Marketing Information System and Features of MKIS

A marketing information system is described as a system that continuously gathers marketing data from sources both inside and outside the firm and analyses and assesses it. MKIS is geared toward the organization's goals, which include strategizing, marketing, and promoting products and services to meet consumer wants. It aids in making decisions about these actions. The MKIS is a framework that is always evolving and is made up of people, activities, and tools that are used to collect, assess, and deliver relevant, timely, and accurate data to marketing decision-makers. A planned computer-based system called MKIS is intended to give managers a steady stream of information relevant to their particular decisions and areas of responsibility. MKIS is a useful instrument that offers past, present, and future information about internal activities and foreign intelligence. MKIS is useful for operations, management, and strategy. Reviewing environmental changes, data collection, marketing planning, and judgments are all aided by MKIS.

Components of MKIS

MKIS aims to assemble various pieces of data into a coherent body of knowledge.

Internal records: "Internal Record" is the main element of MIS. Marketing managers frequently obtain a wealth of information from their company's internal records. Information on sales, costs, inventory, cash flows, and accounts receivable and payable is available from such data. Many businesses use computers to manage their internal records. Marketing managers can access trustworthy information more quickly thanks to internal recordkeeping.

• Marketing intelligence:
  • "Marketing Intelligence" is another part of MIS. This MIS component gathers data from outside sources. It offers details on the dynamic market conditions and the present marketing landscape. It is simple to gather and compile this information from outside sources like publications, trade journals, the commercial press, and so forth. A trade association's annual report, a company's annual report, etc. cannot provide this kind of information. The salesmen's report includes details on market developments. It is not possible to use data gathered from outside sources without some adjustment. It needs to be assessed first, then ordered properly. It can be used by the marketing manager for taking decisions and making policies about marketing after a complete evaluation and arrangement. So, marketing intelligence is an important component of MIS.
• Marketing research:
  • Marketing research is MIS's third element. To address specific firm marketing issues, marketing research is conducted. It gathers information about the issues. Conclusions are reached after tabulating, analyzing, and evaluating these factual data. Additionally, important comments and advice are provided for resolving the issue. The marketing managers are also given information via marketing research. Nevertheless, this information must be precise. It has a limited range of applications. MIS and MR are most definitely not interchangeable terms. It is discovered that MIS has a very broad scope. MR is a part of MIS. However, MR has a very limited use.
• Marketing decision support system:
  • The marketing decision support system is the last part of MIS. This system is mostly made up of the tools that aid marketing managers in data analysis and better marketing decision-making. It consists of both hardware and software. The marketing manager uses computers to examine the available marketing data. They can also make better selections because to it. In reality, marketing managers nowadays cannot function without computers. The marketing manager can use a variety of software tools to help with market segmentation, systematic distribution, pricing setting, advertising, etc.

Features of MKIS

• Continuous system:
  • A permanent and ongoing method for obtaining marketing information is known as MIS. It gathers marketing data regularly.
    Basic purpose: The fundamental goal of MIS is to support decision-makers by giving the appropriate information to the appropriate individuals at the appropriate time.
    Utilizing a computer system: A computer-based system, MIS. Information is stored, analyzed, and provided via computers. Microfilms are also employed for information storage. As a result, it is rapid and extremely accurate.
• Used by all levels:
  • All three tiers of management, i.e., upper, medium, and lower, employ MIS. Marketing plans, policies, and strategies are created using MIS. This is done to address marketing issues and seize commercial possibilities.
• Sources:
  • Information is gathered by MIS from both internal and external sources. For instance, data regarding consumers, competitors, the marketing environment, and governmental policies are gathered from firm records, periodicals, etc. It gives the marketing management information.
• Collects marketing information:
  • Marketing data is gathered by MIS, which does so in a variety of ways. It gathers data on government initiatives, marketing environments, market competitiveness, etc. It provides the marketing managers with this data.
• Helps in decision making:
  • Information from MIS is accurate and current. It aids marketing managers in making prompt, correct judgments. MKIS assists the relevant users in making informed decisions on consumer behavior and the marketing mix, which includes products and how they are priced, marketed, and positioned in the market.
• Marketing decision support system:
  • The "Marketing Decision Support System" is the fourth part of the MIS. These are the instruments that aid marketing managers in data analysis and improved marketing choices. They consist of computer hardware and software applications. The marketing manager uses the computer to examine the marketing data. Additionally, it enables individuals to make wiser selections. In reality, marketing managers today are unable to function without computers. Numerous software tools are available to assist the marketing manager with tasks like market segmentation, price setting, setting advertising budgets, etc.

Reference

Keyes, J. Financial Services Information Systems (Best Practices), Auerbach Publications; 2 Sub edition