What is the need and importance of Marketing Information System (MIS)?
Every business organisations required proper information at right time for taking important decisions; we can consider the importance of marketing information system by the following points.
1. Time Factor
For expansion and development of an organisation in this competitive era, it required to take derisory quickly at right time on right issue and to take important decision, we must have correct, accurate and reliable information through marketing information system.
2. The Information Explosion
We got information by various Medias and medium. There is always flow of information in our organisation but all information collected is not always useful to the managers. As managers requires only specific information. Thus whatever information gathered, it should be sort out, analyzed, tabulated and processed so that required information should be find out immediately as and when needed by marketing managers. Now a days information is processed by computers, thus providing management with fast and inexpensive means of processing masses of marketing information.
3. Consumer Expectations
Every business organisations must produce that product which gives maximum satisfaction to the consumers. But as a human being consumers behaviour is never constant. Consumers tastes, preferences, wants are always changing and hence every organisation requires a proper information about changing behaviour of consumers and its possible only by marketing information system.
4. Scarce Resources
Resources using in production of certain products are of scarce natures e.g. human and all, land capital etc. We have to use these resources to their best use by removing wastage and maximizing utilization of resource. Thus company must make efficient use of its available human and physical resources. Therefore, a company needs to know which of its products are profitable and which one should be eliminated.
5. Complex Nature of Modern Marketing
Nowadays marketing has become a comp lese in nature due to expansion of company on the national and international level. It is very difficult to toke decisions in such complex marketing situation, marketing information system help to take important decision in such situation by providing valuation information and thus it helps expanding mark.
6. Growing Consumerism
Consumers are the kings in the market and thus he must be satisfied by company’s product. Consumers may be dissatisfied by high prices, low quality, misleading advertisement etc. If consumer are dissatisfied or exploited, it resulted in consumer movement. This has made the marketer price ad quality conscious. At the same time consumers test, habit, likes and dislikes are dynamic in nature and always changing. Thus proper market information about consumers is required. And this information is collected and analyzed by marketing information system.
7. Growing Competition
In this globalised market competion among business increases. Competition among multinational company and domestic company increases due to new industrial policy and other factors. Thus to know the exact marketing standards and face the competition marketing information system requires to modify our product so that our product will stand in national and international market.
8. Improvements in Science and Technology
There are continuous changes in technology and science. New methods of production are emerging. New products, new processes are generated with improvement in science and technology. So in present market situation every company must innovate new product and use latest developments in the field of science and technology.