Information is the basis for every decision taken in an organization. The efficiency of management depends upon the availability of regular and relevant information. Thus it is essential that an effective and efficient reporting system be developed as part of accounting system. The main object of management information is to obtain the required information about the operating results of an organization regularly in order to use them for future planning and control.
CONCEPT OF MIS
DEF: “A system of people, equipment, procedures, documents and communications that collects, validates, operates on transformers, stores, retrieves, and present data for use in planning, budgeting, accounting, controlling and other management process.”
The Marketing Information System
"A marketing information system is a continuing and interacting structure of people, equipment and procedures to gather, sort, analyse, evaluate, and distribute pertinent, timely and accurate information for use by marketing decision makers to improve their marketing planning, implementation, and control".
Sales and Marketing is a key process for the sustenance of any business as revenues are a direct outcome of it. Information Systems within the Sales and Marketing process implement technologies that allow the personnel to access crucial and updated information related to access crucial and updated information related to customer preferences and market demands to offer prompt services. Information Systems are also helpful in identifying the most effective sales strategy that can be used in any particular case based on specified criteria, such as the market segment or the product category.
APPLICATION OF MIS IN MARKETING
Major Components of a marketing information system
The marketing information systems and its subsystems
The above diagram illustrates the major components of an MIS, the environmental factors monitored by the system and the types...