Essential components of effective marketing information system essay

The basic components of MIS are depicted and explained below. Marketing managers get lots of information from the internal-records of the company. These records provide current information about sales, costs, inventories, cash flows and account receivable and payable. Many companies maintain their computerized internal records.

Essential components of effective marketing information system essay

Influence of IT on organizational goals Definition of data and information and characteristics of good information Data refers to raw basic facts i. Information should be processed data that conveys meaning to the recipient.

Good information should be timely and available when it is needed.

Essential components of effective marketing information system essay

The following are the characteristics of good information. Accurate — information must be free from errors and mistakes.

This is achieved by following strict set standards for processing data into information. Complete — all the information needed to make a good decision must be available.

Nothing should be missing.

4 Components of Marketing Information System (MIS)

If TAX is an application to the computation of the total amount that the customer should pay then, it should be included as well. Cost Effective — the cost of obtaining information must not exceed the benefit of the information in monetary terms.

User-focused — the information must be presented in such a way that it should address the information requirements of the target user. For example, operational managers required very detailed information, and this should be considered when presenting information to operational managers.

We will write a custom essay sample on Essential Characteristics for an Effective Marketing Plan specifically for Cadbury can achieve data integration by setting up a marketing information system that collect and share appropriate information within the company departments. We will write a custom essay sample on Essential. Essential Components of Effective Marketing Information System Essay A selling information system (MIS) is intended to convey together disparate points of informations into a . A good marketing information system balances the information users would like to have against what they really Moreover, the purpose of the current study is to: Present an overview of the components of MKIS as well as Decision Making. So companies must design effective marketing information systems that give managers the right.

The same information would not be appropriate for senior managers because they would have to process it again. To them, it would be data and not information. Relevant — the information must be relevant to the recipient. The information must be directly related to the problem that the intended recipient is facing.

4 Main Components of Marketing Information System (MIS)

Authoritative — the information must come from a reliable source. Let's say you have a bank account and you would like to transfer money to another bank account that uses a different currency from yours.

Using the exchange rate from a bureau de change would not be considered authoritative compared to getting the exchange rate directly from your bank.

Timely — information should be available when it is needed.

Essential Components of Market Segmentation

Let's say your company wants to merge with another company. Information that evaluates the other company that you want to merge with must be provided before the merger, and you must have sufficient time to verify the information.

Competitive advantage of information and MIS Competitive advantage is a position that makes a business more profitable than its competitors. For example, producing products at a lower cost than your competitors makes you more profitable.

Information systems have the capacity to help an organization into such a position. They do so in the following ways Operational excellence — operational excellence seeks to improve the operations of the business.

Let's take an example of a retail store. A retail store can use information systems to automatically place an order with a supplier once the inventory level reaches the re-order limit. This ensures that the retail store never runs out of inventory and customers can always count on it to find what they need.

New business models, products, and services — let's continue with the example of a retail store. The retail store can develop a web based order system or smartphone application that clients can use to buy items from the comfort of their homes or wherever they are. The order system can be linked to a delivery business and have support for online payments.

Essential components of effective marketing information system essay

This is a new business model compared to customers walking in to make purchases vs doing it from web based or smartphone apps. Improved supplier and customer relations — historical data is used to understand the needs of the customers and suppliers.

This data is then used to create services and products that address the needs. This leads to long-term relationships with customers and business which puts an organization in a more profitable position. Improved decision making — information is critical when making decisions.

Information systems if designed and operated efficiently, output information that has all the characteristic of good information described in the above section. This enables an organization to make decisions that will profit the organizations.

In Summary

Components of MIS and their relationship A management information system is made up of five major components namely people, business processes, data, hardware, and software. All of these components must work together to achieve business objects. People — these are the users who use the information system to record the day to day business transactions.

The users are usually qualified professionals such as accountants, human resource managers, etc.Benefits of Marketing Information Systems Marketing Information System (MIS) refers to a computerized marketing approach designed to deal with voluminous market data to produce valuable information that can be used to support marketing decision making.

Why Are Marketing Information Systems Necessary (Essay Sample) August 24, by admin. Free Essay on Effective Marketing Information System: This paper analyzes the main components of an effective marketing information system and explains how such system may help marketers in their decision-making process..

The questionnaire is the information-gathering process that seeks all relevant data on the company’s own resources and its external environment. A marketing information system (MIS) is a set of procedures and methods designed to generate, analyze, disseminate, and store anticipated marketing decision information on a regular, continuous basis.

An information system can be used operationally, managerially, and strategically for . 2 Developing an Effective Evaluation Report process evaluation), along with output and/or short-term outcome information, helps to clarify whether and why changes were made during implementation.

The “Why It Matters” (sometimes referred to as the “So What” question) provides the rationale for. Essay on Components and Infrastructure of Information Systems Words Aug 6th, 4 Pages Information System (IS) is a combination of hardware, software, infrastructure and trained personnel organized to facilitate planning, control, coordination, and decision making in an organization (“Information System,” n.d.).

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