Marketing information includes all the date, in terms of facts, opinions, views, guidelines and policies, which are necessary to make vital marketing decisions. The data is collected from customers, competitors, company sales force and other staff, government sources, specialized agencies and sources.
MIS provides relevant, reliable and required information in respect of business environment-both internal and external environments. Such information is vital for successful decision making.
The following are the benefits or advantages of MIS;
1. Helps to recognize trends: - MIS helps managers to recognize marketing trends. The changing trends may be in respect of prices, product design, packaging, promotion schemes, etc. managers can take effective decisions in respect of prices, product designs, etc., in response to changing trends in the environment.
2. Facilitates Marketing Planning and Control: -Effective market planning is required in terms of product planning, pricing, promotion and distribution. Such planning will be possible only f the company is possessing adequate and relevant information.
3. Quick supply of information: -A firm has to take quick decision for this purpose; it requires fast flow of information which is facilitated by a properly designed MIS. Due to timely supply of marketing information, the marketing managers can make quick and effective decisions.
4. Quality of decision Making: -in every aspect of marketing, there is need to make constant and correct decisions. A properly designed marketing information system promptly supplies reliable and relevant information. With the help of computers and other data processing equipments, the marketing managers can make the right decisions at the right time.
5. Tapping of business Opportunities: -There are number of business opportunities which have remained untapped for various reasons are due to unavailability of sufficient information. MIS makes it possible to tap business opportunities as it can supply required and reliable data.
6. Provides Marketing Intelligence: -Marketing intelligence refers to information of the events that are happening in the external environment, i.e., changes in customer tastes, expectations, competitors’ strategies, government policies, international environment, etc. with the help of MIS specialists, it is possible to collect marketing intelligence which is vital to make effective marketing decisions.
7. Help managers to Recognize Change: -a business firm may be handling or marketing a wrong line of products. As such the company will not be able to make profits. And if it is does, profits may not be adequate. A firm which is well equipped with MIS will be able to realize the need to change the line of business.
8. Integration of Information: -firms, which are largely decentralized can gather information which is scattered at many centers or departments and integrate it for effective decision making. Such integration is possible if there is a centralized MIS.
