Two models intuitive and mathematical are used in ANOVA technique. Sales representatives or dealers are supposed to dispatch their order immediately or as soon as possible. The internal record system t… Marketing, like other any natural science does seek to build a body of valid laws and principles, e.g. For example if with 15% increase in advertising expenses each time results 20% increase in sales volume; then there is linear relationship. The development of statistical analysis and mathematical models based on computers and econometrics have emerged a new dimension to solve media selection, to evaluate new product acceptance and to weigh sales and pricing alternatives. It is a dynamic and continuous scientific study having a wide coverage. It is the set of procedures and sources used by executives to obtain their everyday information about pertinent developments in the marketing environment. There should be a built-in-system in an MIS to filter and condense data and assemble information to help managers reach accurate and timely decisions. A marketing executive may build Markov process, queuing, differential calculus, mathematical programming, game theory, logical flow, feedback system, decision tree, network planning, casual, linear, and deterministic, stochastic, static models to solve marketing problems. A firm makes transactions of different types with many persons and institutions. The discriminant equation is used to forecast what new attributes are important for success in comparison to other concerns. The Top four components of marketing information system are as follows: 1. MSIS has four components… After the needed data files have been accumulated, several analytical tools can be used to process and summarize. When the variation in the value of variables are in constant ratio, the correlation is said to be linear. It is a rich fund of knowledge founded on experience and research that has set generalisations and universal acceptance. The ANOVA consists the estimation of the amount of variation due to each of the independent factors separately and then comparing these estimates due to assignable factors with the estimate due to chance factor, the latter being known as experimental error. In bivariate distribution if Y is dependent and X is independent variable then the regression equation of Y on X be, And, if X is dependent and Y is independent variable then the regression equation of X on Y be. Regression analysis is a mathematical measure of the average relationship between two or more variables in terms of original units of the data. To know whether marketing is a ‘science’ or not; we must know the meaning of science. Components of Marketing Information System Internal Records: The Company can collect information through its internal records comprising of sales data, customer database, product database, financial data, operations data, etc The internal record system takes care of the regular circulation of information within the organization at fewer efforts and costs. To locate the information needed, marketers use multi-subject coding and indexing structures.Without multi-subject coding and indexing structures, it becomes difficult to locate necessary information whenever required. Most experts agree that an information system – whether it be a marketing information system, an accounting information system, a financial information system, or some other – should include all data collection and processing facets. To cope with the present day need more and more business enterprises should go for computer use to maximise the benefits. Tax accounting is used to ascertain the various taxes as income tax, wealth tax, gift tax, for various tax payers. Statistical analysis is a collection of some advanced statistical tools for measuring the intensity or degree of relationship between two or more variables. Internal Accounting System 2. In other words, Decision support systems allow a firm to ask, “Why did that happen?” and “What will happen if…?’ Mathematical and/or statistical tools and decision models are used to solve several marketing problems such as media selection problems to evaluate new product acceptance to weigh sales and pricing alternatives, and so forth. The purpose of factor analysis is to summarize large number of variables into small number called, factors. Various emerging techniques such as depreciation accounting, funds and cash flow analysis, budgetary control, managerial costing, standard costing, revaluation accounting, zero base budgeting, ratio analysis, human resource accounting, social accounting, inflation accounting, corporate reporting, responsibility accounting; are used in management accounting. It is only a tool for avoiding guess work. Marketing Information System – Components: Internal, External Marketing Information and Marketing Research There are three divisions or components of marketing information system: 1. This question usually arises when executives build marketing programs and attempt to solve problems after plans have been implemented. The methods of cost accounting are—job costing, operation costing, process costing, contract costing, uniform costing etc. It was first used by a British Biometrician, Sir Francis Galton (1822-1911), in connection with the inheritance of stature. (d) It is difficult to use experiments in various marketing problems, (e) Since peoples, attitudes change frequently, it is very hard to predict accurately, and. Rather, it comprises several processes, each designed to obtain particular data used for unique purposes. (c) The process of measuring human may cause them to change. It is not possible for accountant or anyone to put memory of all the transactions in serial order with brief particulars. For studying marketing problems regression analysis is very purposeful for predicting the unknown future values of any variable from the known value. a. Proper estimation of profit and taxes; 4. MSIS keeps record of the revenues that a salesperson has generated and the profit that he has earned on his revenues. Marketing is a social science which deals with the mental and economic problems of individuals as well as group organisations. The goods are shipped to the buyer, and billing documents are multi copied and sent. R.A. Fisher developed an elaborate technique for analysing the variations of two or more series for the purpose of studying their attributes. Each model consists of a set of interrelated variables which help marketers for effective decision-making. The American Marketing Association defines marketing research as- “The systematic gathering, recording, analysis of data about problems relating to the marketing of goods and services.”. Other types of accounting MkIS suggested by T.C. For economic feasibility, accounting information planning committee may be appointed which interviews a cross-section of marketing executives, product managers, sales executives, sales representatives and others, after receiving the information the business undertakings should reconcile what information executives would like to have, what executives really need, and what is economically feasible for effectives managerial decision. Science is generally meant a systematised and organised body of knowledge. Components of Marketing Information System # 3. Collection of data from internal sources on ad-hoc basis. . Victory of marketing depends highly upon the executive’s ability to evaluate such things as size, location and attributes of various market environment for products, the nature of present and potential consumers reflecting in market segments their needs and desires, their buying habits and preferences, competition strengths and weakness, activities and plans and trend in market forces. It includes quantitative tools that help in the marketing decision-making process. Official publications of the central, state and the local governments. Internal record 2. Market research conveys narrower meaning than marketing research which covers the entire existing process and not merely the market.