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Marketing Indicator 1.03

Acquire foundational knowledge of marketing-information management to understand its nature and scope. Marketing Indicator 1.03. The Impact of Marketing Information on Marketers. Marketing research is used when a business needs to solve problems.

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Marketing Indicator 1.03

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  1. Acquire foundational knowledge of marketing-information management tounderstand its nature and scope Marketing Indicator 1.03

  2. 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.

  3. 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: 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 • Determine major competitors • What major competitors are offering • Which products consumers prefer • Customer satisfaction with product

  4. Information about customers that is monitored for marketing decision-making. • 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 requested that you don’t carry) • Receipts (is a certain neighborhood or ZIP code frequenting your establishment more than others)

  5. Database MarketingRewards Cards Supermarket Reward Cards • What type of information may be collected from such cards. • How many students use such cards or know people who do? • Did you know the supermarket was collecting this information when you signed up for the card? • Does knowing your purchases are being tracked make you more or less likely to use the card? • List other possible ways in which businesses collect information that consumers might not be aware of. SAVE MORE AS A FOOD LION MVP

  6. Database MarketingRewards Cards (cont) http://www.youtube.com/watch?v=OCKr4Ao-YQU http://www.youtube.com/watch?v=1Tk57NSelvU http://www.youtube.com/watch?v=hlp1RZ6ntIc SAVE MORE AS A FOOD LION MVP

  7. Activities Group Activity – 10 Minutes Quizlet – 10 minutes http://quizlet.com/6368322/mktg-103-2011 flash-cards/ http://quizlet.com/6367796/mktg-102-2011-flash-cards/

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