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Marketing Information System

Definition of Marketing Information System ( MIS )

Marketing Information system is to collect, sort, analyze, evaluate the information relating to marketing. After this, information is distributed to marketing decisions makers. Internal company records and marketing research are the main sources of marketing information .

Need and Importance and Advantages of Marketing Information System or System to Handle Marketing Information:

1. For making marketing planning

Marketing information system is very useful for making marketing planning. With MIS, we get useful information for marketing short term and long term plans. Suppose, we are new banking company for providing loans to students. But, if our MIS gives us the correct information about how many companies are already providing this facilities, then we can make good strategic planning according to this.

2. Helpful to marketing control

With MIS, we can control marketing risk and our decision becomes effective.

3. Helpful to convert raw data into useful marketing information

MIS makes perfect system in which information providers can easily convert raw data into useful marketing information.

4. Integration

Marketing information system creates integration between all departments.

5. Improve the data capture process

MIS has a perfect system in which there are many steps to collect and convert into useful information. So, it improves the data capture process.

6. Helpful in transfer of Information

MIS makes way easy for transferring the information to those who need it.

Types of Marketing Information System

( I )  Classification which is based on the purpose of information.

( II ) Classification which is based subject matter of the information

Steps of Marketing Information System (MIS)

Ist Step

Defining the information need

2nd Step

Classification of information

3rd Step

Evaluation the cost of collecting the information

4th Step

Identifying the source of information.

Requisites of Good MIS

  1. economical
  2. user friendly
  3. fast
  4. clarity
  5. accuracy
  6. reliability
  7. unbaised
  8. relvance to decision making
  9. completeness
  10. suitable



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Objective of Business Environment

Following are main objectives of business environment:
1. Knowledge of Information 
By studying the business environment, we can know the changes of business. This information is very useful for our business. Every businessman should aware current environment of business. With this, he can think the future of his business in such environment. 
2. Basis of Decisions 
One of main objective of the study of business environment that it can provide all the information which is needed for taking good decisions. Suppose, you completed your internal business environment study. With this study, you can take decision relating to purchase, sale, salary and price because you know your competitor, you know your suppliers and you know your customers. 
3. Helpful in making of Policies 
For making good business policies, we need to know and scan business through business environment. 
4. Technological Planning 
Today, technology is changing very fastly. 3 years ago, I have to search software for downloading …

Limitation of Business Environment Analysis

Following are main limitation of business environment analysis:

1. Unexpected and Unanticipated Events 

We can not tell unexpected and unanticipated events in business environment analysis. Sometime, business has to face unexpected happenings. So, there will no benefit of business environment in these cases.

2. No sufficient Guarantee

Business environment analyst does not give any guarantee whether all events will happen as per estimation in business environment.

3. Uncritical Faith 

Sometime data may be incorrect. So, decisions on basis of these analysis may be risky for business.

4. To much information

Sometime too much information relating to business environment analysis will create the doubt in businessmen.

Technological Environment

Definition of Technological Environment :-

“Technological Environment means the development in the field of technology which affects business by new inventions of productions and other improvements in techniques to perform the business
 work. "