A marketing information system is an organizational management tool designed to support strategic decision-making. Jobber defines it simply as “a system in which marketing information is officially collected, stored, analyzed and distributed to executives in accordance with their organizational needs.” The marketing information management systems collect, store, retrieve, and communicate marketing information to various users who may not use it for their own marketing purposes. This type of management tool has the potential of revolutionizing how the entire organization operates by increasing productivity, decreasing costs while speeding up decision making and enhancing sales. As such, organizations are increasingly adopting this powerful management tool. For example, when using Facebook for marketing purposes, it is not enough to integrate Twitter marketing and buy Twitter followers to help boost Facebook traffic, but it is best to evaluate the efficacy of a marketing campaign to adjust accordingly in the future.
Making Informed Decisions
The key to a successful marketing environment lies in the ability to provide all stakeholders with the complete information necessary to make informed decisions and respond appropriately. Organizations have been doing this by providing critical analysis and feedback to customers, staff, and competitors over the years. However, in this new age of social media marketing, it has become increasingly difficult to collect and store this information. A comprehensive marketing intelligence system provides all the data necessary to make accurate assessments of the competitors’ marketing environment and compete effectively.
The Challenges We Face Today
Current marketing information systems are built around traditional disciplines such as economics, human resources, and marketing. There is also an increasing trend incorporating digital marketing to boost the efficiency of said systems. The challenge is to build a system that can be applied to a wide variety of business models and allows managers and executives to make informed decisions about marketing and customer strategies without unnecessarily spending time gathering, storing, and comparing data. An effective marketing information systems solution is able to conduct in-depth analysis, generate and process actionable intelligence and provide timely feedback on the status of marketing plans and actions.
Risks And Benefits
Companies that have not yet applied this technology to their marketing environment risk being left behind by their competitors. For example, by applying a fully integrated marketing research and decision-making tool, Facebook can accurately measure the effectiveness of its marketing strategies. It enables them to make faster and more informed decisions regarding product launches, partnerships, and acquisitions. A Facebook marketing information system can also provide valuable insights into consumer buying habits and even predicts future purchase decisions.
Not only do these systems improve data quality and make decision-making easier, but they also allow managers to make faster decisions. As a result of applying an advanced marketing information management system, companies can quickly evaluate the effectiveness of their marketing strategies. This is especially important during tough economic times when a company needs to make quick decisions to grow and expand its business. When conducting a marketing research management system, a company needs to be able to access accurate and up-to-date information about its competitors and the current market. It is also important for these systems to be flexible so that a company can constantly update and modify the information as it becomes available. This will allow companies to make the necessary adjustments to their marketing strategies as the market changes.
In addition, a marketing information system can allow decision-makers in a company to make more informed decisions regarding strategic initiatives. A decision can be made on whether or not to implement a specific initiative within a business. Information provided by a marketing research management system will allow management to determine whether or not it would be a good idea to proceed with this particular initiative. This could make a huge difference in how effectively a business implements its strategies. For example, if a company plans on implementing an advertising campaign but receives data from their marketing information system that says that this campaign is not likely to be successful, the manager may choose not to pursue it.
Another benefit of having a marketing information system integrated within a company is that it helps to improve overall customer service. Customer service is extremely important for many reasons, one of which is the fact that most customers will only buy a product or service if they feel like they are dealing with a knowledgeable and reliable representative. Marketing professionals should be well versed in how to deal with customers both on an informal basis. In addition, customer service allows customers to get in touch with key personnel in order to ask questions and receive answers from them. If this interaction is not possible with internal sources, then an external resource should be used.
Lastly, marketing research systems provide information on competitor activities. A company must remain competitive if they plan on remaining relevant in today’s marketplace. Internal and external sources provide information that competitors are using to successfully market their products and services. Having this competitor information allows a company to develop ways to be competitive in their field, therefore allowing them to remain relevant in today’s marketplace.