Philip Kotler, marketing professor and thought-leader of modern marketing methodologies, defines a marketing information system (MIS) as follows:
“A marketing information system is a ongoing and interacting structure of people, equipment and procedures in order to gather, sort, analyse, evaluate, and distribute pertinent, timely as well as accurate information for utilisation by marketing decision-makers to improve their marketing planning, implementation as well as control.”
These systems are intended to collate unrelated data sets into one cohesive, coherent body of information. It’s more than just about data-driven decision making. It also reveals methods for interpreting the information gathered and how this information can be used by marketing departments to improve their promotional efficacy and overall quality.
Below are the four components of every marketing information system, and one can’t function properly if any of the below-mentioned components are not present:
Four components of every marketing information system
1. Internal reporting system
Integrated internal data-sharing systems are essential in the modern business world. Workers in different departments, like logistics and human resources, don’t realise that their information can actually enhance decision-making in other departments. The most critical information a marketing department must obtain from other organisational organs should include: Orders received, stockholdings, and sales invoices.
2. Marketing research systems
This part of the marketing information system is all about the pro-active search for information. Most marketing research campaigns are undertaken to solve a specific marketing challenge, using purposeful data collection methods. However, many organisations engage in regular marketing research projects in order to monitor the brand’s presence in the areas they’re focusing their marketing efforts on. Again, information gained from marketing research should be made available as part of the MIS.