Meaning: -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.
Definition: -“A marketing information system consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.’ Defined by… (Philip Kotler)
1. Systematic process: -MIS is a systematic of collecting and maintain a record of marketing information. The MIS process consists of;
v Gathering of marketing information.
v Sorting classification of data.
v Analyzing of marketing data.
v Transmitting the data to marketing decision makers.
2. Components of MIS: - MIS consists of four components;
v Internal Records: -It provides current data on internal marketing environment such as sales, costs, inventories, cash flow and accounts receivable and payable.
v Marketing Intelligence System: - The marketing intelligence system supplies marketing mangers with everyday information about developments in the external marketing environment.
v Marketing Research: -Besides, internal records and marketing intelligence, marketing managers may often conduct marketing research to solve specific problems.
v Marketing Decision support system (MDSS): -A MDSS is a set of statistical tools and decision models with supporting hardware and software available to marketing managers to assist them in analyzing data and making better marketing decisions.
3. Unified and centralized making: -There are several information components (internal records, marketing research, etc.) in every MIS. Also, there are several activities in each component-collection of data, processing, storing and transmission. The components and the activities must be integrated into a unified system. The unified system managed at a centralized place.
4. Facilitates Decision making: - MIS aids in decision making relating to various elements of marketing mix such as product-designing, pricing, promotion and distribution. By making available timely information, which is relevant and reliable, MIS aids marketing managers to take effective decisions to achieve objectives of the marketing and that of the organization.
5. Cost-effective information: -There is no sense in collecting whatever information that is available in the market. MIS facilitates the collection of only relevant information. Efforts are made to collect not only relevant data but also cost effective.
6. Future oriented: - To manage the business well, marketing managers should be future oriented. Therefore, MIS should be in a position to provide information to solve problems that may crop up in future. More emphasis must be placed on future oriented information rather than past information.
7. Regular Supply of Information: -There is a constant and continuous need to make marketing decisions. This is because if the constant and continuous changes in the business environment. Therefore, to make effective decision. MIS should supply information regularly on a continuous basis.
8. Use of Latest Techniques: -Management should use of latest techniques such as sophisticated (classy) computers, micro-films etc., to collect, store and process meaningful information.
