Marketing Information Systems: Functions, Components and Advantage

Marketing Information Systems: Jaiib/DBF Paper 1 (Module D) Unit 9

Dear bankers,

As we all know that  is Role of Marketing Information Systems for JAIIB Exam. JAIIB exam conducted twice in a year. So, here we are providing the Marketing Information Systems (Unit-9), SUPPORT SERVICES – MARKETING OF BANKING SERVICES/ PRODUCTS (Module D), Principle & Practice of Banking JAIIB Paper-1.

♦Marketing Information Systems

• “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”.

♦Functions of Marketing information system

• Collecting and assembling data
• Processing of data
• Analyzing the data
• Storage of data
• Dissemination of information

♦Components of Marketing information system

• Internal records system: The Company can collect information through its internal records comprising of sales data, customer database, product database, financial data, operations data, etc.
• Market intelligence system: The marketing intelligence system provides the data about the happenings in the market, i.e. data related to the marketing environment which is external to the organization. It includes the information about the changing market trends, competitor’s pricing strategy, change in the customer’s tastes and preferences, new products launched in the market, promotion strategy of the competitor, etc.
• Marketing research system: The Marketing Research is the systematic collection, organization, analysis and interpretation of the primary or the secondary data to find out the solutions to the marketing problems. Several Companies conduct marketing research to analyze the marketing environment comprising of changes in the customer’s tastes and preferences, competitor’s strategies, the scope of new product launch, etc.
• Marketing management and science system: It includes several software programs that can be used by the marketers to analyze the data, collected so far, to take better marketing decisions. With the use of computers, the marking managers can save the huge data in a tabular form and can apply statistical programs to analyze the data and make the decisions in line with the findings.

♦Advantage of Marketing information system

• The MKIS framework provides a set of procedures and methods for regular, planning, 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.
• If 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.

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