To manage business activities, a company needs to manage its information. A marketing information system (MIS) is a business tool, which serves the purpose of information management. It is a combination of technology, people, processes, etc., involved in overseeing market research activities. In marketing research, customer insights guide marketing, management, and strategic decisions about one particular problem.
MIS and marketing research go hand in hand in solving management problems with their data collection, analysis, and presentation. While information systems help in data collection and processing, marketing research is used to solve specific problems that arise during decision-making. In addition, marketing research provides factual support. Both these systems work together to quickly give results, help understand consumers, reduce confusion, and provide real-time updates. Marketing research is one of the four components of an information system. Marketing research is of various types based on objectives, data types, and sources.
Importance of Marketing Research and Information System
Marketing research, along with marketing information systems, has made decision-making easier and more accurate. Some benefits of this system are as follows:
This system quickly gives output, which would otherwise require long hours of manual data collection and analysis. Hence, decision-making is done right on time, speeding up the entire process of the organization.
This system helps companies go closer to consumers to understand their needs, views, and performances of their competitors in the market.
This system reduces confusion among stakeholders; different views of management associates on different marketing decisions are weighted with market research and objective information. The MIS reports can highlight issues that need to be prioritized and align everyone’s views on solving problems. Management research helps to bring marketing activities and other business activities of an organization in alignment.
Through this system and its daily updates, companies receive regular information about the market and the industry. This helps them to monitor the scenario and accordingly plan actions.
Results of marketing research can help in taking proactive measures, help in product innovation, reduces risks, and saves time and money for the company.
Differences between Marketing Research and Information System
There are three points that differentiate a marketing information system from marketing research. They are as follows:
People are involved in marketing information systems to collect information, sort them and store them for present and future analysis. Thus, it is a continuous process. While marketing research is objective-based, problem-oriented, and is used by managers only when there is confusion, guidance, or a particular problem.
MIS is involved in handling data to take preventive measures and make predictions. On the other hand, marketing research is associated with only past occurrences and their solutions, at the same time collectively working with MIS.
Marketing information consists of four types; they are internal records, marketing decision support system, marketing intelligence system, and marketing research; all these together help a company make wise marketing decisions. Thus, while MIS is an entire system, marketing research is a part of it.
Components of MIS and Types of Marketing Research
MIS components: There are four components of MIS. They are as follows:
Internal records: Companies have different databases such as customer database, product database, salesperson database, and financial and operational data. These databases are prepared from invoices, billing documents, transmit copies, etc. All these are composed of the company’s internal data.
Marketing intelligence system: The data relating to the latest happenings in the market, such as changing trends, purchase behavior, pricing strategy of competitors, etc.
Marketing research: Marketing research is composed of primary and secondary data collection, organization of data, analysis, and interpretation to solve a particular marketing problem A marketing research is an important part of marketing information system as it is composed of factual data, that the research associate’s further test.
Marketing decision support system: This system is composed of a set of software that helps in data analysis with the help of tabular, graphical charts and applies statistical methods to analyze data and make decisions that line with the research results data found in MIS.
Types of Marketing Research
Marketing research helps companies find solutions to their problem associated with the field of marketing. Marketing research is classified into different types based on the objective of the research, data sources, etc. Depending upon data types, they are classified into qualitative and quantitative data. Quantitative research is about measuring data for fact formulation and qualitative is about variables that cannot be measured but only studied, such as attitudes, opinions, etc.
Exploratory market research: This market research is composed of less information about problems. Thus, it requires proper study to first gain insights into the problem before planning to find a solution. The researcher needs to have clarity of concept, formulate the problems, form a hypothesis, and then, design the research.
Descriptive market research: Descriptive research is mostly straightforward and is related to describing the features and functions. For example, a study which tries to understand which cold drink of the company is liked and used most by people and why.
Causal market research: This market research is associated with the cause-and-effect relationship between different variables. For example, if the product packaging is changed, how would it affect the product’s durability.
Predictive market research: This market research predicts, and forecasts different market variables included in the research design. Predictions can be of future sales, growth projections, the success of newly launched products, etc.
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