Using Marketing Information Systems (MIS) What a marketing information system is and how it helps your business If your

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Using Marketing Information Systems (MIS) What a marketinginformation system is and how it helps your business If yourcompany puts time and resources toward market research, you want tomake the most of your investment by managing and implementing thatinformation. Using a marketing information system (MIS) is one wayto deal with the volumes of data created by research firms or evenby small business owners. What Is a Marketing Information System? Amarketing information system gathers, stores, analyses, anddistributes marketing data to the managers and teams that need it.An MIS is made up of three components: 1. The four types of datathat can be analysed by the MIS. 2. Computer hardware and softwarethat gathers and analyses data, then uses the results to generatereports. 3. An output system that distributes reports to marketingand advertising decisionmakers. The Four Types of Data in aMarketing Information System An MIS is designed to be amultifunctional system and can handle data from multiple sources.These data usually fall into one of four categories discussedbelow: • Acquired databases: Enormous amounts of marketing, sales,and consumer information can be stored and accessed via database,many of them available at low or no cost to companies. Governmentdatabases, for instance, contain economic and demographicinformation on individuals, groups, and companies. Databases andreports generated by companies like Deloitte can provideinformation on consumer behaviour and business trends. Businessesof MASTER OF BUSINESS ADMINISTRATION – ACADEMIC AND ASSESSMENTCALENDAR - DISTANCE REGENT BUSINESS SCHOOL (RBS)- JANUARY 2022 72all sizes can input these databases into their MIS and use them tomake marketing and expansion decisions. • Internal company data:Data from sales and marketing activities within your company can besent to the MIS and turned into valuable reports. You can alsointegrate an MIS with a company intranet, or internalcommunications network, to access information on different businessunits, departments, and even employees. • Marketing intelligence:You can access information about your target market environmentthrough smart intelligence systems that monitor competitors'websites, industry trade publications, and marketplace observationsby employees and managers. Other avenues for market intelligenceinclude trade shows, talking with customers and prospectivecustomers, conversing with distributors, product testing andcomparison, and mystery shopping. All these data points can beentered into your marketing information system. • Marketingresearch: The marketing research and data integrated into the MISincludes information from syndicated and custom research reports,which you can gather from secondary research or new primaryresearch. The more specific and unique the information yourmarketing research information provides about your businessenvironment, competitors, and customers, the more value it willhave to your company. Why Use a Marketing Information System? AnMIS can be used to keep your internal teams informed and on task.It can also allow you to communicate more efficiently and reliablywith an external market research company. And, since the data isstored within the system, you can continue to use it in the futureas you make strategic growth decisions. The more systems you havewithin your business, the more efficient your business can become.Using an MIS provides relevant information to your marketing andsales departments on a reliable basis, allowing your teams to makestrategic, profitable decisions. MASTER OF BUSINESS ADMINISTRATION– ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE REGENT BUSINESSSCHOOL (RBS)- JANUARY 2022 73 Source:https://www.thebalancesmb.com/what-is-a ... 2Questions: 1.1 With reference to the article and with the use ofrelevant examples elaborate on the four categories of marketingdata that serves as input to a marketing information system.(25)