We will find, What is Marketing Information System?
What is Marketing Information System?
A marketing Information System (MKIS) is a separate mechanism and system of an organization for collecting, analyzing, & interpreting data and information in an organization to facilitate the decision-making of the marketing department. It collects raw data from environmental sources. Convert the raw data into useful information. Such information is either stored for further references or immediately handover to the manager for decision making.
It is a unified system of interrelated parts such as inputs, processing, output, and feedback. Hence, for collecting timely needed, accurate, and authentic data and information for managing marketing decisions on a regular basis.
Features or Factors or Characteristics
a. Interrelated Component
It is a set of inter-related components. They consist of people, equipment, and procedures. Hence, To deliver it, the company uses computer hardware and software.
b. Processing
It collects, processes, analysis, stores, retrieves and disseminates information for decision making and control. Hence, its output consists of various reports.
c. Timeliness
It provides the right information to the right people at right time. Hence, the late received information is of no use. So, it is a continuous process.
d. Accuracy
It provides accurate and reliable information. Past and present information is more accurate than future forecasts. Hence, it also provides complete and valuable information.
e. Consistency
It provides consistent information. Hence, all the data is based on the same definition, assumptions, and time period.
f. Accessibility
It is easily accessible. The information is properly stored. But it is easily accessible to authorized persons. Hence, Information communication technology has facilitated accessibility.
Other Important Links:
a. Component Marketing Information System (MKIS): CLICK HERE
b. Marketing Plan: CLICK HERE
c. Process of Market Research: CLICK HERE
Frequently Asked Systems
a. What are the components of a marketing information system?
= Following are the componets of MIS:
- Interrelated Component
- Processing
- Timeliness
- Accuracy
- Consistancy
- Accessibility
