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Internal and External Data Sources For MIS

The document discusses 5 internal data sources (sales, human resources, accounting, financial, and marketing data) and 5 external data sources (data from consumers, newspapers, government reports, trade associations, and published surveys) that can be used for decision making. Sales data can help understand business strengths and weaknesses. Human resources data shows where a business needs improvement. Financial and accounting data provide cash flow and budget details. Marketing data shows effective and ineffective campaigns. External data includes both primary data directly from consumers and secondary data from various sources that is publicly available. Rules for decision support system models include promoting related products bought within a predictable period, displaying products usually bought together, and using data for market segmentation.

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Alex
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3K views

Internal and External Data Sources For MIS

The document discusses 5 internal data sources (sales, human resources, accounting, financial, and marketing data) and 5 external data sources (data from consumers, newspapers, government reports, trade associations, and published surveys) that can be used for decision making. Sales data can help understand business strengths and weaknesses. Human resources data shows where a business needs improvement. Financial and accounting data provide cash flow and budget details. Marketing data shows effective and ineffective campaigns. External data includes both primary data directly from consumers and secondary data from various sources that is publicly available. Rules for decision support system models include promoting related products bought within a predictable period, displaying products usually bought together, and using data for market segmentation.

Uploaded by

Alex
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

The 5 internal data sources are represented by: sales data, human resources data,
accounting data, financial data and marketing data.

Sales data includes profitability, price points, revenue, information regarding inconsistency
between what is being sold and what customers are buying. It can help the owners understand
the strengths and weaknesses of the business. For instance, the owners may discover
preferences of certain types of customer for a certain product, which could trigger a
marketing activity aimed for those specific categories that have not been targeted previously.

Human resources data can provide information in terms of the costs necessary to recruit
and train an employee, his or her productivity and how his or her level of satisfaction or
dissatisfaction affects the business. In this sense, the human resources data shows the areas
where a business needs to improve its processes.

Financial and accounting data can provide details regarding cash flow or budgets. Cash
flow reports will detail the amount of money used in the business in a certain period of time.
Budgets reports will show how the money was spent versus how it was allocated.

Marketing data can provide information regarding which campaign are effective and which
are not, the level of brand awareness for specific products and the number of market share
relative to the competition.

2. The 5 external data sources are represented by: data obtained from consumers
(primary data), data from newspapers, data from government reports, data from trade
associations and data from published surveys of markets (these constitute secondary
data).

Data obtained from consumers is important because it establishes a direct relation between
the consumer and the business. It can provide information regarding price, quality and use of
a certain product. However, being primary data, it can be expensive to obtain such
information.

Data from newspapers can provide useful information regarding different trends in
business. Such data is easy to obtain because it is available at a very low cost.
Data from government reports can also constitute an important source when organizing
market research.

Data from trade associations (such as Chambers of Commerce) can provide useful
information for the business to use.

Data from published surveys of markets is a useful piece of information when organizing
market research directed to specific lines of products.

3. Rules for DSS models based on shop customer’s behavior (if-then scenarios)
 If customers buy a specific type of product (for instance, milk) within a predictable
period of time, then this action could lead the two managers to promote the products
whose purchases are related in time.
 If two products are usually bought together by a particular type of customer (for
instance, body lotions and baby diapers by a female at the usual parenting age), then
the two managers can identify the specific products and display them together in
order to increase sales.
 If the DSS identifies customers based on income level, age, home location or
purchase period, then this data could be used for market segmentation.

The rules for DSS that apply in an if-then scenario permit the users (in this case the two
managers) to solve complex problems while considering many options in solving that
specific problem, gain new insights into problems, consider “what if?” analysis and thus
implementing a variety of strategies.

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