Global competition intensifies the need for effective MIS and business intelligence that are accessible throughout the company. How can IT provide valuable tools in fulfilling this need as well as conducting global marketing research?

Question

What will be an ideal response?

Answer 1

There are different IT programs that can provide valuable tools for marketing. EDI (Electronic data interchange) links with vendors to enable retailers to improve inventory management and restock popular products in a timely, cost-effective manner. Also, effective consumer response (ECR) is another program which allows management to work more closely with vendors on stock replenishment. ECR systems utilize electronic point of sale (EPOS) data gathered by checkout scanners that help retailers identify product sales patterns as well as record consumer preferences separated by geographical areas. All these tools are also helpful in improving the ability of businesses to target consumers and increase loyalty. Customer relationship management (CRM) is another method by which a relationship is developed with the customer. It helps in determining which customers are most valuable and to react in a timely manner with customized product and service offerings that closely match customer needs. It also makes employees more productive and enhances corporate profitability. It also benefits customers by providing value-added products and services. Data warehouses store a company's CRM system as well as other IT systems. These data warehouses can provide multiple uses such as helping retailers with multiple store locations fine-tune their product assortments. In addition to the Internet, an intranet can be a valuable tool, which can connect individuals within a company on a private basis.