Published by: Mandira
Published date: 09 Feb 2022
The structure and components of marketing information system within the firm depends on how it functions within the marketing environment.
The major components of marketing information system explained follows:
Internal records system
Internal records system enables an organization to be knowledge about their performance and issues they must address to improve it.
The basic aims of internal records system are to collect information about organization. Such as sales records, purchase records, inventory levels, cash flows, accounts receivable and payable, etc. these information’s are crucial for future forecasting which is possible only by studying and analyzing the past and present results of the organization.
Information processing system
The basic aim of information processing system is to store efficiently and retrieve data gathered through the sub-systems of the marketing information system and supply them for analysis and if not necessary, provide them to the decision- makers whenever required.
Marketing intelligence system
Another major component of marketing information system is marketing intelligence system. Intelligence system is crucial to dealing with the costs associated with running of marketing department and organization overall. The basic aim of this system is to collect the “happening information” about the marketing environment. This system is used by managers of the organization to obtain everyday information about marketing environment. The intelligence gathering is a decentralized process and is gathered through the published materials such as newspapers, books, journals, magazines, research papers, research articles.
Decision support system
Decision support system, also known as analytical system, is a set of statistical of mathematical tools and decision models that helps the marketing managers in analyzing data gathered or supplied through the sub-systems of the marketing information system and marketing rational decision.