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
- Marketing mix
- Business Environment
- 3. Customer Information
- 4. Marketing Mix
- Basic Products
- Product Features
- Product packaging
- Credit Choice
- 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.
- 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
- Discount on sale?
- What expenses went into each sale?
- 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
- 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
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