Jobber (2007) defines it as a "system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis."
"[2] As the concepts are very self explanatory MIS is very useful for all the establishments for taking early and post decisions, analysing the performance of the target and achievements based on availability of required structured data etc.
Developing an MIS system is becoming extremely important as the strength of economies rely on services and to better understand the specific needs of customers.
Kotler, et al. (2006) defined it more broadly as "people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
Thirdly, the development of the markets and the movement from price to non-price grounds of competition lead to an increase in the importance of adoption and implementation by the competitors and finding the response of the consumers towards them.
Analyzing the needs for MkIS from a third person's angle, three more factors come to the forefront viz., the information explosion, increasing complexity in decision making and the technological developments. "
The contrasting characteristics of MkIS and MR are presented in Table 5.1 as shown below: Table 5.1 Showing contrasting characteristic of MR and MkIS Marketing Research Marketing Information System 1.Emphasis is on handling external information 1.It handles both internal and external data.
Business firms who turned to computers have been able to perform vital marketing function effectively for organizations' growth in the face of global competition.
The following internal operating data are essential: Sandhusen(2000) defined that, environmental scanning is a display of the nature of MIS processed. "
It gives assistance for the marketers to develop the strategies, policies, plans and to make programs and budgets through dealing with the ongoing information on trends.
[9] Bhasin stated that,"With an increasingly competitive and expanding market, the amount of information needed daily by an organization is profound.
The possible risks the business may face if they disobey the manner according to Bhasin are:[11] Maintenance, complexity and setting up a MkIS are one of the major hindrances to Marketing information systems.
Similarly, each of the various research contact methods – mail, telephone, personal interview, and online – also has its own advantages and drawbacks.