Benefits of Marketing Information Systems
Marketing Information System (MIS) refers to a computerized marketing approach designed to deal with voluminous market data to produce valuable information that can be used to support marketing decision making. In the modern business, MIS has become a useful marketing tool for companies since it offers a complete suite of functions. Due to the increasing competition and the ever growing market today, organizations are bombarded with numerous marketing data and information that can only be managed by a MIS. Therefore, MIS has become a necessary tool due to it vital functions such as data collection, data organization and coordination, information analysis and information storage and dissemination.
In relation to data collection, the MIS tool has proven to the best in organizing and collecting marketing data. Through the tool, a company market research team can collect raw and disorganized data such as price indices, demand trends, customers’ tastes and preferences, customers’ spending habits as well as the data on the level and impact of competition in the in industry. Therefore, MIS tool comes in handy to organize these data into database and giving it meaningful information. Relatedly, some companies that deals consumer durables are characterized by huge numbers of operation, and these will prompt the application of MIS tool to o-ordinated all the process. Apart from co-coordinating MIS is also vital for integrating related and decentralized sets of data and information for easy retrieval and distribution. Therefore, through the MIS tool, companies can collect, organize and coordinate market data for decision making purposes to improve product and market performance.
Concerning information analysis, companies use collected data to recognize market trends and making market intelligence. The changing marketing trends such as promotion schemes, products and services designs, pricing strategies and packaging require constant monitoring to update the respective affected areas. Companies need to respond through counter strategies after learning the dynamism of the market environment to improve their competitive advantage. Similarly, MIS tool is essential in providing marketing intelligence on aspects such as changes in government regulations, brand status, competitors’ strategies and changes in customers’ tastes and preferences, which are important in formulating strategies and effective decision making. In addition, MIS tools are important since helps in tapping business opportunities. The market always have available numbers of untapped opportunities for reasons such as lack of sufficient and relevant information. Thus, the MIS program simplifies the identification of gaps in the market by providing comprehensive and reliable data.
MIS is also needed for storing stacks of important data and information in a form of huge databases. For example, pharmaceutical companies need MIS the most for storing drugs information to be used for comparison purposes in the future. Relatedly, media houses also use MIS to store videos, photographs, and voice clips in archives for future use. Storing business’ vital data and information is essential in execution whenever it is needed. Lastly, MIS is necessary in disseminating market information, both within and outside an organization to be used for product and service promotion. In addition, the supply of information to clients is always on timely manners and under the direction of market researchers. In other words, MIS allows quick dissemination of information to managers and clients and this helps a company in making quick and effective decision making.
Concisely, Marketing Information System remains a strong and vital information system tools for business since it has improved and simplified the process of gathering, analyzing and supplying marketing information to managers, clients, and employees both internally and externally. Through MIS, companies have improved in their marketing planning, controlling, decision making and avoidance of crisis in the market. Therefore, for a firm to stay competitive and improve its productivity, it has to install any form of MIS in its operations.