MARKETING INFORMATION SYSTEM
The marketing information system is a set of procedures and methods for regular and planned collection, analysis, and presentation of information in making marketing decisions. Tradition Company has incorporated systems that facilitate the collection of market information. The systems gather information in various ways, including tracking daily operations of companies, trade shows, and associations, salespeople, suppliers, and industry experts, customer complaints records, sales, and accounting data, and analysis software that collects market information from different sources (Reformat. 2016). Traditional companies also gather market information from trade magazines, newspaper reports, and economics data produced by the government on trends and competition in the market. Besides, the market information system collected market information from search engines and corporate websites. Thus market information can be gathered from the above sources.
These four types of data in a marketing information system. First, internal company data generated from different company’s units, employees, and departments. Second, marketing research data collected from primary or secondary sources such as competitors, customers using company products, and government (Fowler et al., .2019). Third, the acquired database from companies’ sales departments and client’s data. Finally, marketing intelligence data is gathered from the website, industrial trade publication, and market place observation by employees and the company (Reiche et al. 2019). Hence, the system collects the four types of data from different sources.
Market information corrected by the system helps the company in several ways. First, the company can identify the changes in demand and supply of its product in the market. The corporate is also able to identify the significance of competition in the market. Besides, the corporate can anticipate the customers’ demand on time. Other benefits of market information are marketing planning strategies, information expansion, and development of science and technology (Milosevic et al., .2019). Therefore market information is significant to the company
References
Reformat, B., (2016). Information and communication technologies as a source of marketing innovations in retail–trends. Journal of Economics & Management, 23, 45-53.
El-Omari, H. A. (2019). Marketing information, management, and use: the case of Saudi Arabia. Journal of Islamic Marketing.
Fowler, K., Thomas, V. L., & Saenger, C. (2019). ENHANCING STUDENTS’MARKETING INFORMATION LITERACY. Marketing Education Review, 29(1), 52-64.
Reiche, P., Otero, J. R., & Batson III, C. H. (2019). U.S. Patent No. 10,238,977. Washington, DC: U.S. Patent and Trademark Office.
Milosevic, A., Tosovic-Stevanovic, A., & Primorac, D. (2019). MODEL FOR ANALYZING MARKET AND ACTIVITIES OF MARKETING MANAGERS FOR IMPROVING BUSINESS OPERATIONS. Economic and Social Development: Book of Proceedings, 1-8.