Marketing Research and Marketing Information System
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Marketing Research: Marketing research is a systematic process of collecting, analyzing, and interpreting data about a specific market, customer preferences, and behaviors, or the effectiveness of marketing strategies. It is typically project-based, focusing on answering specific questions or solving particular problems. Marketing research can be conducted through various methods such as surveys, focus groups, interviews, or experiments, and it provides insights that help companies make informed decisions regarding product development, pricing, promotion, and distribution. For example, a company might conduct marketing research to understand consumer reactions to a new product concept before it is launched.
Marketing Information System (MIS): On the other hand, a Marketing Information System (MIS) is an organized, ongoing process that continuously collects, stores, analyzes, and distributes data relevant to marketing decisions. Unlike marketing research, which is often conducted for a specific project, an MIS is a comprehensive system that supports the entire marketing function by providing up-to-date information on a wide range of factors, including customer databases, sales data, market trends, and competitor analysis. An MIS integrates various data sources, including internal company data, market research reports, and external databases, to support decision-making across all aspects of marketing strategy. For example, a retail chain might use an MIS to monitor daily sales across all locations and adjust inventory levels or promotional strategies in real time.
In summary, while marketing research is a focused, one-time effort to gather specific data for a particular purpose, a Marketing Information System is an ongoing process that provides continuous, broad-based support for all marketing activities through the systematic collection and analysis of data.