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 associateâ€™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.
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!