Marketing
information includes all the data, in terms of facts, opinions, views,
guidelines and policies, which are necessary to make vital marketing decisions.
The data is collected from customers, competitors, company sales force and
other staff, government sources, specialized agencies and sources.
MIS
provides relevant, reliable and required information in respect of business
environment both internal and external environments. Such information is vital
for successful decision making.
The following are the benefits or advantages of MIS;
1. Helps
to recognize trends: - MIS helps managers to recognize marketing trends.
The changing trends may be in respect of prices, product design, packaging,
promotion schemes, etc. managers can take effective decisions in respect of
prices, product designs, etc., in response to changing trends in the
environment.
2. Facilitates
Marketing Planning and Control: -Effective market planning is required
in terms of product planning, pricing, promotion and distribution. Such
planning will be possible only if the company is possessing adequate and
relevant information.
3. Quick
supply of information: -A firm has to take quick decision for this
purpose; it requires fast flow of information which is facilitated by a
properly designed MIS. Due to timely supply of marketing information, the
marketing managers can make quick and effective decisions.
4. Quality
of decision Making: -in every aspect of marketing, there is need to
make constant and correct decisions. A properly designed marketing information
system promptly supplies reliable and relevant information. With the help of
computers and other data processing equipments, the marketing managers can make
the right decisions at the right time.
5. Tapping
of business Opportunities: -There are number of business opportunities
which have remained untapped for various reasons are due to unavailability of
sufficient information. MIS makes it possible to tap business opportunities as
it can supply required and reliable data.
6. Provides
Marketing Intelligence: -Marketing intelligence refers to information
of the events that are happening in the external environment, i.e., changes in
customer tastes, expectations, competitors’ strategies, government policies,
international environment, etc. with the help of MIS specialists, it is
possible to collect marketing intelligence which is vital to make effective
marketing decisions.
7. Help
managers to Recognize Change: -a business firm may be handling or
marketing a wrong line of products. As such the company will not be able to
make profits. And if it is does, profits may not be adequate. A firm which is
well equipped with MIS will be able to realize the need to
change the line of business.
8. Integration
of Information: -firms, which are largely decentralized can gather
information which is scattered at many centers or departments and integrate it
for effective decision making. Such integration is possible if there is a
centralized MIS.
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