Marketing research and Marketing information system

Marketing Research:

Get the full solved assignment PDF of MCO-06 of 2023-24 session now.

• Purpose: Marketing research is a systematic process of collecting, analyzing, and interpreting data to gain insights into market trends, customer preferences, and competitive landscapes.
• Scope: It involves gathering information related to product development, pricing, distribution, and promotion to make informed marketing decisions.
• Methods: Utilizes various research methods such as surveys, interviews, focus groups, observations, and data analysis to gather relevant information.
• Timing: Conducted at specific times when businesses need to make strategic decisions or understand market dynamics.
• Flexibility: Research projects are often tailored to address specific questions or issues, providing customized and in-depth insights.

Marketing Information System (MIS):

• Purpose: A Marketing Information System is a structured and ongoing process for collecting, processing, storing, and disseminating information relevant to an organization’s marketing activities.
• Scope: Encompasses a broader range of activities, including routine data collection, analysis, and reporting to support day-to-day marketing operations.
• Methods: Involves the use of technology and information systems to gather and organize data from various sources, both internal and external.
• Timing: Operates continuously, providing a steady flow of information to support routine decision-making and long-term strategic planning.
• Flexibility: Designed to provide a continuous flow of information, often in a standardized format, to meet the regular informational needs of the organization.

Relationship:

• Marketing research can be a component of the broader Marketing Information System. The insights gained from marketing research contribute to the overall information available within the system.
• While marketing research is often project-specific and conducted as needed, the Marketing Information System operates as an ongoing, structured framework for managing and utilizing marketing-related information.

In summary, marketing research is a specific set of activities conducted to gather insights for specific marketing decisions, while a Marketing Information System is a comprehensive, ongoing system that manages and provides a continuous flow of information to support day-to-day marketing activities and long-term planning.