Marketing Information Systems (MIS) involves collection, categorization, analysis and evaluation of information that is critical to success of marketing decision. MIS is significant to end-users of marketing information for instance marketing managers and finance manager who rely on marketing information to make critical marketing decisions.
MIS is important internal and external stakeholders because it helps marketing managers to determine trends in marketing and how marketing trends demonstrate future changes in brand consumption behavior. Marketing managers are able to use MIS in order to analyze impact of changes in prices to consumer purchase behavior and hence possible future changes in the market share of a brand. Through MIS marketing managers are able to predict impacts associated with design of products and contribution that promotion schemes could have on brand’s returns on investment (ROI) and Returns on Marketing Investments (ROMI).
MIS is significant to marketing managers due to capacity to provide foundations for marketing planning and control. This means that MIS is significant towards decision making regarding product planning, distribution and logistics of products, relevance of promotions that are aimed at realization of consistent Internal Rate of Return (IRR).
MIS is significant because it helps marketing managers to recognize change, and hence or otherwise respond to changes in the market. Through MIS, marketing managers are able to track customer or market characteristics and identify emerging trends in consumer purchase power or supplier bargaining power, a characteristic that makes it possible for marketing managers to implement brand innovations that position the company to gain from first mover capabilities or first mover advantages as opposed to fast follower strategies and fast follower advantages. Through MIS, marketers are positioned to identify needs for business to change its core activities and diversify, a property that is critical in risk management. MIS is significant because it provides opportunities for integration of information, a characteristic that promotes efficiencies of decision making and aligns brands to lean principles.
MIS is significant when conducting marketing analysis since informed decision making require marketing managers to have access to marketing information that could provide basis for planning marketing activities, implementation of right marketing mix, implementation of timely marketing campaign, conducting pre-test analysis of campaigns, tracking of campaign and post-test analysis of campaigns as well as determining controls that could reduce cost overruns. MIS is important to marketing managers due to ability to facilitate in identifying rationale for designing core competencies that should define product marketing. This means that MIS helps marketing managers to beat competition through capacity to access information about key external stakeholders who are critical to success of marketing programs like customers, competitor marketing strategies and corresponding goals of competitor marketing strategies. MIS is critical to marketing managers through capacity to determine emerging consumer needs that are not currently addressed by current products and services, aspect that makes marketing managers to implement Blue Ocean Strategy that has capacity to make competition irrelevant and facilitate in creation of new market demand and exploitation of untapped market value.
Through MIS, marketing managers are able to develop strategic approaches that could identify customer desires and product expectations relative to organizational product or service capabilities. As a result, MIS could be said to be significant in making marketing managers and other key internal stakeholders engaged in marketing to identify optimal planning matrix that could provide basis for delivering customer wants and hence or otherwise determination of how the company could meet or satisfy identified customer wants. This implies that MIS is critical to marketing managers in Quality Function Deployment.
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