Transcript Acquire foundational knowledge of marketing

Acquire foundational knowledge of
marketing-information management to
understand its nature and scope
Marketing
Indicator
1.03
Three types of information used in
marketing decision making
• Customer
• Marketing mix
• Business Environment
Customer Information
• Age
• Gender
• Income
• Education
• Family size
• Home
ownership
• Address
• Occupation
• How money • Brand
is spent
• Attitudes
• Primary
needs
• Product
purchases
• Purchase
frequency
preferences
• Information
needs
• Media
preferences
• Shopping
behavior
Marketing Mix
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Basic Products
Product Features
Services
Product packaging
Guarantees
Repairs
Credit Choice
Discounts
Promotion Methods
Business Environment
• Type of competition • New technology
• Competitors’
• Consumer protection
strengths
• Ethical issues
• Competitors’
• Tax policies
strategies
• Proposed laws
• Economic conditions • International
• Government
markets
regulations
Why is Marketing Information Needed?
• To identify potential customers,
potential products, marketing
opportunities, solve marketing
problems, implement marketing
plans, and monitor marketing
performance.
The Impact of Marketing
Information on Marketers
• Marketing research is used when a business
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needs to solve problems.
Helps answer questions about what to produce,
at what price to sell the products, who will buy
the products, and how to promote the products
Helps businesses plan their future operations to
increase sales and profits.
Understand markets.
Companies keep track of what happening in
current markets.
Ways Marketers Use Marketing
Information
• Analysis----the process of summarizing, combining, or comparing
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information so that decisions can be made.
Report
Examples include
– Planning a promotional budget.
– Effectiveness of one retailer in a channel of distribution.
– Costs of marketing activities for national and international activities.
• Example: Stouffer’s Lean Cuisine—13 years of market research
– Develop product
– Test package design
– Hold pilot sales in large cities
• Track what is happening in current markets
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Determine major competitors
What major competitors are offering
Which products consumers prefer
Customer satisfaction with product
Reports Businesses use in MIM
• External:
– Government Reports, Business Publications,
Commercial Data, Information Services
• Internal:
– Marketing Plans
– Performance Sheet
• Balance sheets, Cash flow statements, Income
statements (Quarterly, Annual)
– Customer Records and sales Information
• Inventory Status, Demographic reports (Quarterly
Annual)
Information contained in sales and
expense reports that is monitored
for marketing decision-making.
• Market Share Analysis — the percentage of all sales within a market
that is held by one brand / product or company. Normally measured by
sales revenue or sales volume (the number of units sold)
• Sales Volume Analysis — A detailed study of an organization's sales, in
terms of units or revenue, for a specified period .
• Accounting Information
– Spending
– Profitability
• Sales
– Discount on sale?
– What expenses went into each sale?
• Cost
• Inventory
• Payroll
– Commission on sale?
• HELPS IDENTIFY ANY POTENTIAL PROBLEMS
Information in reports provided by
salespeople that is monitored for use
in marketing decision-making.
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Request/complaint reports
Lost sales reports
Call reports
Activity reports
Retail audits – measure market sales,
competitor’s sales, market share, prices, special
offers, stock levels by week or day to day
Product information– types of products that sell
best at various times of year; colors or sizes of
products customers prefer
– THIS INFORMATION IS USED TO IMPROVE
THE EFFECTIVENESS OF THE SALESPEOPLE!
Information about customers that is
monitored for marketing decisionmaking.
• Demographic data (age, gender, ethnicity)
• Buying habits (time of day, repeat products, amount
spent—full price or on sale, types of products)
– Ex: Diapers and beer purchased by men on Thursdays and
Saturdays
– Ex: Saturday is day most people do major grocery shopping
• Credit record
– Job
– Income level
– Marital status
• Customer requests (what products or varieties are
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requested that you don’t carry)
Receipts (is a certain neighborhood or ZIP code
frequenting your establishment more than others)
Explain information about
competitors that is monitored for
marketing decision-making.
• USP’s (unique selling points) of our product vs.
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competition to find our advantage. Is that
advantage sustainable?
Financial records for public companies (GE, Ford,
Apple)
Insight into company’s strengths, weaknesses,
and future plans (new products, marketing
campaigns)
Market share analysis
Sales volume data
Procedures for identifying
information to monitor for
marketing decision-making.
• Identify needed data
• Create a plan for collecting, storing and
analyzing data
• Compile a list of secondary sources
providing needed data
• Retrieve needed data
• Analyze/use data