In the business world marketing is a major competent to the success of any and all businesses. Marketing decisions are not just decided by a group of people sitting around a table but rather by a marketing information system. "A marketing information system is a continuing and interacting structure of people, equipment and procedures to gather, sort, analyse, evaluate, and distribute pertinent, timely and accurate information for use by marketing decision makers to improve their marketing planning, implementation, and control" (Kolter, 1988.) The marketing information system is a helpful tool that provides support to the decisions made on marketing.
There are four components of an information system. The four components are Internal reporting systems, marketing research systems, marketing intelligence systems, and marketing models. Each of the four components play a major role in the information system and each component has its own specific role and each role is equally important.
Internal reporting system is the internal information that is valuable to the marketing decisions. This information could include, but is not limited to invoices of sales as well as stockholdings and orders that have been received. This information can help in marketing decisions because marketing managers are able to compare the invoices and orders received to ensure customer satisfaction. By being able to compare the internal data collected, marketing managers are able to see if any changes needs to be made or if profits are where they should be.
Marketing research systems is the process of searching for information. This helps marketing search for information to solve any current or potential marketing problems. The research is done by conducting studies to try to solve the marketing problems. In order for the problem to be solved it must be a problem that can be defined. The other part of the marketing research system involves monitoring the environment of...