What role does a Marketing Information System (MIS) and market research play in a company’s promotion decision making process? Specifically, how do the concepts relate to advertising, personal...
What role does a Marketing Information System (MIS) and market research play in a company’s promotion decision making process? Specifically, how do the concepts relate to advertising, personal selling and sales promotion decision made by an organization?
Marketing Information System (M.I.S) is a term that refers to the technology tools and infrastructure an organization has in place that assist in making informed marketing decisions. Such marketing tools and infrastructure may include but are not limited to:
- CRM system ( Customer Resource Management)
- Email marketing software
- Customer contact database
- Complex analytics software and tools
- Various industry specific methodologies and techniques
Combined with solid market research, a marketing information system allows marketing managers the ability to discern what resources need to be allocated to various promotional efforts. For example through solid market research a manger can determine the demographic most likely to purchase a particular product. A good marketing information system will then be able to breakdown and segment the raw data from the market research. This processed data can then be used to allocate the best available resources needed for advertising, personal selling and other sales promotion efforts.
A marketing information system sets out the framework used by organizations to collect, organize, store, analyze and distribute information for purposes of marketing decision making. In this case before a business conducts any form of promotion it is important to develop knowledge about exactly what they would like to achieve and the challenges associated with the project. This forms the need for a system that will offer insights about the market, customers and competitors among other variables that would impact the promotion activity.
Market research involves the gathering of information from the market and is best incorporated within the company’s Marketing information system. The information obtained through research will be fed through the system for purposes of storage, analysis and distribution. Finally the information will be used to make the best decisions, in this case with regards to promotion. This will also determine the goals of the promotion, type of promotion to be conducted, the time frame and budgets, among other aspects.