Management Information System in Marketing Information System Essay

Market tuition form may be defined as factual knowledge about the action, antecedents or consequences of genial actors outside or inside the tighten and the environment in which they operate. Social actors are as consumers, completions, employee, institutions, suppliers, wholesalers, retailers, govt. bodies and NGOs. The environment actors are physical, technological, economic, legal and social taboos. selling decision comport brass (MKDSS) is an reading schema that helps with decision making in the formation of a merchandise plan. The reason for using a MKDSS is beca exercise it helps to support the software vendors planning strategy for merchandising products it sight help to identify advantageous level of pricing, advertising spending, and advertising copy for the firms products. This helps determines the firm marketing flux for product software. Various Constitute AreConsumer behaviour, Aggregate demand, the competition, Political/ Legal/ Social environment, Product c onsideration, Distribution questions, Pricing consideration, Communication issues and organizational behaviour. marketing learning System merchandise Science Systemthis includes statistical models and analysis, selective reading base, quantitative, analysis, mathematical models and analysis, and product analysis. All these lead to interpretation of analysis and findings to fall at conclusion and recommendation. Normative System this governing body narrates shapes of judgment of an organization what is good or bad, important or unimportant, what action should be or should non be taken in. It is connected to communication system and marketing science system. The normative system translated organizational goals into sub-goals, policies and standards. Output -The overall output of MIS in the charge decision system arrives at policies, rules, procedures and directives with regards to organizing, planning, staffing, executing and controlling. Feed Back -Feed back on an environment and organization is through the output of marketing information system. However, angiotensin converting enzyme can non specify what information is needed for decision making until an explanatory model of the decision process and the system involved in it are constructed and tested. The marketing information system enables in assessing the managerial information and their feedback effects on environment and organization. This is a continuous process to locate the very open system of marketing in scathe of responses to the internal and external pressures.Computer, electronics, communication and audio video technologies have converged closely to produce a new style of operate bank line. The tools, the technologies and the well designed solutions and system are available to support all needs of the line of work. What is needed is an integrated solution out of these technologies and the system offering an enterprisingness wide circumspection support. Such an integrated solution is called as the Enterprise Management System (EMS), which when implemented in an integrated manner for co-ordinated and co-operative function of the business give rise to the Enterprise Management System.Technology Evaluation FactorsClient server architecture and its implementation- two tier or three tier. Object orientation in development and methodology.Handling of server and client based data and application logic. Application and use of standards in all the phases of development and in the product. previous end tools and backend data based way system tools or the data, process presentation management. Interface mechanisms Data transfer, real sentence attack, OLE/ODBC compliance. Use of case tool, class generators, report writers, screen painter and batch processor. Support system technology like bar coding, EDI, imaging, communication, network. D make loading to PC based packages, MS-Office, Lotus bankers bill etc. Operation system and its level of usage in the system.Hard ware- software configuration management.Marketing Information System is Information System used in Marketing and management that automate some gross revenue and gross sales force management functions. They are frequently combined with a marketing information system, in which case they are often called customer kin management system. Sales force management system are information system used in marketing and management that automate some sales and sales force management functions. They are frequently combined with a marketing information system, in which case they are often called customer relationship management. Enterprise Management System (EMS) is any of the strategies and technologies employed in the information technology industry for management the bring forth, strong, security, revision control, retrieval, distribution, preservation and destruction of documents and content. EMS especiallyconcerns content imported into or generated from within an organization in the course i n the course of its operation, and includes the control of access to this content from outside of the organizations processes.Marketing management is about finding ways of satisfying customer wants and needs, while achieving organizational objectives or requirements in terms of profit or some early(a) measure of corporate performance. It brings together all customer-impinging resources, such as product design and specification, advertising and opposite forms of promotion, pricing policy, selling, channels of distribution and physical distribution to achieve this end. These customer-impinging resources are often summarized under four headings and referred to as the four Ps of the marketing mix (price, promotion, place and product). The art or science of marketing management is concerned with making decisions/policies with respect to the elements of the marketing mix such that the companys larboard with its markets is both profitable and customer satisfying.Marketing Information Sy stemsThe concept of marketing information systems has been around for many years. Early systems were paper-based systems but, with the emergence of computers with large storage capacities and later on microcomputers with similar features, marketing information systems have become to a greater extent electronic in nature. MIS (marketing information systems) can be classified under five headingspreparation systems which provide information on sales, costs and competitive activity, together with any kind of information which is needed to formulate plans. Control systems these provide continuous monitor of marketing activities and enable marketing executives to identify problems and opportunities in the marketplace. At the same time, they permit a more detailed and comprehensive review of performance against plans. Marketing investigate systems such systems allow executives to test decision rules and cause/effect hypotheses. This permits the assessment of the effects of marketing a ctions and encourages improved learning from experience. Monitoring systems these systems provide management with informationconcerning the external environment in which they are operating. One can define a marketing information system as one which scans and collects data from the environment, makes use of data from transactions and operations within the firm and then filters, organizes and selects data before presenting them as information to management.Using a Marketing Information SystemAs we have seen above there are two basic. ingredients to a marketing information system. On the one hand, there is a database or a number of databases containing a variety of data about the firm, its competitors, its markets and the environment. On the other hand, there is the provision of a wide variety of analytical tools unfastened of exploring the data and turning it into meaningful information for management.When designing a marketing information system a number of important questions need to be answered in the first place. These are(1) Exactly how more than information will be entered in the database?(2) What information will be entered into the database?(3) How will it be entered into the database?(4) How will it be manipulated once it is in the database?(5) To whom will reports be sent?The question of how much information is extremely important. There is always a danger that too much information may be entered. This will only serve to overload managements information processing abilities. In addition, any data or information which is not used by management is clearly redundant and will be taking up valuable storage space in the information system. From time to time it is necessary to review the information available in the information system and to remove any that is not being used.Creating a real world MIS for those that cannot afford to wait Rather than wait for the dream to materialize, marketers need to improvise. They need a system that enables them to (1) m ake better decisions and (2) support those decisions with verifiable data. The initial steps of this approach typicallyinvolve the following1. Look at what systems the company already has in place,2. Determine what useful marketing information can be gleaned from those systems,3. Identify the information marketers need that they are not getting from existing systems,4. Create, or find, additional systems to provide the needed marketing information,5. shuffle these systems with companywide enterprise systems (if possible and not too costly).1. Start with the accounting systemA good place to start is the business system that every business has the Accounting system. What information do businesses get from their accounting system that is useful to marketers?1. Sales2. Costs/Expenses3. ProfitsIf the accounting software is well designed and flexible, this information can be sorted in a variety of ways including by (1) Sales person, (2) Product, (3) SKU (stock-keeping-unit), (4) Divisi on or Region, (5) Distribution channel, (6) Reseller, and (7) Season. The information obtained from the accounting system is typically enterprise-wide and at a macro level. It normally does not give marketers, or their bosses, the information necessary to (1) determine the effectiveness of the organizations marketing efforts (2) enable it to react quickly to real-time crises and opportunities or (3) do rapidly to competitive threats. Some of the information that marketers need from an effective marketing information system includes the following1. Marketing strategy feedback (or how well marketing strategies are working)2. Complaints3. Compliments (testimonials)4. New Product ideas5. Competition information6. Marketplace changesTo capture and properly respond to this information, roughly marketers need to create a Marketing Information System that augments the macro information provided by their accounting systems. 2. Market Information FormTo minify paperwork, marketers can coll ect a lot of the information from the above list on a Market Information Form (or its electronic equivalent). The information calm and how this information is used is summarized below. 1. Complaints. Once collected, complaints are distributed to those that can solve the problem quickly. The objective is to turn the negative into a positive and build a stronger relationship with the offended party. The way companies handle complaints can mean the difference between success and failure in an increasingly competitive marketplace. 2. Compliments. After obtaining permission, marketers use attentiveness in their marketing communications. Nothing is more effective than bona fide testimonials from customers. Copies are also devoted to sales passel so they can put them in their sales notebooks and use them to impress prospects and close business.3. New Product ideas. These are feed into the companys new product development system.4. Competition Information. This is given to sales people to put in their sales notebooks so they can use the data to answer objections and close business (with the caveat of not disparaging competitors) and is fed into the companys new product development system so that new products can be designed to beat competitors.5. Strategy feedback. This information is create by the marketing building blocks (1) corporate image, (2) positioning, (3) product, (4) pricing, (5) distribution, (6) promotion, and (6) marketing information system (yes we need to collect information as to how well our MIS strategies are working). Based on feedback, strategies are adjusted as necessary. A pad of these forms (or an electronic version) is provided to all the contact points including (1) Receptionists and secretaries that answer the phone, (2) Sales people, (3) Customer service people, (4) Repair people, (5) Personnel that respond to inquiries and complaints online and on social media, and (6) accounts receivable (since they often hear about complaints when they try to collect on late invoices). 3. Lead CardLeads are captured on a lead card or its electronic equivalent. Sales people use the lead card to follow up on a prospects interest with the objective of closing the sale. In addition to notes of all contacts, there are four main pieces of information that should be captured on the lead card.1. credit of the prospect. If you are selling to a business, most of the information you need is on your contacts business card. For additional information you need, your lead card should be designed so you can add it with minimal effort.2. Product interest. The products you typically sell should be pre-listed on the lead card so sales people can quickly check them off.3. Degree of interest. This is your sales persons guestimate of how likely the prospect is to buy your product in the current period, which is usually this month. Because the degree of interest is also called buying temperature the metaphor for degree of interest that is often is used is overheated for the most interested leads, Warm for the next most interested leads, and Cool for the to the lowest degree interested. The Hot leads should automatically update another MIS report called the Hot List.4. Lead source. All promotion that you do should have a unique code so that when the lead is captured, you know what marketing activity generated the lead. This lead source should automatically update another MIS report called the Promotion speciality report. In addition to helping sales people follow up on leads and close business, smart marketers use lead card information for other Marketing Information System purposes, such as the Hot List and Promotion Effectiveness Report described below. 4. Hot ListAn MIS report called the Hot List contains the following information on Hot leads1. Prospect name. This could be a business or individual.2. Decision makers. This is so the sales person does not waste time talking with the wrong person.3. Product or project prop osed. This is what the prospect wants.4. Proposal date. This is the date the product proposal and estimate of the cost is given to the prospect.5. Dollar-amount proposed. This is the price of the product proposed.6. Percent chance of closing in the current period. To qualify for the Hot List, a Hot lead should have at least a 25% chance of closing in the current period ( to individually one company should decide their own minimum threshold for Hot).7. expect Value (5 cypher by 6). If the dollar amount proposed is $10,000 and the % chance of closing is guestimated to be 50%, the expected value would be $5,000.8. Objections. This lists the objections that are keeping the prospect from buying. Sales managers use the Hot List in two ways.1. Help close sales. The sales manager helps sales people to close Hot leads by coaching them on how best to answer the Objections in column 8 of the Hot List. 2. Dynamic sales forecast. The sales manager helps to insure that the sum of Expected Value s equals, or exceeds, each sales persons quota for the month. If the expected values are lower than a sales persons quota, the sales manager can encourage the sales person do whatever is necessary to get more Hot leads on the Hot List so that the sum of Expected Values equals or exceeds the quota. The sales quotas of all the sales people should sum to the measurable goal of the Marketing Plan. 5. Promotion Effectiveness ReportAs each sales person captures the promotion source for each lead on the Lead Card, the information automatically flows onto his or her Promotion Effectiveness Report. Every time a sales person gives a presentation or makes a sale from a lead, that information is recorded on the Promotion Effectiveness Report. The MIS system automatically adds up the total number of the leads, presentations, and sales company-wide for each promotion source.When compared to the costs of that promotion source, the marketing department can calculate the promotion effectiveness, or ROI, of each promotion. Since totals for leads, presentations, and sales are available in the MIS by sales person, the sales manager can automatically compute the batting average of each sales person and determine the number of leads and presentations each one needs to make his or her sales quota. In this way, the sales manager and the company marketers consistently work together to insure that (1) plan goals are met and (2) the money invested in promotion is not wasted (the ads and promotions that are effective will be reiterate and the ones that dont will be discontinued). 6. Market Re hunt clubThe systems above (Market Information Form, Lead Card, Hot List and Promotion Effectiveness Report) typically capture information in real time and provide a lot of great information that help the marketing function do a more effective job and prove it to the CEO. Even so, this is not enough. There are still holes in the information marketers need. In an effort to plugthese holes, there is one big missing piece Market Re calculate. There are two big categories of Market Research Secondary and Primary. 7. Secondary ResearchSecondary research is simply research done by others. Perhaps the greatest invention for secondary research is the search engine. Marketers can simply type in search terms in a search window and browse the Internet for any data related to those search terms. Furthermore, marketers can set up alerts. That is, search terms can be entered into a search engine so that the search engines crawlers will continually search for anything that contains those search terms and send you an email when it finds them. There are so many other sites, which marketers frequent, that provide a wealth of information. Just a few examples include Media Post, Marketing Sherpa, Brand Channel, Hoovers, the CIA World Factbook, and ClickZ. 8. Primary ResearchWhen some big holes remain that still need to be plugged, marketers will often do primary research, which is their own re search. Common forms of primary research include surveys, focus groups, experiments, and various forms of crowd sourcing.