Availability of MIS in Markstrat - Essay Example

MIS Contents Introduction 2 Discussion 3 Procedures and priorities used by the group 3 Justification of market research acquisition 5 Availability ofMIS in Markstrat 6 Conclusion 7 References 8 Introduction This study encompasses the concept of MIS or Market Information System within the framework of Markstrat. MIS is widely utilized by students in order to formulate effective strategic decisions related to marketing environment. Technological advancements across the globe have resulted into an innovative platform known as Markstrat. Markstrat is basically a business simulation game which was designed by Jean-Claude Larreche. It enables a virtual corporation where decisions are made automatically. Markstrat comprises of three important factors such as game strategy, decision-making procedure and performance analysis. In United States there are more than 500 academic institutions who currently utilize this program. Players generally use Markstrat for making appropriate decisions related to areas of finance, research and development, and marketing. Markstrat helps to analyze market related data and then delivers required results. Discussion Procedures and priorities used by the group MIS or Marketing Information System is a strategic approach which is utilized to analyze current market scenario and predict outcomes. This approach can be stated as a management tool that is used not only by students but also by corporate. All market related data is greatly utilized for framing marketing strategies and gaining competitive advantage. MIS is a tool for executing marketing decision making. It supports marketing manager by making tasks simpler and easier. Market related data are of various types but this approach helps to gather this data efficiently. In overall context, analysis of such data facilitates formulation of best possible strategy (Piercy, 2009). There are four interfaces which are highlighted by marketing information system. These interfaces are application software, user interface, system support and database marketing. It can be stated that marketing information system serves as an integration tool. For any strategic decision making it is important to integrate all forms of collected data. Real world information is integrated with real time application through marketing information system. MIS is responsible for integrating marketing monitoring mechanisms with strategic development. The basic components of MIS can be classified into four categories such as internal records, marketing intelligence, marketing research and marketing decision support system. Internal records means providing internal information about a firm. Marketing intelligence is related to collecting all forms of information mainly from external sources. On the other hand, marketing research technique is used by every company so as to remain competitive in the market place. Specific marketing problems are solved through such technique (Ashill and Jobber, 2001). Marketing decision support system is another tool used by marketing managers for making better marketing decisions and effectively analyzing collected data set. The group prioritizes the steps as per their process of strategic decision making. Firstly focus is towards collecting wide array of market related data. External as well as internal sources of information are explored in order to collect required market data. All the group members consider themselves to be an integral part in data analysis. The information collected is firstly analyzed and then it is utilized to formulate strategic marketing decisions. Marketing decision enables a firm to secure competitive advantage and also external market analysis helps to structure contingency plans. Markstrat is an innovative business simulation game and MIS approach becomes more efficient through such framework. This approach helps to determine future market research area for university students. Through such approach group is able to determine target segment, qualities, services or products (Ashill and Jobber, 1999). Statistical analysis which is performed by Markstrat is based on large volume of collected data. Group is able to gain more information through utilizing Markstrat. Justification of market research acquisition Every programming tool encompasses a great deal of investment for its proper functioning or execution. The major objective of Markstrat is to analyze different set of data belonging to finance, marketing and research and development area. For this business simulation game there is a specific budget allocated and within that wide number of areas has to be covered. At the end this simulation game needs to deliver best possible results strictly aligned with current market scenario. Inclination of customers towards a particular brand or product or service clearly depicts its percentage of brand loyalty. This aspect is also portrayed through this mechanism and it helps in later stage of decision making. Amount of risk that can be taken by an individual or a company is also outlined by this specific strategic tool. There are few factors encompassed within marketing strategy like market growth, service or product mix, and market entry strategy. It is important to understand current market scenario so as to implement appropriate decisions (Demirdjian, 2003). This kind of raw market data analysis can be performed with the support of Markstrat. Performance analysis is basically stated as an important part of the simulation game but it also takes into consideration systematic flow of analysis and implementation. In recent years there are certain developments that can be included by Markstrat. For instance, this strategic tool can effectively compare and contrast real time market data with theoretical explanations. It could even focus on customers view’s along with company’s internal information. Markstrat can also encompass more of brand building exercises which can be implemented in real time scenario. It would be advantageous for many companies if drawbacks in present advertising techniques are properly outlined. More of individuals can be included within the framework so as to facilitate collaborative decision making. On the other hand, in forthcoming year Markstrat can focus on formulation of marketing mix. This type of activity needs to be totally based on requirements posed by users. It would provide users with wide array of choices or innovative business related activities (Ferdows, Lewis and Machuca, 2004). A new category can be included highlighting new product or service launch. Scholarly research would be an interesting platform for Markstrat and attractive for many users. Online advertising techniques can also prove to be a new market research area and it can be well supported by Markstrat. Availability of MIS in Markstrat Marketing information system is an approach utilized for executing decision making process in broader context. There are numerous functions exhibited by Markstrat and all of them states MIS to play a significant role. MIS provides production amount while operating in Markstrat. Marketing Information System is solely responsible for analyzing advertisement techniques, sales force determination, etc. MIS can be stated as a pillar for Markstrat that helps to analyze customer’s habits and their interests. Availability of MIS is highly significant in this framework as it enables identification of target segments of various advertisements. Budget allocation for advertisements is also strongly supported by marketing information system (Garrigos-Simon, Rafael and Teresa, 2012). On the contrary, value proposition is also framed in Markstrat. This done through acquired information with the help of MIS. User interface is also incorporated within this business simulation game. MIS facilitates usage wide array of information which enhances market knowledge of users. The components of MIS included in Markstrat also helps to conduct a proper competitor group analysis. In measuring overall performance there is a great contribution of MIS in the form of market capitalization, stock price index, market share, etc. It is well aligned with real marketing techniques and decision making. Consumer data is acquired through this measure. The framework supports presentation and analysis of information that is executed during reality marketing (Wei and Wang, 2011). All these information are also required while framing marketing mix of consumer durables. On the contrary, competitor analysis also facilitates framing productive strategies. Conclusion Markstrat comprises of essential data which plays a vital role in market research. Implementation and formulation of marketing strategy becomes simpler through Markstrat. This business simulation game automates the entire procedure of decision making. The decisions are usually structured in context of finance, research and development, and marketing. MIS forms an integral part within this innovative framework. Though it was initially developed for university students but now utilized by companies. References Ashill, N.J. and Jobber, D., 1999. The Impact of Environmental Uncertainty Perceptions, Decision-Maker Characteristics and Work Environment Characteristics on the Perceived Usefulness of Marketing Information Systems (MkIS): A Conceptual Framework. Journal of Marketing Management, 15(6), 519-540. Ashill, N.J., and Jobber, D., 2001. Defining the information needs of senior marketing executives: an exploratory study. Qualitative Market Research, 4 (1), pp 52-61. Demirdjian, Z.S., 2003. Marketing research and information systems: The unholy separation of the Siamese Twins. Journal of American Academy of Business, 3 (2), p. 218-227. Ferdows, K., Lewis, M.A., and Machuca, J.D., 2004. Rapid-Fire Fulfillment. Harvard Business Review, 82(11), pp. 104-110. Garrigos-Simon, F., Rafael, L.A., and Teresa, B.R., 2012. Social networks and web 3.0: Their impact on the management and marketing of organizations. Management Decision, 50(10), pp.1880-1890. Piercy, N., 2009. Market-led strategic change: transforming the process of going to market. Amsterdam: Elsevier / Butterworth-Heinemann. Wei, S.H. and Wang, Q., 2011. Making sense of a market information system for superior performance: The roles of organizational responsiveness and innovation strategy. Industrial Marketing Management, 40 (2), pp. 267-277. Read More