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Marketing Information System MIS : Definition
1. According to Donald Cox and Robert Good
| “An MIS may be defined as a set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making marketing decisions. This of course is a step beyond logistics systems, which handle inventory control, orders, and so forth.” |
This definition of Marketing Information System (MIS) is referred from a 1937 classic paper titled “How to build a Marketing Information System,” written by Donald F. Cox and Robert E. Good.
2. According to Prof. Mudit Katyani,
“MIS is a planned tactic to do analysis of mainly three system requirements viz., people, information, and technology. It is required at all levels of management in executing operational, managerial, and strategic decisions. Its intention is to design the procedures which give a comprehensive report in a timely manner.”
The diagram of Marketing Information System, i.e. MIS is depicted below.
Now let’s proceed to discuss and understand the meaning of MIS.
Meaning of MIS
Marketing Information System, abbreviated as MIS, means to collect, analyze and supply marketing information to the marketing managers. The marketing managers use this information to take marketing decisions. MIS is a permanent and continuous process.
Marketing information includes all facts, estimates, opinions, guidelines, policies and other data. This information is necessary for taking marketing decisions. This information is collected from both internal and external sources. It is collected from customers, competitors, company salesmen, government sources, specialized agencies, so on.
MIS collects the marketing information from different sources. This information (data) is analysed. Then, it is supplied to the marketing managers. The marketing managers use this information for taking marketing decisions. MIS also evaluates and stores the information. MIS uses modern technology for collecting, analyzing, storing and supplying information.
MIS gives many benefits to the company. The need for MIS is universally accepted. A company cannot survive and succeed without MIS. Therefore, all companies must have MIS. However, the same MIS cannot be used for all types of companies. Every company must make its own MIS. It must not copy the MIS of other companies.
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FAQs on Meaning - Marketing Information System, Marketing Management - Marketing Management - B Com
| 1. What is a Marketing Information System? |  |
Ans. A Marketing Information System (MIS) is a set of procedures and methods used by organizations to collect, analyze, and interpret data about their marketing activities. It involves gathering information from various sources, such as internal databases, market research, and competitive intelligence, to support marketing decision-making and strategic planning.
| 2. How does a Marketing Information System benefit businesses? | |
Ans. A Marketing Information System provides several benefits to businesses. It helps in identifying market trends, customer preferences, and competitors' strategies. It enables businesses to make informed decisions, develop effective marketing strategies, and allocate resources efficiently. Furthermore, it helps in monitoring and evaluating marketing performance, identifying opportunities for improvement, and enhancing overall marketing effectiveness.
| 3. What are the components of a Marketing Information System? | |
Ans. The components of a Marketing Information System typically include internal records, marketing research, marketing intelligence, and marketing decision support systems. Internal records consist of data collected from various internal sources, such as sales records, customer databases, and financial reports. Marketing research involves collecting and analyzing data from external sources to understand customer behavior, market trends, and competitors. Marketing intelligence refers to the ongoing monitoring and analysis of the marketing environment, including competitors' activities and industry trends. Marketing decision support systems assist in analyzing and interpreting data to support marketing decision-making.
| 4. How can organizations effectively implement a Marketing Information System? | |
Ans. To effectively implement a Marketing Information System, organizations should follow a systematic approach. This includes identifying their information needs and objectives, determining the sources of data required, establishing data collection methods, and implementing appropriate data analysis techniques. It is crucial to ensure data accuracy, reliability, and relevance. Organizations should also invest in appropriate technology and tools to manage and analyze the data effectively. Regular evaluation and feedback mechanisms should be in place to monitor the system's performance and make necessary improvements.
| 5. What challenges can organizations face while implementing a Marketing Information System? | |
Ans. Implementing a Marketing Information System can pose certain challenges for organizations. These challenges may include data overload, where organizations collect more data than they can effectively analyze or utilize. Another challenge is data quality, as inaccurate or incomplete data can lead to incorrect decision-making. Data security and privacy concerns are also significant challenges, as organizations need to ensure the protection of sensitive customer information. Additionally, organizations may face resistance from employees in adopting new systems and processes, requiring proper training and change management strategies to overcome these challenges.
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Dec 19, 2024 Last updated |
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