In a post previous to this i have spoken of the importance of Database marketing. You can click on the link mentioned previously to read it. This article mainly talks about how Databases / MIS can be used to make a marketing decision.
As shown in the figure, MIS consists of various kinds of data which can be both external and internal. The internal data involves financials like credit reports and sales reports. It involves legal reports as well as any marketing programs which the company has carried out. The external report on the other hand involves industry forecast, government plans, exhibitions, trade shows, suppliers etc.
This external and internal data is actually used in forming the MIS or Database. Once this MIS is formed, the same can be used for decision making.
For example – A company like HUL is handling various product lines in completely different categories. By tallying the internal data, it comes to know that the sale of sanitizer is increasing. Furthermore it gets a report saying that government might make sanitizers compulsory for corporate. So what does HUL do next? It comes out with a marketing campaign solely targeted towards corporate for sanitizers. And it does that before its competitors come to know about it.
This is the optimum use of MIS. By tallying both internal and external data, you can take Marketing decisions on time. The critical thing here is that your MIS be updated regularly and be in sync with the markets.
