Defining a Marketing Information System (MIS)
In the world of marketing, it is highly important to keep a record of the marketing decisions which helps in a smooth marketing management. This is where the Marketing Information System or MIS comes into play.
What is the Marketing Information System (MIS)?
The marketing information system (MIS) is a system which includes a collection of procedures that are designed to generate a systematic collection, analysis, interpretation, storage and dissemination of the market decisions and information. This helps in the smooth management of marketing.
The marketing information system (MIS) collects information regarding the various aspects of the marketing world including packaging, pricing, new product development, media, distribution, etc. This information system then distributes this information to the people working in marketing who can then make appropriate decisions based on the information.
With the help of the marketing information system, it becomes easier for the different marketing operations to work together and make beneficial decisions by analysing the information provided to them. It is fairly clear that a single marketing activity cannot be carried out in isolation, therefore it is very important that all marketing operations work in unison to run the marketing management and produce a competitive advantage to the market.
Different Components of the Marketing Information System (MIS)
There are four components which form the Marketing Information System (MIS)— internal records, marketing intelligence system, marketing research and marketing decision support system.
Internal Records
Internal records is a collection of information collected from the internal data of the company including the product database, customer database, sales data, operations data and financial data. This information can be used for a strategic management of marketing.
Marketing Intelligence system
This system provides the marketers with the information about the market happenings which includes information regarding the market trends, marketing environment, pricing structure, the customers choices and preferences, the competitor’s pricing and promotion strategies, etc.
Marketing Research
This refers to the systematic collection and analysis of the information of the market which can be helpful in finding solutions to the problems and forming a better marketing strategy.
Marketing Decision Support System
The marketing decision support system includes various software programs which are used by the marketers for the analysis of the marketing information and data collected.
