When you own a shop and sell products then you surely want to track what’s in stock and what’s not. How do your buyers feel when they buy those products? How was their reaction to that? And what they expect. What other rivals are doing? These questions can be answered by creating a system that stores all such data. So, before providing any Marketing Services, you should create a Marketing Information System to manage the above questions. Marketing Information System also known as MIS. So, the main goal of marketing is to make value. The value for the customers can get by insights. Those insights can be obtained through marketing information systems.
What is Marketing Information?
Marketing Information is defined as all the information about sales. The information is about marketing sales. It has all the data for future and past sales. It can be present in the form of documents. Or, in the computer disk as well. There are so many ways to save them.
What is Marketing Information System?
A Marketing Information System (also known as MIS) is a system that allows a company to collect data. Data from internal and external sources. Thus the data have all the vital details. Such as collection, storage, analysis, and supply. This data will help sellers and other experts to study them. So that they can make plans. It will aid them in making decisions. So, it will help them to grow their business.
So, this information system gets some key data for sellers. They can then make decisions for business growth. For example, the data that is helpful in the firm is as follows
- Pricing
- Packaging
- New product development
- Distribution
- Media
- Promotions
- Advertisement
What is Marketing Information Management?
Marketing information management (MIM) is the system that manages marketing works. It evaluates the data got from MIS. It helps to get the right data for the business. Such information focuses on the market and the buyers. Hence, it has all the points about piling and studying data.
CRM is an example of it. CRM is Customer Relationship Management. This system stores all the data about buyers. It saves their number. Their buying history and likeness.
What is the Difference Between a Marketing Information System and a Marketing Information Management?
A marketing information system (MIS) is a system whose focal point is the market needs. However, marketing information management collects and processes the data. After that, it stores and supplies that data to MIM. Such data will help to make decisions. And it allows them to carry out many management activities.
| Marketing Information System (MIS) | Marketing Information Management (MIM) |
|---|---|
| Data Collection | Market Research |
| Data Analysis | Customer Relationship Management |
| Reporting | Product Development |
| Decision Making |
A company should decide its trade goals and objectives first. It will help them to use MIS. This will aid to identify the types of data that need to be collected and analyzed. As well as the types of reports and other outputs also required. When a company has all the vital data then they can use them. They can employ them to develop useful insights. Such data can aid in decision-making.
Why is Marketing Information System Important?
If you are a seller or an owner, you must create a plan to make decisions. It will help boost your sales and attract new buyers. It also aids in dealing with the rival. So, if you collect the required information about the marketplace, your rivals, and your clients, as well as their behaviors, then you will be able to manage the campaigns. The report’s insights will put you in a position to avoid wrong ideas. So, there are some benefits of using this system, which is as follows.
- A company should have a deep study of demand and supply.
- It should be able to vie.
- It should identify markets.
- It must control client data.
- It can identify and address business risks fast.
- It can easily keep an eye on rivals.
- The company should hold the marketing methods.
- It should be able to see the leading plan.
Marketing Information System Examples:
MIS helps companies to improve their service. And to make better decisions. Here are some examples of it.
Loyalty Program:
Some stores offer loyalty cards. Such cards help to track customers’ purchases. It also records history as well. It can also help to make their profile. Through those profiles and cards companies can track. Track what they have purchased. The total amount of money spent.
Online Booking:
Several firms offer online bookings. They can track buyers’ choices and routines. For example Air Line companies. They offer an online service for booking flights. They can track demands. So that they can adjust rates also. Like in the off-season, they can offer discounts. Hence increasing their sales.
Marketing Information Management Examples:
Amazon and Netflix are the best examples of marketing information management (MIM). Amazon has a big system. It collects information from its users. It tracks what people like to buy. What they prefer the most. Then, it splits that data. They use their browsing history and guess their choices. Hence, it will help to show similar products. And attract buyers to buy more such products.
Netflix uses viewers’ search history. It helps to get a database of their interests. Then it will show them similar shows of their interest. It’s like advice to them. Netflix aims to provide a precise experience to each subscriber.
Conclusion:
The marketing field is changing with every passing minute. Because it works with the data, that comes from insights. Nowadays sellers develop systems to get insights. Insights that help in getting more sales. Marketing Informational Systems (MIS) play a key role. It helps in sorting out the data. The data is useful for making future findings. It breaks the mess of huge data. It helps in organizing and using them for marketing in a more clear way. However, Marketing Information Management ensures that the data is right or not. The key steps are to access the data. And then after analyzing, use them for the good marketing plan.