[ecis2016.org] MIS is a set of techniques for collecting, analysing, interpreting, storing, and disseminating market choices and information in a systematic manner in order to increase marketing management efficiency.
MIS full form is marketing information systems, which refers to a set of techniques for collecting, analysing, interpreting, storing, and disseminating market choices and information in a systematic manner in order to increase marketing management efficiency.
You are reading: Marketing information system or MIS: Workings, significance and data types
How do marketing information systems work?
Businesses utilise information systems to gather, process, and store data at various stages of their operations. Management gathers and distributes this data in the form of information required for day-to-day operations. Everyone in business uses information systems, from the person who pays the bills to the person who makes hiring decisions. A vehicle dealership may use a computer database to keep track of which products sell the best. A retail store may employ a computer-based information system to offer products over the Internet. In fact, many (if not all) organisations work on aligning MIS with business goals in order to obtain a competitive advantage over their competitors.
Data management information systems are designed by MIS specialists (i.e., to store, search, and analyse data). They also oversee a variety of information systems in order to meet the needs of management, employees, and customers. By collaborating with other members of their work group as well as their customers and clients, MIS professionals can play a significant role in areas such as information security, integration, and exchange. As an MIS major, you will learn to create, install, and use corporate information systems in creative ways to improve your company’s performance and efficiency.
Different kinds of MIS
TPS (Transaction Processing System): This system manages everyday business transactions. Transactions include payroll processing; order processing, such as for an e-commerce business; and invoicing.
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Management Support Systems (MSS): they store and organise data, allowing end users to generate information and interpret data to fulfil corporate needs and inform strategy. A data warehouse is an illustration of a management support system.
Decision Support Systems (DSS): These evaluate company data to aid managers in making decisions. A DSS, for example, may forecast revenue based on new product sales expectations.
Expert Systems: These use artificial intelligence to simulate the expert knowledge of a human in a certain field and provide management with insights and direction (AI).
Different types of data in a marketing information system
Internal records, marketing intelligence systems, marketing research, and marketing decision support systems are the four components that make up the Marketing Information System (MIS).
Company’s internal data
Internal records are a collection of data gathered from the company’s internal data sources, such as the product database, customer database, sales data, operations data, and financial data. Marketing information systems can transform internal corporate data into relevant insights. By linking your marketing information system with an internal company communications network or intranet, you can obtain information about specific people, departments, or business units.
Marketing research
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Marketing information systems can integrate market research and data from custom and syndicated research reports, as well as primary and secondary research. It is vital to collect as much exact and unique data as possible, especially on your clients, competitors, and the general business environment. You will be able to gather more valuable information and make better decisions as a result of this.
Marketing intelligence gathering
Marketing information systems can help you gain insights from marketing intelligence data about your target market. Consider acquiring marketing intelligence data, for example, from your competitors’ websites or industry trade periodicals. You could also choose less automated and more manual alternatives such as communicating with distributors, making observations, attending trade shows, or testing products.
Significance of MIS
Governance
MIS can assist businesses in gaining a competitive advantage. An MIS system’s data can aid managers in making better sales, manufacturing, resource allocation, and other decisions. The MIS department, as well as software solutions, aid productivity by allowing employees to spend more time on productive tasks.
Infrastructure
This MIS department establishes, manages, and enforces policies that govern how (and whether) personnel have access to the company’s technology and network infrastructure. MIS is in charge of IT security as well as implementing computer system usage norms of conduct.
Phones, desktop/laptop computers, servers, application software, and cloud computing are examples of technological systems that support the day-to-day operations of a business. Internal help desk and support services are provided by the MIS department, which assists employees and troubleshoots infrastructure issues.
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