Meaning Of Marketing Information System
Marketing information system is the mechanism for providing decision making information and data to the marketing decision maker. Marketing information system provides a continuous flow of information about prices, sales, advertising, competition and distribution. It is the major tool for scanning and monitoring the external environmental forces.
Marketing information collects vital information from various sources, analyzes and synthesizes them, and disseminate to the marketing decision makers. The system provides valuable information inputs to the organization to effectively implement the marketing concept.
Features Of Marketing Information System
A marketing information system has the following features:
1. People's Involvement
Marketing information system consists of people working for the organization as managers, supervisors, salespersons, intermediaries who supply vital information about the market and environment.
2. Equipment Based
Marketing information system is based on communication equipment and computers that help in the collection, classification, analysis and dissemination of information. The system is designed to communicate essential, reliable and prompt information feed-back to marketing decision makers.
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Components Of Marketing Information System
3. Continuous Process
Marketing information system is a well-organized continuous process through which the information is collected, analyzed and stored for future use and retrieved promptly whenever needed by the marketing decision makers.
Marketing information system provides valuable information through the regular reporting of the market developments and trends; conducting recurring market studies as and when needed; integrating old and new data to provide information updates to decision makers; and identifying new developments and trends in the marketing environmental forces.
3. Continuous Process
Marketing information system is a well-organized continuous process through which the information is collected, analyzed and stored for future use and retrieved promptly whenever needed by the marketing decision makers.
4.Provides Information
Marketing information system provides valuable information through the regular reporting of the market developments and trends; conducting recurring market studies as and when needed; integrating old and new data to provide information updates to decision makers; and identifying new developments and trends in the marketing environmental forces.
