Marketing Information Systems
The marketing function of an organization has to oversee the planning, promotion, and sale of products and/or services. These products and/or services can be those that are available currently or can be newly developed. Also, the marketing of these products and/or services can be in the existing markets or in new markets.
The various components of a marketing information system are market research and forecasting, sales/product management, advertising and promotion, sales force automation and interactive marketing. All these components provide support and information to the marketing function of the organization. Let us now look into each of these components separately in detail:
Market research and forecasting
Information systems that support market research activities provide marketing intelligence to the managers. These systems link the end consumer and the marketer through information which can be utilized for taking effective marketing decisions in the future. This function involves collecting the information required from primary as well as secondary sources, analyzing the information collected, and communicating the derived results to the management.
Such marketing intelligence helps the marketers to analyze the external environment, understand consumer behavior, understand the reasons for the success or failure of a particular product or service, make better marketing forecasts and marketing decisions, and develop more effective marketing strategies. Information systems help in simplifying the process of collecting, analyzing, and maintaining an enormous amount of information on a variety of ever-changing market variables. Various statistical software tools help managers analyze market research data and forecast sales and other important market trends.
Sales/Product management
Computer-based systems can be used to generate sales analysis reports that analyze sales by product, product line, customer, salesperson, and sales territory. With the help of such reports, marketing managers can monitor the sales performance of products and salespeople and develop support programs to improve sales results.
To plan and control the performance of specific products, product lines and brands, product managers use computer systems, which help them in analyzing price, revenue, cost, and growth information for existing as well as new products. In general, such systems are used to evaluate the performances of current products and the prospects of proposed products.
Advertising and promotions
Marketing information systems use information from market research to select appropriate media and promotional methods, allocate financial resources to promotional campaigns, and evaluate the results of various advertising and promotional campaigns. They help marketing managers not only to reduce the costs of advertising and promotion, but also to improve sales.
Sales force automation
Sales force automation can make the sales force of a company highly productive by providing them with portable computers and necessary sales contact management software. The main objective of sales force automation is to streamline all the sales processes within the organization. This would enhance the efficiency of the business, improve customer satisfaction, save on the amount of time and money spent, and lead to the creation of a more interactive atmosphere between the
sales force and the customers.
Sales force automation dramatically speeds up the capture and analysis of sales data from the field and their transmission to marketing managers at the company headquarters. It allows the marketing and sales management personnel to improve the delivery of information and the support they provide to their salespeople.
Interactive marketing
This is a type of marketing that establishes a two-way interaction between a business and its customers/potential customers by using computer networks. Consequently, these customers become partners and indirectly contribute toward the creation, purchase, and improvement of the company's products and services.
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