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What Do You Understand by Marketing Information System?

MIS is a system that provides marketing information to support marketing decisions. It collects data from inside and outside the organization and analyzes it. It provides timely information to inform decisions around product development, pricing, distribution, promotion, and more. Market segmentation divides the market into groups based on characteristics like demographics, behaviors, and preferences. It allows companies to target specific groups more efficiently. The key advantages are more efficient resource use, ability to tailor products and messaging, improved customer satisfaction and forecasting, and identifying opportunities. Psychographic segmentation divides the market based on social class, lifestyle, and personality traits. It assumes purchases reflect individuals' characteristics and lives. It is most useful in consumer markets where understanding values and

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Dhirendra Kumar
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63 views3 pages

What Do You Understand by Marketing Information System?

MIS is a system that provides marketing information to support marketing decisions. It collects data from inside and outside the organization and analyzes it. It provides timely information to inform decisions around product development, pricing, distribution, promotion, and more. Market segmentation divides the market into groups based on characteristics like demographics, behaviors, and preferences. It allows companies to target specific groups more efficiently. The key advantages are more efficient resource use, ability to tailor products and messaging, improved customer satisfaction and forecasting, and identifying opportunities. Psychographic segmentation divides the market based on social class, lifestyle, and personality traits. It assumes purchases reflect individuals' characteristics and lives. It is most useful in consumer markets where understanding values and

Uploaded by

Dhirendra Kumar
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What do you understand by marketing information system?

MIS is the set of procedures, information handling, routines and reporting techniques design to provide information required for making marketing decisions. A system that analyses and assesses marketing information, gathered continuously from sources inside and outside an organization. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion.

What Are The Advantages And Disadvantages Of Marketing Segmentation? Market segmentation is useful when you have limited resources to deploy, so you need to make sure you're tapping the correct line to be able to hit your targets on schedule. - More efficient use is made of marketing resources - less waste. - A competitive advantage can be gained in a particular part of a market. - It's beneficial for small firms as uses less resources. - Products can be modified to be exactly what the consumer wants. - Marketing mix can be more targeted. - Guides marketing research - Improves satisfaction - Improves forecasting - Identifies competition and opportunities

Advantages of Mass Marketing Mass marketing to me involves marketing a product using the same methods across regions/geographies. Adding to what has been said already... Advantages: - reduced cost per unit (costs, such as development costs, are spread out across more quantity) - higher volumes - able to do longer manufacturing runs Or Advantages of Mass Marketing

The large volume of customers enables businesses to generate huge revenues. The cost per unit can be reduced through large scale production and economies of scale. This should have the effect of improving profit margins. Businesses that use mass marketing are often more capable of using the most expensive (which is usually the most effective) forms of marketing such as television advertising. This can help to reduce competition from smaller businesses and create a barrier to entry for any new businesses that want to enter into the market. Mass marketing and the possibility of huge revenues allows for an increase in research and development. By developing and releasing more products a business can spread its risk over a number of markets. Brand awareness can be increased by mass marketing. This can increase sales of the branded product and also make it easier to reduce customer resistance to new products released by the business.

In what kind of market is psychographic segmentation likely to useful? Why? Psychographic segmentation divides the market into groups based on social class, lifestyle and personality characteristics. It is based on the assumption that the types of products and brands an individual purchases will reflect that persons characteristics and patterns of living. Social class : Is the single most used variable for research purposes, and divides the population into groups based on the occupation of the 'Chief Income Earner' (CIE), as such it can be seen as a socio-economic scale Lifestyle: Involves classifying people according to their values, beliefs, opinions, and interests. There is no one standardised lifestyle segmentation model, instead market research firms, and advertising agencies are constantly devising new categories, which will best help target possible consumers of their clients products. Psychographic segmentation has demonstrated its use as a practical marketing tool in consumer markets. In general more than one type of variable is used to build the segments, and demographic data is usually needed, mixed by psychographics.

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