Market Information System (MIS) | Meaning | Definition | Characteristics

Marketing Information System (MIS)

A company should establish a system to interpret the market information available to it efficiently. The system is expected to do more than mere data collection and maintenance.

Management Information System

Management Information System

Market Information System penetrates beyond information inputs from the various outside sources or departments within the company. It facilitates the integration and coordination of all the information generated. It routinely generates meaningful outputs in the desired format for its users.

Definition of Marketing Information System

The term marketing information system may be defined as,

An interacting, continuing, future-oriented structure of people, equipment and procedures. It is designed to generate and process an information flow to aid decision-making in company’s marketing programme.

– Samuel V. Smith

Characteristics of Marketing Information System

The important characteristics of marketing information system are expressed below:

1. MIS is an integrated network of information designed to provide marketing managers with relevant information required for decision making.

2 MIS helps managers identify opportunities, become aware of potential problems and develop marketing plans.

3. The marketing information system is an integral part of the broader management information system.

4. The MIS consists of several subsystems — Internal reporting, marketing research and marketing intelligence.

5. The MIS is designed to do more than data collection and maintenance. It goes beyond data collection by adding value to the data so that the information is of utmost use to the users.

6. Market Information System integrates information inputs from various sources or departments within the company.

7. MIS also covers important aspects of a company’s external environment. For example, companies need to pay close attention to government regulations, acquisitions and alliances.

The global marketer needs useful data for decision making. In the days of information explosion as witnessed at present, the global marketer should know how to obtain variety of information. A study on marketing information system and marketing research enables one to handle vast information successfully.

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