Marketing
information includes all the date, 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 f 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.
