What is Marketing Information System (MIS)?
Marketing Information System is the practice of advanced technologies to organize essential data about the marketplace, pricing, advertising, budget, competitors, and the exchange of products and services. Organizations are increasingly willing to develop a company-wide, comprehensive management information system as device usage grows.
Understanding Marketing Information System
The goal of this solution is to integrate all or most of the firm's supporting documentation streams into a single entity. This system consists of people and procedures for assessing information needs, developing the needed information, and helping decision-makers to use the information to generate and validate actionable customer and market insights.
Process
These are primarily customer-oriented and work toward achieving the strategic sales and marketing plan of the organization. The following are the steps in the marketing information system flow:
- Find a proper set of metrics.
- Collect data required from domestic and foreign sources.
- Plot the information to analyze patterns.
- Share the statistical data with the relevant authorities.
- Prepare the facts to identify the best line of direction to undertake.
Attributes
It is a system that meets the information needs of an organization in sales, distribution, advertising, market analysis, market intelligence, product research, service management, customer profile, and other marketing functions. Let us now examine its many characteristics in order to have a thorough knowledge of this concept:
- Device-based
- Fast, Precise, and Correct Data
- Ease of access
- Interconnected Elements
- Assists judgment
- Reliable transmission data
- Appropriate for all managerial stages
MIS provides effective internal interaction in a company. It delivers dependable and important data to team members in order to maintain all internal stakeholders updated and concentrated on certain objectives and responsibilities. It can also assist to avoid misinterpretation by giving everybody equal access to the available statistical data.
Practical Example
One department of the ABC firm maintains track of potential clients' interests and the prospects produced by customers. Demographics, age, buying patterns, geographic region, and other data can be gathered for advertisements. Other materials, like website visits, internet traffic, or consumer participation actions, are also regarded as essential and crucial data.
Furthermore, marketers acquire and collect data on consumers who are acquiring items, such as their geography, buying patterns, client successes, the development of targeted buyers to potential subscribers, and so on.
In Sentences
- One of the four areas of a marketing information system is the marketing decision support system.