Importance Of Marketing Information System
Marketing Information System is the best Information System that is suitable to use for the issue occurred in marketing department. As the marketing methods used in Co-operative Rural Bank is poor, Marketing System is the best solution because it supports managerial activities related to product development, distribution, pricing decisions, promotions and sales forecasting.
Benefits of using Marketing Information System for marketing department in Co-operative Rural Bank
• Organized Data collection
Lots of data can be collected from the market. But the main word here is “Organized”. Organizing data is very important else the data is meaningless. Thus Marketing Information System helps the bank to organize its database thereby improving productivity.
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How the Components of the Marketing Information System help to provide the solutions for marketing department?
• Internal records
The first component of Marketing Information System is ‘Internal Record’. Marketing managers get lots of information from the internal-records of the company. These records provide current information about sales, costs, inventories, cash flows and account receivable and payable. Inside records help marketing managers of the Co-operative Rural Bank to gain faster access to reliable information.
• Marketing intelligence
The second component of Marketing Information System is ‘Marketing Intelligence’. It collects information from external sources. It provides information about current marketing-environment and changing conditions in the market. This information can be easily gathered from external sources like; magazines, trade journals, commercial press, so on. This information cannot be collected from the Annual Reports of the Trade Association and Chambers of Commerce, Annual Report of Companies, etc. The salesmen’s report also contains information about market
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Marketing Research is conducted to solve specific marketing problems of the company. It collects data about the problem. This data is tabulated, analyzed and conclusions are drawn. Then the recommendations are given for solving the problem. Marketing research also provides information to the marketing managers. However, this information is specific information. It can be used only for a particular purpose. Marketing Information System and Marketing Research are not substitutes of each other. The scope of Marketing Information System is very wide. It includes ‘Marketing Research’. However, the scope of Marketing Research is very narrow. As the Co-operative Rural Bank has done lack of market research, this will be helpful to do successful market researches later.
• Marketing decision support system
The fourth component of Marketing Information System is ‘Marketing Decision Support System’. These are the tools which help the marketing managers to analyze data and to take better marketing decisions. They include hardware and software programs. Computer helps the marketing manager to analyze the marketing information. It also helps marketing managers to take better decisions. The tools in marketing decision support system will be a great support for marketing managers to analyze data and take proper decisions. [Source: (Akrani,
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