Relevance of Marketing Information System(MkIS)
Marketing Information System(MIS) | Principles of Marketing
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A marketing information system (MkIS) is a management information system designed to support marketing decision making consisting of people, equipment and procedures to gather, decisions .sort analyze and evaluate which helps an organization to make fruitful decisions.Nowadays the modern day market is expanding incredibly and competition is increasing.The relevance of marketing information is profound.Some of the relevance of Marketing Information System (MKS) are as follows:
- Facilitation of marketing planning and control: Marketing organization need planning and control in many marketing aspects such as product development pricing, promotion, and distribution as we know that the recipe of every successful planning and control mechanism is proper information.Such planning and control will be successful only when the organization has relevant information in abundance.
- Helps to recognize changing dynamics of an environment: Marketing environment is synonymous to change. These changes are related to different aspects of products price, place, promotion etc. MkIS helps a manager to understand these changes so that they can respond quickly.
- Quick supply of information: Information is of no use if it is delayed. It is so because an organization must take a quick decision in today’s ultra-competitive environment.Hence, a properly designed, MkIS that provides quick flow of information is so important.
- Quality of decision making: For an organization the need for a correct and quick decision is immense. One wrong decision and you are doomed. MkIS through prompt supply of relevant and reliable information aids to the quality of decision making.
- Information integration: Information is scattered everywhere from departments to branches. Integration of that information is crucial for integration of decision making. MkIS makes the integration of information possible.