Marketing Information System Flashcards, test questions and answers
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What is Marketing Information System?
A marketing information system (MIS) is a set of procedures and methods designed to generate, analyze, store and disseminate data needed for effective marketing decision making. It captures and converts data from the environment into useful information that management can use in their marketing decisions. An MIS enables marketers to gain insight into customer needs, target new markets, track market trends, measure the effectiveness of campaigns, adjust pricing strategies and develop competitive advantages.The components of an MIS include: databases for storing customer profiles; software for analyzing customer behavior; tools for collecting market research; systems for tracking competitors’ activities; sales force automation systems; CRM applications that improve relationships with customers; forecasting models that predict future demand. All these components work together to provide marketers with real-time access to actionable insights about their business operations. An MIS helps organizations better understand what drives consumer behavior by collecting vast amounts of data from various sources such as surveys, focus groups or online analytics tools like Google Analytics. This data can then be used to determine target audiences and optimize campaigns accordingly. In addition, analysis of the collected data allows companies to identify problems related to product quality or service delivery that need attention before they become major issues. By understanding who their customers are and what motivates them to purchase products or services, businesses are better equipped to craft effective messaging which resonates with consumers on an emotional level increasing conversions while reducing costs associated with ineffective advertising campaigns. The ability provided by an MIS also enables companies to swiftly respond when necessary changes occur in the marketplace due its predictive capabilities which monitor current trends within their industry sector.