A marketing information system is a process or planning for taking your product closer to the customers. Developing and preparing a marketing plan is an art as well as a science. Marketing decision-making requires comprehensive and up-to-date information. Thus, managers have developed MIS to meet their needs. 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. Here are the eight features of a marketing information system
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A continuous flow – Marketing information system
A well-designed MIS provides a continuous flow of information for decision making. Electronic cash registers and computer systems connect the retailers directly with the suppliers. Thus, continuous consumer purchase data are made available. So, marketing information systems are the frameworks used for managing, processing, and accessing data. They can be merely sharing information by key departments but are more likely to form an integrated system based around information technology. Moreover, the vital issue is that the data from such a system is presented as useful to marketing decisions.
Making a decision
A marketing information system is structured to provide information for decision-making. Also, it helps in practical decision-making, as it includes real-time data. It generates regular reports and conducts studies as needed. Information needed to develop a marketing strategy is also provided by MIS. It supports strategy development for new products, product positioning, marketing communications, pricing, personal selling, distribution, customer service, partnerships, and alliances. We can conclude that MIS gives the foundation for the development of information system-dependent e-commerce strategies.
Marketing information system supports management decision-making. Management has five distinct functions, and each of them needs support from MIS. These are planning, organizing, coordinating, decision-making, and controlling.
Computer use – Marketing information system
Computers are widely used in MIS. They are used as a tool to collect, store and manipulate large amounts of data. They integrate old and new data to provide information and identify trends. With the increasing use of the computer, companies are becoming more interested in developing a corporate-wide, integrated management information system. The purpose of such a system is to bring all of the flows of recorded information and other valuable data in the entire company into a unified whole. Thereby, the manager’s capacity to plan and control the company’s activities will improve. Such a system is often seen as a marked improvement over current procedures.
The complex process
Designing and operating an MIS is a complex process, especially with the firms involved in global trade. It requires convincing each unit of the firm about the value of timely and accurate information. Structured reports and control over the data make the process more complicated. Under modern marketing ideologies, MIS includes operational, sales, and marketing process-oriented systems, which serve daily marketing operational activities such as direct mailing (database marketing), telemarketing, and active sales management. Therefore, the users are middle management and operative sales and marketing personnel.
Economy- Marketing information system
Creating an extensive database is comfortable with a computer. However, MIS is concerned with needed and timely information. Hence, you can store only relevant data. That reduces the cost and efforts in data collection. MIS enables identifying emerging market segments and monitors the market environment for changes in consumer behavior, competitor activities, new technologies, economic conditions, and governmental policies at the time of using market research and market intelligence.
Variation of sources
MIS uses data from a variety of sources both within and outside the organization. Thus, it helps the marketing managers in exploratory research. It uncovers valuable relationships and developments. Ordinarily, the managers would have overlooked such meaningful relationships.
Features of marketing information system
The marketing environment is dynamic. Thus, MIS diverses to collect information for solving problems and anticipate future changes. MIS is both present- and future-oriented. Selective: MIS gathers and sorts information that is useful to the firm. You should adjust according to the manager’s decision-making needs. Thus, it is demanding. MIS the co-ordination of activities within the marketing department and between marketing and other organizational functions like engineering, production, manufacturing, product management, finance, logistics, and customer service.
The system should be flexible. You should incorporate new changes easily, quickly, and smoothly. Information technology is changing rapidly. When you use such new techniques, the accuracy and utility of information improve.
However, the human mind simply cannot grasp the whole management operation with efficient clarity and detail to permit it to structure and model. New concepts will probably have to develop to aid us in thinking about such a complex phenomenon. In the meantime, management can proceed to create smaller systems. Therefore, in building the smaller systems, too, we can benefit by learning from the mistakes made with global systems.
Even in relatively small companies, they can involve large quantities of data. One apparently logical approach to extensive data is developing, using computer technology, a system that stores and provides access to the information needed by those making marketing decisions.
The term ‘marketing information system’ or MkIS used to describe such a system. You can generally utilize such methods in the context of marketing information or marketing research.
While organizations need to have systems. That you can easily store the marketing information, process, and access. It should clear from the points made regarding the nature of knowledge in general, and marketing information in particular, that such systems have fundamental limitations. At best, the system can only handle such tangible and intangible information available to it.
Therefore, the main disadvantages of the marketing information system are 1. It is too expensive, 2. MIS is less reliable, and the data inside it is not very secured 3. The database marketing entirely depends on the quality of the data. 4. This requires some new types of skills to perform successfully. Most importantly, analytical and decision-making skills are essential in this matter.
Therefore, these are all about the features and some other disadvantages of marketing information system. It helps the companies on a different level.