L15 Marketing Information System PDF

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Marketing Information System...

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Advanced Marketing – Marketing Information System. Marketing information system usually abbreviated as MkIS, is the major tool used by marketing management for problems solving and decisionmaking. The concept of marketing information system can be understood easily by earlier examination of three separate words: marketing, information, and system. Marketing information includes all the facts, estimates and opinions etc. That affect the quality of decisions for firm’s survival and growth. Marketing information system is an interacting, continuing, futureoriented structure of people, equipment and procedures designed to generate and process an information flow to aid managerial decisionmaking in a company’s marketing programme. According to Philip Kotler, “A marketing information system is a continuing and interacting structure of people, equipment and procedures designed to gather, sort, analyse, evaluate and distribute pertinent, timely and accurate information for use by marketing decision makers to improve their marketing planning, execution and control”. Marketing information system is a systematised method for providing information flow on a regular basis – the right information, for the people, at the right time. MkIS is a very broad term. Even it includes such diverse elements such as weather reports and forecasts which may affect the agricultural commodity prices. After the problem definition, the marketing information are collected through internal or external sources. The collected data are carefully interpreted and used. Finding the conclusive truth from data analysis highly depends on the dynamic thinking capacity and creative, logical mind of the marketer.

After data interpretation, the marketing information must be communicated and disseminated to the ready parties. Effective management not only makes systematic analysis but also dissemination of that at different organisational levels should also be cared. The decision-making authority must communicate his opinion to the man of action’, so that ‘doing and thinking man’ can be combined. A MkIS, to some extent, resembles a military or diplomatic intelligence operation. It gathers, processes, and stores potentially useful information that currently, exists in inside or outside the company. However, in MkIS we could not suggest the industrial espionage or hiring the competitors’ personnel to say their secrets. Frequently they are valueless or counterproductive. Moreover, the information a company needs is usually available by socially acceptable means if the firm will just establish a reasonably simple marketing information system....