Continuous and Permanent System
The market information system is a continuous and permanent process or system that is well-organized and used for information collection regularly. With the help of MIS, the collected information is further analyzed and stored for prospects that can be easily retrieved as and when required by marketing key decision-makers.
Providing the correct information at the right time and to the right type of people is the basic or main objective of MIS. It facilitates them to take correct decisions. Valuable information is provided by marketing information system through continuous monitoring and reporting of recent market trends and developments; initiating recurring market analysis time to time; integrating previous and recent data to keep decision-makers up-to-date for information updates; identifying recent trends in the external market environment.
Computer and other Equipment Based System
MIS is based on computers and other communication-based equipments. With the help of these MIS collects, store, classify, analyze, and supply information. This system facilitates marketing decision-makers with essential, reliable, and quick information related feedback. Also, the provided information is much accurate which is based on technology.
The marketing information system is future-based as it provides necessary information related to solving futuristic issues. It doesn’t include any corrective measures for past problems.
Useful at all management levels
All 3 levels of an organization can utilize MIS services i.e. Top-level management, Middle-level management, and Supervisory or Lower management. MIS is beneficial to them in formulating marketing plans, policies, and different strategies. It also plays an important role in sorting various marketing issues or problems and to tap different business opportunities in the external environment.
MIS includes different stakeholders of an organization like managers, salesforce, supervisors, etc. from where required information of market and environment can be obtained.
Information collection and sources
A marketing information system collects different types of information related to marketing like information based on competition, environment, government policies, changing consumer preferences, behavior, etc. The information is transmitted to marketing decision-makers.
In MIS, information is collected through both internal and external resources. The internal resources can be an organization’s internal records and external resources may be publications, external agencies, etc.
Facilitates marketing decision-making process
MIS helps in fast and right decision-making by providing advanced and accurate information related to marketing. It provides all the information regarding the internal and external environment of the business.
Consists of components that are inter-related
MIS includes inter-related sub-systems like marketing research, marketing intelligence, and internal reporting, etc. So, the study of MIS helps to gain knowledge regarding all the components of the inter-related sub-systems.
Apart from above, few other features or characteristics of MIS include:
- MIS helps in measuring the effectiveness of marketing campaigns by providing related facilities.
- Supports in finding a customer base
- Facilitates conversion of the potential audience into consumers
- Also, helps in deciding the price strategy of products and analysis of sales trends
- Information or data that is collected through MIS; is processed by operational research methods.
- MIS facilitates both preventing and solving issues or problems.