Posted in Marketing and Strategy Terms, Total Reads: 2057
Definition: Marketing Information System
Marketing Information system (MIS) is the software and hardware system which analyses and accesses the market information which is obtained through primary or secondary research and kept in the database.
Nowadays many companies use MIS to support them in taking complicated and long lasting decisions related to product launch, product retract, product development or modification, pricing, packaging changes, distribution channels and network, promotional activities, etc.
The system gathers the data, stores it safely and analyses it in accordance to the information requirements for strategic, control or operational decisions. Apart from the software and hardware systems, the human team involved in analyzing data also forms part of MIS.
The following are the components of MIS:
Internal reporting system – This includes orders received, inventory records and sales invoices
Marketing Intelligence system – It is carried out by the managers themselves in an informal way rather than by professional marketing researchers
Marketing research system – Normally carried out by professional marketing researchers and takes the form of purposeful studies
Marketing models – Various models are used like: Time series sales modes, Brand switching models, Linear programming, Elasticity models Regression and correlation models, ANOVA models, Sensitivity analysis, Discounted cash flow, Spreadsheet 'what if models