INTRODUCTION TO MARKET RESEARCH, MIS (Management Information System), INTERNATIONAL MARKETING
Market Research is an easy way to determine the potential of any new product launched in the market, test and verify that it goes along with the client’s need and choice. Statistical research permits an organization to find the objective market and get suppositions and other input from buyers about their product or service.
MIS (Management Information System) is the study of the basic relationship between people, technology, and organization. This information system helps with proper decision-making and for better coordination, control, analysis, visualization of information in an organization.
International Marketing is a kind of market activity that is carried outside the border of a country. According to AMA, ‘International Marketing is the multinational process of planning, executing, conception, pricing, promotion of ideas, goods and services to the ultimate satisfaction of the organization and its clients.’
WHAT IS THE NEED FOR MARKET RESEARCH, MIS, AND INTERNATIONAL MARKETING?
Marketing Research helps to identify an organization’s problems and opportunities, refine all systems and evaluate all the marketing strategies. It provides great insight into the business in a wider marketplace. Market research is vital when developing your marketing strategy. It helps to identify the customers and how would they view an organization and identify breaches in customer expectations.
MIS evaluates the decision-oriented information and helps the management to plan and evaluate the activities of an organization. MIS helps to facilitate communication within and outside the organization.
The international market provided with a wider market helps earn foreign exchange, spread the risk in business, and most importantly cultural exchange.
ADVANTAGES OF MARKET RESEARCH
The advantages of market research are as follows:
- High completion rate
- Cost Reduction
- Focus groups
- Screened resources
- Better sampling
ADVANTAGES OF MIS
The advantages of MIS are:
- Better decision-making
- Data storage
- Data security
- Fast computation
ADVANTAGES OF INTERNATIONAL MARKETING
The advantages of International Marketing are:
- Higher sales
- Minimizes cost
- Earning foreign currency
- A higher standard of living
- Rapid industrialization
- Provides employment
Market research is vital when developing your marketing strategy. It helps to deal with the organization’s problems and opportunities, and evaluate all the market strategies. On the other hand, MIS evaluates the decision-oriented information and guides the management with all the strategies. International marketing is required for expansion of business, satisfying all the needs of the customers providing a lot more employment.