However the previous research studies suggest that following avenues of the firms’ decisions in relation to its market operations are typically addressed in modern-day MIS; (1) the background factors (2) the actual information processing behavior and (3) the role of information activities in shaping the firm’s competitive advantage. Therefore it is clear that MIS address all the avenues of decision making in marketing. Current study attempts to compile the characteristics of the information processing involved in making sound marketing decisions and the specific advantageous of using MIS. Steps involved in information processing which is aimed at formulating sound marketing decisions are illustrated and the performances of modern-day MIS are evaluated in terms of the advantageous and scope for development. Marketing is a well structured subject area which contains clear conceptual frameworks and a substantial amount of empirical case studies which utilize the subject theory. It is defined as “a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others” (Kotler, and Armstrong, 2010). ...
changes in market conditions and anticipating market competition from new domestic and international firms entering into market and intensifying competition from the existing firms (3) design reliable marketing plans, considering the advantages and disadvantages of alternatives marketing strategies (4) find effective solutions to specific problems such as what is the best approach for launching a new product and what are the suitable product promotion strategies and (5) improve the overall performance of the organization by better controlling, monitoring and implementing marketing strategies which in turn increase the efficiency and the effectiveness of firms’ marketing division (Churchill, 2001; & Leonidou, and Theodosiou, 2004). Basic characteristics of MIS 1) The Background Factors Incorporated in MIS The background factors which can influence the marketing decisions include characteristics of the firm and the manager, government policies and consumer preferences and income levels. Previous researches which are aimed at exploring the background factors indicate that organizations with innovative cultures are more likely to seek information and appreciate its usefulness in making marketing decisions. Experience, level of education, cognitive styles and decision-making levels determine the manager’s information-processing style. Organizations which are not hierarchical in structure and decision making process is rather decentralized obtain more advantageous from MIS compared to those organizations which are highly formalized (Menon & Varadarajan, 1992). Moreover, the volatility in the external marketing environment also increases the degree of usefulness of MIS to marketing managers. Market volatility increases the supply and demand uncertainty which in turn
Full Name: Topic: Potential Uses of MIS in Making Sound Marketing Decisions Introduction In general terms Marketing Information System (MIS) is “a set of procedures and methods designed to generate, analyze, disseminate, and store anticipated marketing decision information on a regular, continuous basis that is used operationally, managerially, and strategically for several aspects of marketing” (Oluwabamidele, 2011)…
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4 pages (1000 words)Essay
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