What is a marketing information system (MIS)?
• Marketing information system (MIS) is a set of procedures and methods for the regular, planned collection, analysis and presentation of information for use in marketing decisions’ • Consists of people, equipment, and procedures to gather, sort, analyze, evaluate and distribute needed, timely, and accurate information to marketing decision makers. • Function: Assess, Develop and Distribute Information.
Marketing Information System
Functions of a MIS:
Characteristics of MIS
➢ Management oriented
➢ Management directed
➢ Common data flows
➢ Heavy element
➢ Flexibility and ease of use
Benefits of MIS
• Customer profiles need to be maintained focusing on their habits and spending patterns. MIS helps in maintaining these profiles. • Information on what competitors have been upto is also a critical marketing information. This should not be taken as espionage on competitors. • Forecasts of demand are also a critical part of marketing analysis. MKIS helps in achieving this as well. • Field sales can also be monitored where sales agents are used to market products. • Customers can be quickly updated based on their information kept in MKIS. • Dealers involved in sale of product can also be monitored to help enhance revenues
Importance of MIS:
What is Marketing Information?
• The data collected during the marketing research process • Types of data
o Company and competitor records
o Customer profile data
▪ Buying behavior
▪ Shopping patterns
▪ Demographics and lifestyle research
▪ Government data
▪ Market research reports produced and sold by research firms
Why Marketing Information is needed
Used to identify marketing opportunities, solve marketing problems, implement marketing plans, and monitor marketing performance.
Why is marketing information important to a business?
✓ The information obtained from research helps businesses plan their future operations to increase sales and profits ✓ Research answers the what, where, how, and at what price the products should be produced ✓ The information also helps businesses solve marketing problems or anticipate future marketing potential Marketing Research
✓ Involves the marketing function that links the consumer, the customer, and the public to the marketer through information - American Marketing Association ✓ Involves the methods used to gather information, analyze it, and report the findings related to marketing goods and services ✓ Marketing research can apply to any aspect of marketing.
So, what is Market Research then?
Market Research Vs Marketing Research
➢ Involves the systematic gathering, recording, analyzing, and presenting information related to the marketing of goods and services ➢ Research is needed before a product is put on the market and also during the life of the product ➢ Research is not limited to products
Market Research Can Tell Us About……
➢ Particular consumer and industrial markets through Market Analysis ➢ Future sales estimates through Sales Forecasting
➢ Future economic conditions through Economic Forecasting
Marketing Research is….
➢ Marketing Research (MR) is not an exact science though it uses the techniques of science. ➢ The results of MR are very vague MR is not a complete solution to any marketing issue ➢ MR is not free from bias.
➢ Inappropriate training to researchers can lead to misapprehension of questions to be asked for data collection. ➢ Huge cost is involved in MR as collection and processing of data can be costly ➢ MR is conducted in open marketplace where numerous variables act on research settings.
Market research versus marketing research...
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