The marketing environment is changing at a very fast rate hence there is need for real time and up to date market information. In today’s information based society, companies with superior information enjoy a competitive advantage.
Marketing information systems- is a system that consists of people equipment and procedures that are used to gather, sort, analyses, evaluate and distribute needed timely and accurate information to marketing decision makers. It helps managers to analyses, plan, implement and control various activities in the organization.
Role of Marketing Information System/Explains The Benefits a Firm Should Derive From Having Efficient Marketing Information System.
- Access information needs-a good makes should balance the information that managers require against what they really need and what is viable to offer given the organizations resources.ie how much information is needed, cost of obtaining the information given organization resources and benefits of having the information.
- Developing needed information-this involves gathering information as many sources as possible
- Carrying out information analysis-this involves using statistical and mathematical models to analyze information collected and its interpretation
- Distributing the information-the makes distributes information to various decision makers.