workers may need to switch to new occupations.
The document provides information on various career options after 12th for students from different streams. For PCM students, it discusses options like B.Arch, B.Tech, NDA. It provides the eligibility criteria and important exam dates for entrance exams like NATA, JEE, NDA. It also lists top colleges for these courses and average salary after completion. For Commerce students, it discusses career options like B.Com, BCA and eligibility criteria. It similarly provides information on exams, colleges and salary for streams like PCB, Arts and diploma courses.
Strategic management is an ongoing process that involves evaluating and controlling a company's business and industry, assessing competitors, and setting and reassessing strategies. It entails making high-level decisions that have long-term impacts on a firm. The strategic management process involves planning and analysis, strategy formulation, alternative selection, evaluation, and implementation and control. It aims to achieve efficiency and effectiveness. Strategic decisions are made at the business, functional, and corporate levels.
The document provides information on key marketing concepts including the 4 Ps of marketing (product, place, price, and promotion), the marketing process, consumer behavior, and factors influencing buying decisions. It defines marketing as getting potential customers interested in products/services through researching, promoting, selling, and distributing. The 4 Ps framework explains key elements of a marketing strategy. Consumer behavior is influenced by psychological, social, cultural, personal and economic factors. The stages of consumer buying behavior are identifying needs, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.
This document discusses global marketing and the 4 Ps of a global marketing strategy. It explains that global marketing involves identifying customer needs worldwide and making products available globally through manufacturing or outsourcing. The 4 Ps of global marketing are: plan strategy with stakeholders; produce relevant content for different countries; promote content through paid and social media; and perfect strategies by continuously measuring impact to improve the first 3 Ps. Finally, it notes that the global marketing environment consists of uncontrollable forces from within and outside a country that influence international marketing decisions.
Unit 5 emerging trends and issues in marketingprachimba
This document discusses several emerging trends and issues in marketing, including consumerism, rural marketing, social marketing, direct marketing, and green marketing. Consumerism aims to protect consumer interests and eliminate unfair practices. Rural marketing develops goods and services for rural customers. Social marketing creates social change rather than benefiting brands. Direct marketing seeks a specific consumer action in response to communications. Green marketing involves environmentally safe products.
Direct marketing involves sending targeted marketing materials like catalogs and mailers directly to consumers to promote products and services. It relies on databases of customer information and contact details to address specific marketing messages to audiences. The key benefits are targeting customized messages, affordability, and measurability of responses. However, challenges include the risk of annoying customers with intrusive tactics, low response rates, and potential legal issues around privacy and data protection. Some also see direct marketing practices as unfairly taking advantage of customers or invading their privacy in some cases.
Consumer behavior is the study of how people make decisions regarding products and services. It is influenced by psychological, personal, and social factors. Understanding consumer behavior allows companies to satisfy customer needs, develop effective marketing strategies, identify new opportunities, and select target markets. As technology advances, consumers are more informed, engaged in product design, and concerned with sustainability. They also use multiple devices and have high expectations for the customer experience across online and offline channels. Stages of purchase in electronic markets include researching options before buying, evaluating quality and service during purchase, and needing support after purchase. Challenges include addressing consumer concerns over privacy, quality, and convenience on mobile apps.
Changing dynamics & sustainability in disruptive timesprachimba
This document summarizes key topics around dynamics, sustainability, and disruptive times. It discusses how organizations adapted their employee relations, hiring processes, and CSR initiatives during the COVID-19 pandemic. Many moved to virtual interviews and remote work, emphasizing technical skills and self-learning. Principles of protecting employees and serving communities were prioritized over processes. Innovation helped companies survive and consumers became willing to pay more for safety. Virtual yoga, puzzles, and children's storytelling sessions helped employees engage while working remotely.
1) Marketing involves creating, communicating, delivering, and exchanging offerings that have value for customers. There are various types of marketing such as influencer marketing, relationship marketing, viral marketing, green marketing, and keyword marketing.
2) Marketing management involves conducting consumer research, determining product and distribution policies, and making promotional decisions. The marketing management process includes conducting market research, developing a marketing strategy and marketing plan, and providing feedback and control.
3) The marketing mix, also known as the 4Ps, refers to the set of controllable tactical marketing tools - product, price, place, and promotion. It is the crux of marketing and must be constantly reviewed and adapted to changes in the external environment.
The document summarizes the AIDA model, which outlines the 4 key stages a customer goes through in their purchasing journey:
1) Attention - the customer becomes aware of a product through advertising and develops initial knowledge of its attributes;
2) Interest - the customer develops attitudes and preferences and considers the product for potential purchase;
3) Desire - the customer's interest grows into an actual need and they start imagining themselves with the product;
4) Action - the final stage where the customer takes action such as visiting a retailer or purchasing the product.
This document discusses different types of channel conflicts that can occur in distribution including vertical, horizontal, and multichannel conflicts. Vertical conflicts arise between different levels of a channel such as manufacturer and wholesaler. Horizontal conflicts are between competitors at the same level. Multichannel conflicts occur when multiple channels sell the same brand. Common causes of conflict include incompatible goals, ambiguous roles, different perceptions, and lack of communication. Managing conflicts involves subordinating goals, exchanging employees, forming trade associations, co-opting experts, and using diplomacy, mediation, arbitration, or legal action if needed.
Branding involves creating a name, logo and image for a product, service or company to attract customers. The goals of branding are to establish a presence in the market that attracts and retains loyal customers. There are several types of brands including individual products, services, organizations and personal brands. Strong brands have high awareness, loyalty and consistency. Brand equity refers to the extra value a brand gains from its recognizable name compared to generic alternatives. Brand positioning involves identifying similarities and differences to create a distinctive place for a brand in customers' minds.
The document discusses various strategic management concepts including strategy formulation, levels of strategy (corporate, business, functional), types of growth strategies (concentration, diversification), retrenchment strategies (turnaround, divestment, liquidation), and combination strategies. It also discusses Porter's Diamond Model of national competitive advantage and factors that influence a nation's competitiveness such as firm strategy/rivalry, factor conditions, demand conditions, and related/supporting industries. Mergers and acquisitions are defined as ways companies can combine, with mergers integrating two companies and acquisitions involving one company purchasing another.
The document discusses various aspects of recruitment, selection, training and motivation in human resource management. It defines recruitment as finding qualified candidates for jobs in a timely manner. Internal recruitment sources include promotions, retirements, former employees and transfers. External sources are press advertisements, campus interviews, placement agencies and employment exchanges. Selection involves shortlisting candidates with required qualifications. Training helps employees acquire skills and knowledge for their roles and includes induction, job instruction, and refresher training. Motivation refers to factors that energize behavior and direct it toward goals, and can be classified as positive or negative, extrinsic or intrinsic, and financial or non-financial.
Direct marketing involves providing physical marketing materials directly to consumers to communicate information about a product or service without using internet, television, or radio advertisements. It removes the middleman from promotion. There are four key characteristics of direct marketing: 1) Using a database of customer information. 2) Addressing marketing messages directly to customers in the database. 3) Driving a specific call to action. 4) Emphasizing measurable responses and results. Types of direct marketing include face-to-face interactions, door-to-door sales, kiosk marketing, and leaflet handouts. Issues with direct marketing relate to privacy of customer data, honesty in representations, and potential customer harassment from excessive contact.
Conferences like DigiMarCon provide ample opportunities to improve our own marketing programs by learning from others. But just because everyone is jumping on board with the latest idea/tool/metric doesn’t mean it works – or does it? This session will examine the value of today’s hottest digital marketing topics – including AI, paid ads, and social metrics – and the truth about what these shiny objects might be distracting you from.
Key Takeaways:
- How NOT to shoot your digital program in the foot by using flashy but ineffective resources
- The best ways to think about AI in connection with digital marketing
- How to cut through self-serving marketing advice and engage in channels that truly grow your business
Evaluating the Effectiveness of Women-Focused MarketingHighViz PR
Women centric marketing is a vital part in reaching one of the most influential groups of consumers. Here is a guide to know and measure the impact of women-centric marketing efforts-
Unlock the secrets to enhancing your digital presence with our masterclass on mastering online visibility. Learn actionable strategies to boost your brand, optimize your social media, and leverage SEO. Transform your online footprint into a powerful tool for growth and engagement.
Key Takeaways:
1. Effective techniques to increase your brand's visibility across various online platforms.
2. Strategies for optimizing social media profiles and content to maximize reach and engagement.
3. Insights into leveraging SEO best practices to improve search engine rankings and drive organic traffic.
Lily Ray - Optimize the Forest, Not the Trees: Move Beyond SEO Checklist - Mo...Amsive
Lily Ray, Vice President of SEO Strategy & Research at Amsive, explores optimizing strategies for sustainable growth and explores the impact of AI on the SEO landscape.
INTRODUCTION TO SEARCH ENGINE OPTIMIZATION (SEO).pptxGiorgio Chiesa
This presentation is recommended for those who want to know more about SEO. It explains the main theoretical and practical aspects that influence the positioning of websites in search engines.
Dive deep into the cutting-edge strategies we're employing to revolutionize our web presence in the age of AI-driven search. As Gen Z reshapes the digital realm, discover how we can bridge the generational divide. Unlock the synergistic power of PPC, social media, and SEO, driving unparalleled revenues for our projects.
The Strategic Impact of Storytelling in the Age of AI
In the grand tapestry of marketing, where algorithms analyze data and artificial intelligence predicts trends, one essential thread remains constant — the timeless art of storytelling. As we stand on the precipice of a new era driven by AI, join me in unraveling the narrative alchemy that transforms brands from mere entities into captivating tales that resonate across the digital landscape. In this exploration, we will discover how, in the face of advancing technology, the human touch of a well-crafted story becomes not just a marketing tool but the very essence that breathes life into brands and forges lasting connections with our audience.
We’ve entered a new era in digital. Search and AI are colliding, in more ways than one. And they all have major implications for marketers.
• SEOs now use AI to optimize content.
• Google now uses AI to generate answers.
• Users are skipping search completely. They can now use AI to get answers. So AI has changed everything …or maybe not. Our audience hasn’t changed. Their information needs haven’t changed. Their perception of quality hasn’t changed. In reality, the most important things haven’t changed at all. In this session, you’ll learn the impact of AI. And you’ll learn ways that AI can make us better at the classic challenges: getting discovered, connecting through content and staying top of mind with the people who matter most. We’ll use timely tools to rebuild timeless foundations. We’ll do better basics, but with the most advanced techniques. Andy will share a set of frameworks, prompts and techniques for better digital basics, using the latest tools of today. And in the end, Andy will consider - in a brief glimpse - what might be the biggest change of all, and how to expand your footprint in the new digital landscape.
Key Takeaways:
How to use AI to optimize your content
How to find topics that algorithms love
How to get AI to mention your content and your brand
From Hope to Despair The Top 10 Reasons Businesses Ditch SEO Tactics.pptxBoston SEO Services
From Hope to Despair: The Top 10 Reasons Businesses Ditch SEO Tactics
Are you tired of seeing your business's online visibility plummet from hope to despair? When it comes to SEO tactics, many businesses find themselves grappling with challenges that lead them to abandon their strategies altogether. In a digital landscape that's constantly evolving, staying on top of SEO best practices is crucial to maintaining a competitive edge.
In this blog, we delve deep into the top 10 reasons why businesses ditch SEO tactics, uncovering the pain points that may resonate with you:
1. Algorithm Changes: The ever-changing algorithms can leave businesses feeling like they're chasing a moving target. Search engines like Google frequently update their algorithms to improve user experience and provide more relevant search results. However, these updates can significantly impact your website's visibility and ranking if you're not prepared.
2. Lack of Results: Investing time and resources without seeing tangible results can be disheartening. The absence of immediate results often leads businesses to lose faith in their SEO strategies. It's important to remember that SEO is a long-term game that requires patience and consistent effort.
3. Technical Challenges: From site speed issues to complex metadata implementation, technical hurdles can be daunting. Overcoming these challenges is crucial for SEO success, as technical issues can hinder your website's performance and user experience.
4. Keyword Competition: Fierce competition for top keywords can make it hard to rank effectively. Businesses often struggle to find the right balance between targeting high-traffic keywords and finding less competitive, niche keywords that can still drive significant traffic.
5. Lack of Understanding of SEO Basics: Many businesses dive into the complex world of SEO without fully grasping the fundamental principles. This lack of understanding can lead to several issues:
Keyword Awareness: Failing to recognize the importance of keyword research and targeting the right keywords in content.
On-Page Optimization: Ignorance regarding crucial on-page elements such as meta tags, headers, and content structure.
Technical SEO Best Practices: Overlooking essential aspects like site speed, mobile responsiveness, and crawlability.
Backlinks: Not understanding the value of high-quality backlinks from reputable sources.
Analytics: Failing to track and analyze data prevents businesses from optimizing their SEO efforts effectively.
6. Unrealistic Expectations and Timeframe: Entrepreneurs often fall prey to the allure of quick fixes and overnight success. Unrealistic expectations can overshadow the reality of the time and effort needed to see tangible results in the highly competitive digital landscape. SEO is a long-term strategy, and setting realistic goals is crucial for success.
#SEO #DigitalMarketing #BusinessGrowth #OnlineVisibility #SEOChallenges #BostonSEO
Top Strategies for Building High-Quality Backlinks in 2024 PPT.pdf1Solutions Pvt. Ltd.
As we move into 2024, the methods for building high-quality backlinks continue to evolve, demanding more sophisticated and strategic approaches. This presentation aims to explore the latest trends and proven strategies for acquiring high-quality backlinks that can elevate your SEO efforts.
Visit:- https://www.1solutions.biz/link-building-packages/
Mindfulness Techniques Cultivating Calm in a Chaotic World.pptxelizabethella096
In today’s fast-paced world, stress and anxiety have become common companions for many. With constant connectivity and an unending stream of information, finding moments of peace can seem like an insurmountable challenge. However, mindfulness techniques offer a beacon of calm amidst the chaos, helping individuals to center themselves and find balance. These practices, rooted in ancient traditions and supported by modern science, are accessible to everyone and can profoundly impact mental and emotional well-being.
Empowering Influencers: The New Center of Brand-Consumer Dynamics
In the current market landscape, establishing genuine connections with consumers is crucial. This presentation, "Empowering Influencers: The New Center of Brand-Consumer Dynamics," explores how influencers have become pivotal in shaping brand-consumer relationships. We will examine the strategic use of influencers to create authentic, engaging narratives that resonate deeply with target audiences, driving success in the evolved purchase funnel.
Capstone Project: Luxury Handloom Saree Brand
As part of my college project, I applied my learning in brand strategy to create a comprehensive project for a luxury handloom saree brand. Key aspects of this project included:
- *Competitor Analysis:* Conducted in-depth competitor analysis to identify market position and differentiation opportunities.
- *Target Audience:* Defined and segmented the target audience to tailor brand messages effectively.
- *Brand Strategy:* Developed a detailed brand strategy to enhance market presence and appeal.
- *Brand Perception:* Analyzed and shaped the brand perception to align with luxury and heritage values.
- *Brand Ladder:* Created a brand ladder to outline the brand's core values, benefits, and attributes.
- *Brand Architecture:* Established a cohesive brand architecture to ensure consistency across all brand touchpoints.
This project helped me gain practical experience in brand strategy, from research and analysis to strategic planning and implementation.
Unlock the secrets to creating a standout trade show booth with our comprehensive guide from Blue Atlas Marketing! This presentation is packed with essential tips and innovative strategies to ensure your booth attracts attention, engages visitors, and drives business success. Whether you're a seasoned exhibitor or a first-timer, these expert insights will help you maximize your impact and make a memorable impression in a crowded exhibition hall. Learn how to:
Design an eye-catching and inviting booth
Incorporate interactive elements that engage visitors
Use effective branding and visuals to reinforce your message
Plan your booth layout for maximum traffic flow
Implement technology to enhance the visitor experience
Create memorable experiences that leave a lasting impression
Transform your trade show presence with these proven tactics and ensure your booth stands out from the competition. Download the PDF now and start planning your next successful exhibit!
2. What is MKIS?
A marketing information system (MKIS) is a management
information system (MIS) designed to
support marketing decision making. Jobber (2007) defines it as a
"system in which marketing data is formally gathered, stored,
analysed and distributed to managers in accordance with their
informational needs on a regular basis." In addition, the online
business dictionary defines Marketing Information System
(MKIS) as "a system that analyzes and assesses marketing
information, gathered continuously from sources inside and
outside an organization or a store."Furthermore, "an overall
Marketing Information System can be defined as a set structure
of procedures and methods for the regular, planned collection,
analysis and presentation of information for use in making
marketing decisions." (Kotler, at al, 2006)
3. Components of MIS
MIS is made of parts, subparts or subsystems which
are called the components. Typically, according to
Philip Kotler, a marketing information system consists
of four interrelated components – Internal Reports
(Records) System, Marketing Research System,
Marketing Intelligence System, and Marketing
Decision Support System, as shown in Figure
4.
5. 1. Internal Records System:
Internal records system is a major and easily accessible source of
information. It supplies the results data. It consists of all records
of marketing operations available within organisation. This
system concerns with collecting, analyzing, interpreting, and
distributing needed information from records of various
departments of the company.
Main sources include various records on sales and purchase,
ordering system, sales force reporting system, inventory level,
receivable-payables, marketing staff, costs, the past research
works, and other literatures/reports available within
organisation. Particularly, for sales orders and sales force
reporting, the computer technology is excessively used for
accurate, efficient, and speedy transmission of information.
6. 2. Marketing Intelligence System:
Marketing intelligence system is:The set of procedures and sources
used by managers to obtain every-day information regularly about
pertinent developments in the marketing environment. A manager can
try to expose external environment in various ways.
Marketing intelligence system consists of various methods.
A manager can use one or more below mentioned methods:
i. Reading newspapers, books, and other publications.
ii. Watching TV, hearing radio, or Internet surfing.
iii. Talking to customers, dealers, suppliers, and other relevant parties.
iv. Talking to other managers and employees of his company as well as
of other companies.
v. Maintaining live contacts with other officials and agencies.
vi. Purchasing useful information from professional sources.
vii. Assigning marketing intelligence task to professional agencies, etc.
7. 3. Marketing Research System
Marketing research is a powerful and independent branch of the MIS.
In certain cases, managers need detailed information on the specific
problem of the specific marketing area. Thus, it is a formal study of
specific problems, opportunities, or situations. Normally, it is carried
out for solving the specific problem.
In this sense, it is not a part of routine activity. It collects need-based
information. Nowadays, it is treated as the separate discipline or
subject. Philip Kotler defines: “Marketing Research is the systematic
design for collection, analysis, and reporting of data and findings
relevant to specific marketing situations facing the company.”
Marketing research consists of collecting primary and secondary data
from various respondents using various tools through various methods
for definite period of time, analyzing data using appropriate statistics
tools, and presenting findings in forms of a report. It is conducted by
internal expert staff or external professionals.
8. 4. Marketing Decision Support System (MDSS):
Previously, the component was known as Analytical Marketing System. While
former three components supply data, the marketing decision support system
concerns more with processing or analyzing available data. This component
can improve efficiency and utility of the whole marketing information system.
The system is used to help managers make better decisions. John D. C. Little
defines: “A marketing decision support system (MDSS) is coordinated
collection of data, systems, tools, and techniques with supporting software and
hardware by which an organisation gathers and interprets relevant information
from environment and turns it into a basis for making decisions.”
According to the definition, the MDSS includes tools, techniques or
models used for:
Data collection,
Data analysis,
Interpreting results, and
Supporting managerial decision-making.
9. Advantages of Marketing
Information Systems
Organized Data collection – Lots of data can be collected from the
market. But the main word here is “Organized”. Organizing data is very
important else the data is meaningless. Thus MIS helps you to organize
your database thereby improving productivity.
A broad perspective – With a proper MIS in place, the complete
organization can be tracked which can be used to analyse independent
processes. This helps in establishing a broader perspective which helps
us know which steps can be taken to facilitate improvement.
Storage of Important Data – Several times in pharmaceuticals, when
one drug is being produced they may need data of another drug which
was produced years back. Similarly in Media, photographs are stored in
archives. This storage of important data plays a crucial role in execution
and thus proves again that MIS is not important only for information
but also for execution.
10. Avoidance of Crisis – The best way to analyse a stock (share market) is to see
its past performance. Top websites like moneycontrol thrive on MIS. Similarly
MIS helps you keep tracks of margins and profits. With an amazing
information system established, you can know where your organization is
moving and probably avert a crisis long before it has taken place. Ignoring
hints received from MIS reports is foolhardy.
Co-ordination – Consumer durables and FMCG companies have huge
number of processes which needs to be co-ordinated. These companies depend
completely on MIS for the proper running of the organization. There are
dedicated people for marketing information systems in such organizations.
This is mainly because of the speed required to access information and
implement it.
Analysis and Planning – MIS is critical for planning. You cannot do planning
without information. For planning, the first thing which is needed is the
organizations capabilities, then the business environment and
finally competitor analysis. In a proper MIS, all these are present by default and
are continuously updated. Thus MIS is very important for planning and
analysis.
11. Types of Management Information Systems
Management Reporting System-A management reporting system is a
database designed to report on the finances and operations of all levels of
management in an organization. A company's management reporting system is
commonly used by middle managers to generate regular reports comparing
current and past financial performance to determine financial growth and to
track how the middle managers themselves are performing. Upper
management uses the data generated by the reporting system to compare the
company's current financial position and its efficiency of operations against its
predetermined goals for the company.
Process Control-A process control system monitors a business's physical or
industrial processes such as metal fabrication, petroleum processing or
automobile assembly. The control system is constantly collecting data and is
programmed to generate regular reports on system performance. A manager
looks to the process control reports to tell how often, over the course of a set
period of time, a particular event occurs during the production process, or how
often over that period of time the company deviated from a repetitive
production process. This information is key to tracking the overall efficiency of
production and the safety of machinery and employees.
12. Sales and Marketing-A sales and marketing system supports management in
executing and tracking the effectiveness of the organization's sales and
marketing functions. These include:
o developing products
o forecasting sales
o compiling and tracking the advertising outlets and schedules
o managing distribution channels
o pricing, discounts and promotions
o implementing effective advertising and sales promotions .
Inventory Control-The inventory control system tracks everything having to
do with inventory, including sales, spoilage, theft, and inventory on hand,
which allows management to determine when individual items are getting low
and need restocking, either in the company's warehouse or in any of its
individual retail locations. It tracks movement of inventory into the warehouse,
from warehouse to store, store sales and returns.
13. Human Resources(Office Automation/Enterprise
Collaboration)
An office automation, or enterprise collaboration, information
management system enables managers to control the flow of
information throughout the organization. Any electronic
communication device or medium used in the organization by
managers to communicate with other managers, with their
employees, or for employees to communicate with each other
falls under the umbrella of the office automation information
system. These devices and media can include land-line phones,
cell phones, Internet, Intranet, multimedia, voice mail and
email, file sharing and video conferencing.
14. Marketing Research
Marketing research is "the process or set of processes that links the
producers, customers, and end users to the marketer through information used
to identify and define marketing opportunities and problems; generate, refine,
and evaluate marketing actions; monitor marketing performance; and improve
understanding of marketing as a process. Marketing research specifies the
information required to address these issues, designs the method for collecting
information, manages and implements the data collection process, analyzes
the results, and communicates the findings and their implications."
It is the systematic gathering, recording, and analysis
of qualitative and quantitative data about issues relating to marketing products
and services. The goal of marketing research is to identify and assess how
changing elements of the marketing mix impacts customer behavior. The term
is commonly interchanged with market research; however, expert practitioners
may wish to draw a distinction, in that market research is concerned
specifically with markets, while marketing research is concerned specifically
about marketing processes.
16. Exploratory Market Research: The researcher uses the exploratory research
when he has a very little information about the research problem and needs to
gain insights about it before finding the solutions to it. It requires the
researcher to clear his concept, gain insights, formulate problems, eliminate
impractical ideas and formulate a hypothesis to check the relevancy of the
research design.This can be done by using the secondary data, i.e. information
available both inside and outside the organization, conducting observational
studies, consulting experts, and processing feedback from the marketplace and
surveys.
Descriptive Market Research: The descriptive research is concerned with
testing the hypothesis to find out the accurate answers of the research
problem. Such as, who are the prospective buyers of the product?, How the
products are consumed?, What fraction of the population uses the product?,
What is the demand forecast? And who are the potential competitors?The
objective of the descriptive market research is to measure the frequency with
which the things occur and the extent to which the variables under study are
correlated
17. Causal Market Research: The causal market research is
conducted to establish the cause-and-effect relationship
between the variables, such as if the packaging of the
product is changed then what will be its effect on the
product durability? Thus, this research is carried out to
explain the facts that why a certain change in one variable
is observed due to the change in the other.
Predictive Market Research: As the name suggests, the
predictive research is conducted to forecast or predict
certain market variable for which the research is designed.
Such as predicting the future sales, projection of growth,
test market to predict the success of a new product,
defining of firm’s product line, etc.
18. The marketing research can be further classified on
the basis of the type of data generated and the degree
of mathematical accuracy required as:
Qualitative Market Research
Quantitative Market Research
19. Qualitative Market Research
Definition: The Qualitative Market Research deals with the
feelings, attitudes, opinions, and thoughts of an individual to ascertain
their underlying reasons for behavior. In other words, the research
conducted to determine what people think or feel about the situation
and what are the factors that influence their behaviors is called
qualitative market research.
The purpose of the qualitative market research is to study the
psychology of an individual and obtain the insights and depth of
buyer’s perceptions, behavior, and needs. Majorly the organizations
carry out the qualitative research to identify the consumer perceptions,
such as
What do they feel about a product?
What they like or dislike about it?
What are their expectations from a new product?
What do they feel about the competitor’s product?
What are the barriers that influence their purchase behavior?
20. Quantitative Market Research
Definition: The Quantitative Market Research deals with the hard facts
and statistical data rather than the opinions, feelings, and attitudes of the
individuals. Here, the data are quantified to draw inferences about the
customer’s behavior, attitude and preferences in numerical terms that can be
easily interpreted and compared with other data facts.
The quantitative market research is often used to determine what proportion of
the population possesses certain characteristics, attitudes, behaviors,
knowledge and then its significance level is checked using the statistical
analysis method. The quantitative research is based on large samples and
addresses questions as:
How often customer buys the product?
What proportion of the population makes job searches online?
How many customers will buy a product if a certain promotional strategy is
introduced?
How many customers rated the ambiance of the restaurant as ‘outstanding’.
21. Importance of Marketing Research
Identifying problem and opportunities in the market:It
helps in identifying new market opportunities for existing and
new products. It provides information on market share, nature of
competition, customer satisfaction levels, sales performances
and channel of distribution. This helps the firms is solving
problems.
Formulating market strategies:Today, markets are no more
local. They have become global. Manufactures find it difficult to
contact customers and control distribution channels.
Competition is equally severe. The consumer needs are difficult
to predict. Market segmentation is a complicated task in such
wide markets. The marketing intelligence provided through
marketing research not only helps in framing but also in
implementing the market strategies.
22. Determining consumer needs and wants:Marketing has
become customer-centric. However, large-scale production
needs intermediaries for mass distribution. Due to
prevalence of multi channels of distribution, there is an
information gap. Marketing research helps in collecting
information on consumers from structured distribution
research and helps in making marketing customer
oriented.
For effective communication mix:In an era of micro-
rather than mass-marketing, communication plays a vital
role. Marketing research uses promotional research to
study media mix, advertising effectiveness and integrated
communication tools. Research on such aspects will help in
promoting effectively a company’s product in the market.
23. Improving selling activities:Marketing research is used to
analyse and evaluate performances of a company within a
market. It also studies effectiveness of a sales force. It helps in
identifying sales territories. Such information helps the
companies in identifying areas of shortcoming in sales. It also
examines alternative methods for distribution of goods.
For sales forecasting:The most challenging task for any
production manager is to keep optimum levels of inventory.
However, production is undertaken in anticipation of demand.
Therefore, scientific forecast of sales is required. Marketing
research helps in sales forecasting by using market share
method, sales force estimate method and jury method. This can
also help in fixing sales quotas and marketing plans
24. To revitalize brands:Marketing research is used to study
and find out the existing brand position. It finds out the
recall value of brands. It explores the possibilities of brand
extension or prospects of changing existing brand names.
The main purpose of marketing is to create brand loyalty.
Marketing research helps in developing techniques to
popularize and retain brand loyalty.
To facilitate smooth introduction of new
products:Marketing research helps in testing the new
products in one or two markets on a small scale. This helps
in finding out consumer response to new product and
develop a suitable marketing mix. It reveals the problems
of the customers regarding new products. Thus, it controls
the risk involved in introducing a new product.