What Are The Components Of Marketing Information System?

There are said to be four main components of the modern marketing information system.

The four components are as follows:

· Internal reporting systems

Firstly, with any business it is greatly important to keep an eye on what is going on inside the business. A lot can be missed if the performance is not closely monitored and then analyzed. The internal reporting systems enable a company to always be aware of how they are performing as a team and what issues may need addressing.

· Marketing research systems

Market research has been one of the fundamental aspects of marketing for many years and its uses are just as valuable in today's world. The marketing research systems allow a company to really find out what their customers/potential customers think of the current trends and their views on certain items, or polices.

Marketing research can also delve into a customer's habits in the hope the company can spot a gap in the market or service; they believe they can deliver to the customer, which will benefit their usual routine.

· Marketing intelligence systems

The marketing intelligence systems are used to deal with the costs of running a marketing department and a business as a whole. It will process all the facts and figures delivering what needs to be spent where and what may be using too much money.

· Marketing models

Finally, the marketing models are another important aspect of the modern marketing information system. The marketing model will act as a concept or theory and a lot of campaigns will be built with this guidance in mind.

The marketing information system consist of four basic components.
1. Internal data
2. Marketing intelligence
3. Marketing research
4. Information analyzing .
  Now discussing each component in brief.
1.Internal data.
     Electronic collection of information obtained from data sources with in the company.
>source from different departments .
>internal reports on orders , sales, price, costs, inventory levels, receivables, payables.

2. Marketing intelligence.
     A marketing intelligence system is a set of procedures and sources used by managers to obtain every day information  about developments in the marketing environment. It could be one of the following.
Employees
intermediaries
competitors offerings and strategies
customers advisory panel
government sources
customers feedback
media
yellow pages

3. Marketing Research
Marketing research is a systematic design, collection,analysis and reporting of data and findings relevant to a specific marketing situation facing a company.
> Multi step process
>can be done by the company personnel or contracted to outside companies.

4. Analyzing Marketing Information
  information gathered in internal databases and through marketing intelligence and marketing research usually requires more analysis and managers may need help applying the information to their marketing decisions. This help may include advance statistical analysis to learn more about the relationship between a set of data. Such analysis allows managers to go beyond means and standard deviations in the data and to answer questions about markets, marketing activities and outcomes.

The Components Of Modern Marketing Information System