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Features of Marketing Information System MIS
The main characteristics or features of Marketing Information System (MIS):
1. Continuous system : MIS is a permanent and continuous system of collecting information. It collects information continuously.
2. Basic objective : The basic objective of MIS is to provide the right-information at the right-time to the right-people to help them take right decisions.
3. Computer based system : MIS is a computer-based system. It uses computers for storing, analyzing and supplying information. It also uses micro-films for storing information. Therefore, it is very quick and accurate.
4. Future-oriented : MIS is future-oriented. It provides information for solving future problems. It is not past-oriented.
5. Used by all levels : MIS is used by all three levels of management, i.e. top, middle and lower. It is used for making marketing plans, policies and strategies. This is used to solve marketing problems and to take advantage of business opportunities.
6. Sources : MIS collects information from both, internal and external sources. For example, information is collected from company records, publications, etc.
7. Collects marketing information : MIS collects all types of marketing information. It collects information about the consumer competition, marketing environment, government policies, etc. It supplies this information to the marketing managers.
8. Helps in decision making : MIS supplies up-to-date and accurate information. It helps marketing managers to take quick and right decisions.
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FAQs on Features - Marketing Information System, Marketing Management - Marketing Management - B Com
| 1. What is a Marketing Information System? |  |
Ans. A Marketing Information System (MIS) is a system that collects, analyzes, and manages marketing-related data to support decision-making and strategic planning in an organization. It helps in gathering information about customers, competitors, and market trends, enabling businesses to make informed marketing decisions.
| 2. What are the key components of a Marketing Information System? | |
Ans. The key components of a Marketing Information System include internal records, marketing intelligence, marketing research, and marketing decision support systems. Internal records provide data on sales, customer profiles, and inventory. Marketing intelligence involves gathering information from external sources like competitors and market research agencies. Marketing research is the process of collecting primary and secondary data to analyze market trends and customer preferences. Marketing decision support systems use analytical tools and models to aid in decision-making.
| 3. How does a Marketing Information System benefit businesses? | |
Ans. A Marketing Information System provides several benefits to businesses. It helps in identifying market opportunities and potential threats, enabling businesses to develop effective marketing strategies. It enhances decision-making by providing timely and accurate information. It also aids in understanding customer needs and preferences, allowing businesses to tailor their products and services accordingly. Additionally, it facilitates effective communication and coordination among various departments within an organization.
| 4. What are the challenges associated with implementing a Marketing Information System? | |
Ans. Implementing a Marketing Information System can come with certain challenges. One challenge is the availability and quality of data. Obtaining accurate and reliable data can be difficult, especially when relying on external sources. Another challenge is the cost of implementing and maintaining the system. Investing in technology and skilled personnel can be expensive for some businesses. Additionally, ensuring data security and privacy can be a concern, as sensitive customer information needs to be protected.
| 5. How can businesses ensure the effectiveness of their Marketing Information System? | |
Ans. To ensure the effectiveness of a Marketing Information System, businesses can follow certain practices. They should clearly define their information needs and objectives to ensure that the system collects and analyzes relevant data. Regularly updating and maintaining the system is crucial to ensure the accuracy and reliability of the information. Businesses should also invest in training employees to effectively use the system and interpret the data. Finally, regularly evaluating the system's performance and making necessary improvements is essential to maximize its effectiveness.
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