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.
