The information collected through marketing intelligence and marketing research helps to develop an information base in the organization. It is called a marketing information system.
The marketing information system includes all facts, estimates, opinions and other data used in the marketing decision marketing. It is important to know that the information system varies in the organization depending on the needs of the decision-maker at the hierarchical level.
According to Philip Kotlar – “Marketing information system (MIS) consists of people, equipment and procedures to gather, sort analyses evaluate and distribute needed timely and accurate information to marketing decision makers.”
As per William Stanton opinion – “Marketing information system is an ongoing, organized procedure to generate, analyse, disseminate, store and retrieve information for use in making marketing decisions.”
CHARACTERISTICS / FEATURES / NATURE OF MIS:
1) It is a Continuous process:
The marketing information system is a purposeful activity. It is developed for the flow of information to the company. Regular flow of information is important for getting feedback for better marketing decisions. Hence, MIS is continuous in nature.
2) It is a Systematic Process:
In the process of collecting information, various types of information are gathered. It is necessary to classify it, analyze it and store it as per its needs and requirements. Hence, MIS is a systematic process.
3) It operates with speed and accuracy:
Nowadays information is collected with the help of newly developed technologies such as computers, the internet, etc. There are the fastest and most accurate means of information used by businesses. Therefore, the purpose of MIS is served.
4) It is scientific in nature:
The information collected through MIS is from reliable sources. It is critically analyzed evaluated and interpreted. So, it is very accurate, and genuine (original) for the purpose of making marketing decisions.
5) It involves people, procedures and plans:
For collecting information business use to take the help of both systems, that is internal and external information systems. In this system peoples, equipment are involved, and certain procedures are followed. So, it becomes the part and parcel of Marketing Information System.
6) Needs the Cooperation of different departments and executives:
MIS is not a single-hand activity. It needs support from different functional departments, executives and specialists. If they provide well, on-time information then only MIS will work and develop well.
7) Component of Marketing Information System:
MIS can be designed with the involvement of the following elements.
– Marketing intelligence system.
– Internal company records.
– Marketing research etc.