Answer -
- A company's internal data are the ones that are very
confidential and critical to business strategies. Examples of such
internal data could be sales data, cash flow reports.
- Marketing Information System collects, analyses, and displays
important information that drives marketing strategies. The
marketing functionalities of a company are decided based on the
data that MIS offers. The four main components of MIS are:
- Internal records - These records provide valuable information
about the companies sales performance, cash flows, and
accountabilities. These are very critical data and kept
confidential to help the company formulate corrective and
progressive strategies.
- Marketing intelligence - It collects information from external
sources like annual reports, etc, and displays data about the
marketing environment to help businesses develop competitive
strategies in the marketplace.
- Market research - Thus helps in solving specific problems
pertaining to marketing activities in the company by researching on
various alternative business strategies and finding a business
supportive strategy to drive the business towards positive
cashflows.
- Marketing decision support system - These provide tools that
help marketing managers to analyze data and make informed decisions
for the company.
In the ever-growing competitive business world today, the only
way businesses can sustain their advantage against competition and
become market dominants, is by utilizing the best of the data
provided by MIS and capitalizing important inputs towards
generating positive cash flow for the business, driving the
business towards success.