07 Activity 1
Instructions
Watch a video online regarding this topic. Cite the video as reference for your output.
Marketing Information System - Components, Advantages, Limitations, Examples (Marketing
Video 11)
https://www.youtube.com/watch?v=0h0lO46ACfA
From the content of the video, answer these questions:
How do the concepts/aspects/components from this particular topic improve upon a
management information system?
A marketing Information System is a Management Information System designed
to help with marketing decision-making. Marketing Information System is a method that
can formally and systematically gather, store, analyze, and distribute the marketing data
to managers. It provides accurate information regularly so that it becomes easy for
managers in the decision-making process. Marketing Information System has four
components: Internal Reports System, Marketing Research System, Marketing
Intelligence System, and Marketing Decision Support. The internal reports system
assembles data and information from the internal records based on finances, sales, and
operations and from customer and product databases. The marketing research system
reads the market externally based on competitor's pricing and promotion strategies,
customer taste, and market trends. The marketing intelligence system examines the
market and the constant changes occurring. And in marketing decision support it
evaluates the data instead of just acquiring it. These components of a marketing
information system improve upon a management information system because it gets its
information through internal records of the company, through marketing intelligence
activities, and market research.
This study source was downloaded by 100000885104507 from CourseHero.com on 04-27-2024 00:17:37 GMT -05:00
https://www.coursehero.com/file/92730138/07ACT1docx/
Can the discussed concepts/aspects/components be implemented across all possible
businesses and/or organizations? How?
Yes, the marketing information systems concept mentioned in the video can be
applied to any type of business or organization. Marketing Information System broadens
the company's perspective and aids development and growth. The MKIs help store data
along with its other functions, which help in the execution of research and strategies. A
good MKIS can help foresee the direction of an organization and in turn, avert a
potential crisis before they occur.
Can these concepts/aspects/components be combined with other types of
management information systems previously discussed? How?
Yes, a management information system is commonly known as MIS, which means
a system that provides information to management. This ensures that when properly
implemented, Marketing Information Systems will help the company's management
operations reach a high level of efficiency. It is because marketing information systems
help the managers by providing accurate information so that it becomes easy for them in
the decision-making process.
Are there possible risks and/or limitations to consider before implementing these
concepts/aspects/components? What are they?
Yes, there are risks and/or limitations associated with implementing a marketing
information system. The first one is, long-term evaluation of gathered data becomes
difficult. The second one is, the collected data often lacks a sequence. The third one is,
marketing plans dependent on MKIS are not reviewed properly. The fourth one is, new
studies result in time lags. Lastly is, the company might react to the current situations in
the market instead of anticipating the future.
This study source was downloaded by 100000885104507 from CourseHero.com on 04-27-2024 00:17:37 GMT -05:00
https://www.coursehero.com/file/92730138/07ACT1docx/
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