Marketing Information System Components
Marketing information system is a set of tools and techniques for gathering, analyzing, and using marketing data to make decisions.
The marketing information system components are:
- Marketing research
- Market analysis
- Product planning
- Marketing strategy
- Marketing communications
and since Digital Marketing has taken over most of the marketing efforts, some new digital marketing information can be termed as:
- Digital Strategy
- Digital Research & Analysis
- Data Analytics etc.
Lets Define Marketing Information System Components
Marketing information is a system that collects, analyzes and disseminates marketing information to help companies make decisions related to marketing.
Marketing information components can be divided into two parts:
1) Marketing data and
2) Marketing analysis.
Marketing data includes customer demographics, customer purchase history, product characteristics, competitor prices, market trends and so on.
Marketing analysis includes the following:
Product mix optimization: It is a process of adjusting the product mix in order to maximize the profit from the products sold.
Sales forecasting: It is a process of estimating future sales of products or services in order to plan for production or inventory requirements.
Market segmentation: It is a process of dividing markets into different segments based on factors such as demographics,
Marketing Information System
A marketing information system is a system that is used to manage the marketing process. It is made up of various components, which are discussed in this section.
Marketing informations are not just a tool for measuring the performance of marketing activities, but also a way to improve the effectiveness and efficiency of those activities.
Marketing information is a system that is used to store and process data about the marketing activities of an organization.
It can be said that a marketing information is a business intelligence tool. It helps in analyzing the performance of marketing activities by using data from different sources like customer interaction, sales, and advertising.
Some people confuse marketing information with CRM (customer relationship management) but they are different things. CRM focuses on customer management whereas marketing information system deals with all the aspects of marketing like planning, execution, analysis, and reporting.
Marketing Information System Scope and Career in Nepal
The scope of marketing information is a very broad topic and it can be used in many different ways. Marketing information system can be used to track customer data, analyze customer behavior, or just provide vital company data. The career opportunities in marketing information systems are diverse and they are available in many different industries such as e-commerce, banking, healthcare, education, etc.
A career in MIS is a great option for those who are looking to work in the marketing industry. The field offers a lot of opportunities and plenty of room for growth.
Learn Marketing Information System
Marketing information system is a completely new thing. It starts with your research for any product or services and ends with execution. As the marketing industry tends to keep on evolving, the use of marketing information and marketing information system components keep on rising. And to keep yourself updated with all the latest trend around the globe, you need to ensure that you find the right resources. So that’s it for today. Hope, you learned a lot about Marketing Information System and Marketing Information System Components.
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