marketing indicator 1.03
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DESCRIPTIONAcquire 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 - PowerPoint PPT Presentation
Acquire foundational knowledge of marketing-information management tounderstand its nature and scope Marketing Indicator 1.03
Three types of information used in marketing decision makingCustomer Marketing mixBusiness Environment
Marketing MixBasic ProductsProduct FeaturesServicesProduct packagingGuaranteesRepairsCredit ChoiceDiscountsPromotion Methods
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 MarketersMarketing research is used when a business 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 productsHelps 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 InformationAnalysis----the process of summarizing, combining, or comparing information so that decisions can be made. ReportExamples includePlanning a promotional budget.Effectiveness of one retailer in a channel of distribution.Costs of marketing activities for national and international activities.
Example: Stouffers Lean Cuisine13 years of market researchDevelop productTest package designHold pilot sales in large cities
Track what is happening in current marketsDetermine major competitorsWhat major competitors are offeringWhich products consumers preferCustomer satisfaction with product
Reports Businesses use in MIMExternal:Government Reports, Business Publications, Commercial Data, Information ServicesInternal:Marketing PlansPerformance Sheet Balance sheets, Cash flow statements, Income statements (Quarterly, Annual)Customer Records and sales InformationInventory 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 InformationSpendingProfitabilitySalesDiscount on sale?What expenses went into each sale?CostInventoryPayrollCommission on sale?
HELPS IDENTIFY ANY POTENTIAL PROBLEMS
Information in reports provided by salespeople that is monitored for use in marketing decision-making.Request/complaint reportsLost sales reportsCall reportsActivity reportsRetail audits measure market sales, competitors sales, market share, prices, special offers, stock levels by week or day to dayProduct information types of products that sell best at various times of year; colors or sizes of products customers preferTHIS INFORMATION IS USED TO IMPROVE THE EFFECTIVENESS OF THE SALESPEOPLE!
Information about customers that is monitored for marketing decision-making.Demographic data (age, gender, ethnicity)Buying habits (time of day, repeat products, amount spentfull price or on sale, types of products)Ex: Diapers and beer purchased by men on Thursdays and SaturdaysEx: Saturday is day most people do major grocery shoppingCredit recordJobIncome levelMarital statusCustomer requests (what products or varieties are requested that you dont 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.USPs (unique selling points) of our product vs. competition to find our advantage. Is that advantage sustainable?Financial records for public companies (GE, Ford, Apple)Insight into companys strengths, weaknesses, and future plans (new products, marketing campaigns)Market share analysisSales volume data
Procedures for identifying information to monitor for marketing decision-making.Identify needed dataCreate a plan for collecting, storing and analyzing dataCompile a list of secondary sources providing needed dataRetrieve needed dataAnalyze/use data