marketing information system (MIS)
people and procedures dedicated to assessing information needs, developing the needed information and helping decision makers to use the information to generate and validate actionable customer and market insights
A Marketing Information System (MIS) refers to the systematic gathering, processing, analysis, dissemination and utilization of information related to marketing activities of an organization. It is a tool that enables businesses to collect data about their target audience, competitors, trends and market conditions to make better decisions about their marketing strategies.
Components of Marketing Information System:
1. Internal Records: The Internal Records are essentially the data collected within the organization that provide information related to sales, promotion, and customer feedback. This data includes sales figures, inventory data, customer surveys, customer complaints and other forms of feedback.
2. Marketing Intelligence System: This component is responsible for collecting and analysing external data and information that are relevant to the organization’s marketing efforts. This data is related to competitors, industry trends, economic conditions, technological innovations and other factors that influence marketing.
3. Marketing Research: Marketing research is a systematic process of designing, collecting, analyzing, and reporting information related to a specific marketing problem. Through Marketing Research, organizations can gather in-depth information about their audience, product, or competition, which they can use to make informed decisions.
4. Marketing Decision Support System: This component involves the use of computerized databases that are designed to support decision-making activities related to marketing. These databases present marketers with key information that will help with product development, promotion, pricing, distribution, and other critical marketing decisions.
Benefits of a Marketing Information System:
1. Improved Decision Making: MIS provides marketers with relevant and timely information, which helps them make informed decisions about marketing strategy, product development and improving customer service.
2. Greater Efficiency: MIS automates and streamlines marketing activities, which reduces costs, saves time, and increases efficiency.
3. Competitive Advantage: MIS provides organizations with a competitive edge by enabling them to design, implement, and evaluate their marketing efforts more effectively than their competitors.
4. Increased Customer Satisfaction: By collecting customer feedback and analyzing it in real-time, marketers can identify customer needs and preferences and quickly respond to them, which increases customer satisfaction and loyalty.
In conclusion, a Marketing Information System is an essential tool that enables businesses to collect, analyze, and utilize information related to their marketing activities. It helps organizations make informed decisions, improve efficiency, gain a competitive advantage, and increase customer satisfaction.
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