JAIIB RBWM Paper-4 Module-C Unit 6: Marketing Information Systems -A Longitudinal Analysis

18/02/2023

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JAIIB Paper 4 (RBWM) Module C Unit 6: Marketing Information Systems -A Longitudinal Analysis(New Syllabus)

The Institute of Indian Banking and Finance (IIBF) has recently announced the new syllabus and exam pattern for the JAIIB Exam 2023. Similar to the current format, JAIIB 2023 will consist of four papers. One of the important topics covered in Paper 4 (Retail Banking and Wealth Management) is “Marketing Information Systems -A Longitudinal Analysis,” which is a crucial unit that every candidate must grasp thoroughly. To ensure that aspirants have a better understanding of the topic, we will provide all the necessary details related to Unit 6: Marketing Information Systems -A Longitudinal Analysis of JAIIB Paper 4 (RBWM) Module C Support Services – Marketing of Banking Services/ Products. We strongly recommend that candidates refer to this article and utilize our Online Mock Test Series to enhance their knowledge of Marketing Information Systems -A Longitudinal Analysis.

It is imperative for JAIIB Certification Examination 2023 candidates to comprehend each unit included in the syllabus, particularly the Marketing unit, which plays a significant role in the banking industry. Hence, candidates must prepare well to excel in the exam and build a successful career in the banking sector.

Marketing Information Systems

Any organization is studded with different Systems, Management Information System (MIS), Computer Information System (CIS), Marketing Information System (MKIS), all of which aid as a proactive tool for Decision Support System (DSS). In order to carry out marketing function effectively, firms would need information and data in respect of various aspects impacting the market of the product or service.

Functions Of MKIS

Marketing information system is a tool for dealing with data pertaining to marketing management. Hence, its functions are related to the process of database management. The principal functions of MKIS are briefly discussed below:

Collecting and assembling data
Processing of data
Analysing the data
Storage of data
Dissemination of information

Components Of MKIS

MKIS consists of four subsystems, which facilitate the entire system. These are:

Internal records system
Market intelligence system
Marketing research system
Marketing management and science system

MKIS Model

For the purpose of this study, the MKIS model of McLeod and Rogers is shown in Figure In this, there are two general subsystems which are fairly consistent with the others: they are the input and output subsystems. The input subsystems are internal accounting, marketing intelligence, and marketing research. They gather internal and environmental data for the databases. The output subsystems utilize the databases to produce marketing management information. Marketing managers will not only receive routine reports but enquires are also made interactively to produce ad hoc reports. Through this information, marketing managers can make their decisions on pricing, products, advertising/promotion, distribution and packaging, under the constraints imposed by economics, the government, competitors and the customer needs. This process should be integrated into organizational strategies and decision-making processes to support all levels of marketing functions – planning, organizing, staffing, directing and controlling.

Observations

Any business should process some marketing-related information (e.g. customer addresses, sales orders, merchandise returns, etc.). As McLeod and Rogers suggested, the perceived MKIS support might be of such a low level that it did not seem to exist, which resulted in losing its identity. Alternatively, managers might rely on external MKIS services for marketing information. For the purpose of this study, the companies having no MKISs are excluded from further analyses.

Roles of Computer in Information Systems

Information systems are in use from an ancient time. With the development of computing technology, computers became an important part of today’s modern information systems which satisfies speed, dependability etc.

Following are the roles of computers in Information Systems

Data Collection
Data Verification
Data Processing
Data Storing
Information Supply
Information Presentation
Data Updates
Security of Data
Information Sharing
System Automation

Recommendations

The specific patterns of MKIS usage includes:

Computers are needed by marketing managers, for retrieving data and then storing and processing it.
Internal accounting continues to be the most important source of MKIS information while the use of marketing intelligence and marketing research, as information sources, are more balanced.
Most companies collect data about their customers. Collection of data about competitors and prospective customers is also popular, but this is less computerized.
The major users of MKIS are the middle-level managers.
Planning and controlling are still the management functions using most MKIS support.
Price and product related decisions consume most of the MKIS resources. However, support for marketing mix ingredients is likely to become more balanced.
Decision models are used mostly for product and price decisions. Computer assisted decision models reflect this.
The computer software, being used in an MKIS, includes modelling/spreadsheets, conventional/ third-generation programming languages and database management systems. Statistical analysis software, logic programming languages and expert system shells are not used very much.

Advantages Of MKIS

MKIS gives several advantages in managing information for marketing function. Some of these are discussed:

The MKIS framework provides a set of procedures and methods for regular, planned, purpose oriented and systematic collection of data, its analysis, storage and retrieval.
It helps in improving the data capture process, checks for reliability, consistency and quality of data.
The operation of collecting, processing and transmitting data becomes smooth and the information flow to the decision-makers takes place in a ready for decision form.
Provides tailor made information for specific needs.
It facilitates repetitive use of the same information for different purposes.
It also helps in sorting out conflicting information, which otherwise would lead to confusion and misdirect the decisions.
It results in integration of information obtained from various sources regarding different aspects. It also helps in providing instant access to company wide information and cross sharing of data, enabling better service to the customer.
It creates customer insights from routine transactional data. This helps in developing and delivering customer-oriented offers and building of better customer relations.
It serves as a total knowledge-management mechanism. It supports capture of knowledge, makes the knowledge flow where it is required and ensures its availability in readily usable

JAIIB Paper 4 Module C Unit 6 MARKETING INFORMATION SYSTEMS- A LONGITUDINAL ANALYSIS (Ambitious Baba) pdf