Marketing Information Systems …
According to Kotler’s model, a marketing information system should have four major components:
- Internal Reports: This includes data from within a company, such as sales records, inventories, and product costs. This type of information can provide valuable insights on company capabilities and tell you if products are succeeding.
- Marketing Intelligence: These are external insights from third-party sources, such as trade journals or industry associations. Marketing intelligence enables companies to better understand the landscape of their individual sector as well as competitive forces at work.
- Marketing Research: As discussed previously, project-based research seeks to answer specific marketing questions. These insights remain important within a broader marketing information framework and are even more powerful when combined with internal and external data.
- Marketing Data Support System: This system consists of tools that make it possible for companies to gather, organize, and analyze the three sets of data discussed above. This typically refers to computer software applications organized around specific tasks, such as market segmentation or media planning.