Marketing information systems
Customer information obtained through direct contact, although intangible, is likely to be the best available. The development of the Sony Walkman as a new product, is an interesting example of a product which, at least for a time, affected the market for some apparently unrelated products.
Historical, certain, routine information receives less attention. When information is used for marketing it must not be out of date as this could easily lead to bad decisions. Within this category of study will come the price of an offering.
Choosing among alternative solutions is the third step in the decision making process. Functions performed by Marketing Information System are: 1.
Decision-making is based on interpreting the critical appraisal of the given facts, opinion or estimates. The implications of strategic decisions extend over many years, often as much as ten to fifteen years. A major problem at this level of decision making is predicting the future of the organisation and its environment, and matching the characteristics of the organisation to the environment.
Marketing information system notes
Rate: The quantitative rate of information transmission must be ascertained in terms of time required. This phase may require more intelligence to decide if a particular solution is appropriate. In order to conduct the market research, the data is to be collected that can be either primary data the first-hand data or the secondary data second-hand data, available in books, magazines, research reports, journals, etc. Needs Met by a Marketing Information System Acquired databases: A truly enormous amount of information is available in the form of databases, and a surprising body of data can be accessed without cost to companies. The Marketing Environment: Often, events which are likely to have an impact on an enterprise are seen, in the first instance, within the wider marketing or macro environment which comprises social, cultural, technological, economic, political and legal aspects. More recently, the stress has been placed upon the behavioural aspects of management decision making. The data can be related to the population trends, demographic characteristics, agricultural production, etc. It is important that the requirement for adequate marketing information is recognised, since this is fundamental to the success of an enterprise. For instance, the time required for sales reports transmission from district office to head office is fixed weekly.
They are intelligence agents who can supply vital current information on buyer behaviour, channel behaviour and also on competitors.
However, it must be realised that information can cost money.
External Marketing Information: It is in the form of marketing intelligence.
based on 79 review