marketing obj. 1.03 pp

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  • 1. Acquire foundational knowledge of marketing-information management to understand its nature and scope Marketing Indicator 1.03
  • 2. Three types of information used in marketing decision making
    • Customer
    • Marketing mix
    • Business Environment
  • 3. Customer Information
  • 4. Marketing Mix
    • Basic Products
    • Product Features
    • Services
    • Product packaging
    • Guarantees
    • Repairs
    • Credit Choice
    • Discounts
    • Promotion Methods
  • 5. Business Environment
  • 6. Why is Marketing Information Needed?
    • To identify potential customers, potential products, marketing opportunities, solve marketing problems, implement marketing plans, and monitor marketing performance.
  • 7. The Impact of Marketing Information on Marketers
    • Marketing 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 products
    • Helps businesses plan their future operations to increase sales and profits.
    • Understand markets.
    • Companies keep track of what happening in current markets.
  • 8. Ways Marketers Use Marketing Information
    • Analysis----the process of summarizing, combining, or comparing 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: Stouffers Lean Cuisine13 years of market research
      • Develop product
      • Test package design
      • Hold pilot sales in large cities
    • Track what is happening in current markets
      • Determine major competitors
      • What major competitors are offering
      • Which products consumers prefer
      • Customer satisfaction with product
  • 9. 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?
  • 10. Information in reports provided by salespeople that is monitored for use in marketing decision-making.
    • Request/complaint reports
    • Lost sales reports
    • Call reports
    • Activity reports
    • Retail audits measure market sales, competitors 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
  • 11. 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 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 requested that you dont carry)
    • Receipts (is a certain neighborhood or ZIP code frequenting your establishment more than others)
  • 12. 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 analysis
    • Sales volume data
  • 13. 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