What is Marketing Information System (MKIS) and its benefits

The marketing information system is the utilisation of technology for the classification of the important information which is related to the market, price, sales, promotion, competition and apportionment of products and services. 

This data is collected after proper analysis and knowledge of the marketing environment to assure efficient decision making in the organization.

The MKIS shares the important data to the marketers who can make

effective decisions associated with the marketing operations like Price, packing, new product development, allocation, media, promotion, etc.

The software enables marketers to collect information all day all night and, interpret, estimate, bring up to date info and disseminate information appropriate to particular products, services or promotions. Maintenance and setting up a Marketing system is on the  biggest restrains of it and its complexity too. Moreover, if wrong data is fed in MKIS will become unmanageable so suitable filters is require to established.

The data which marketing managers need came from three sources internal company records, marketing intelligence and market research.

Benefits of Marketing information system (MKIS):

1.Predicting consumers demand

Predicting consumer demand in growing the market functions as a

foundation for the production and distribution of products or services. 

The marketing approach helps to get up-to-date data on customer tastes and preferences. 

In today’s dynamic and competing business environment the

taste & preferences, fondness of customers etc. are constantly capricious. 

Because of this rapidly changing market,

marketers require to have meticulous data associated with the characteristics and

scope of customer demand. 

The judgments based on feeling or antiquated customer

data may not  useful. So, the decisions must supported up with facts and figures.

MKIS provides futures insights into customers tastes and preferences,

market trends, and also data about reasons for a change in taste and preferences.

 This kind of information helps marketers to overcome losses that take place due to changes in demand.

2. Systematic data collection

With the help Marketing information system, a large number of data can  gathered from the market. 

 Loads of data is collected from the market. The key thing is it collects data organized and systematically.

Collecting and Organizing data is very crucial otherwise information will become meaningless. 

Therefore Marketing Information System aids to organize the database by enhancing productiveness.

3. Storing important data

Many times pharmaceuticals companies when producing a particular drug

they might need data of another which was produced many years back.

Likewise in entertainment & media, photographs, videos  stored in the repository. 

This storage of relevant data plays a critical role in the implementation

and therefore it shows that  MKIS is not relevant only for information but also for execution as well.

4. Better customers service

If any communication gap  observed between

consumers and marketers during the market expansion

stage may result in marketing activities and plans being impractical.

Markets have to connect with marketing aspects daily

otherwise it will create disappointment in customers.

An increment in customer grievances shows the discrepancy

of products with the demands and wants of customers. 

Furthermore, it also shows that marketers don’t have the

latest information about the producing right consumer demand. 

The marketing information system fulfils the communicationgap between customers and marketers by implementing by giving the latest information about consumer behaviour and demands. The prime objective of every business is customer satisfaction.If any business fails to reach its goals and objectives their survival in this

competitive world will be difficult. 

A proper flow of information and a survey is required for best

customer services and this can only be achieved by the marketing information system.

5. Competitor study

Businesses operate in extremely competitive surroundings

producing right where various competitors frame strategies to attain competitive benefit on each other. 

To forecast competitor’s behaviour and to outshine the competition,

facilities of the marketing information system of marketing intelligence is needed. 

For survival in the market, marketers need the latest information

about the market which is related to the type and size of the competitors.

6. Avoidance of Crisis 

The most helpful way to examine a stock is to see its previous performance.

Various top websites succeed on MIS. 

Likewise Marketing Information System aids you maintain tracks of margins and gains. 

With an astonishing information system built,

you can understand where your business is going and probably prevent

a business crisis long before it has taken place.

Neglecting indications received from MIS reports is a very big mistake.