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2.03. Acquire foundational knowledge of marketing information management to understand its nature & scope. Explain the need for sport/event marketing information. VOCABULARY. Marketing Information - data collected from internal or external sources to help make marketing decisions
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2.03 Acquire foundational knowledge of marketing information management to understand its nature & scope
VOCABULARY • Marketing Information - data collected from internal or external sources to help make marketing decisions • Facts - something that actually exists; reality; truth • Estimates - an approximate judgment or careful calculation about the impact of a product • Predictions - a forecast of something to happen • Relationships – What happens to products, estimates or predictions based on changes
USES OF MARKETING INFORMATION • IDENTIFY TRENDS • Determine what changes are occurring in the market • Identify realistic goals • Attracting and maintaining target market
WAYS to use Marketing Information • Be SYSTEMATIC (organized) • Be PROACTIVE • seek and take advantage of opportunities • Collect accurate data CONSTANTLY • Keep up with changing needs of target market
IMPACT of Marketing Information • Keep up with changing TRENDS • Better reach to the target market • Don’t waste money on ineffective advertising Trends in 2012
TYPES OF MARKETING INFORMATION • PRIMARY DATA: • Original DATA or FACTS collected for a purpose • SPECTATORS and PARTICIPANTS major SOURCES of Primary Data • (ie: Concert attendees, Game attendees, Gym Members) • SECONDARY DATA: • Information and conclusions gathered from reviewing primary data • 2 Types: • INTERNAL • EXTERNAL
INTERNAL DATA INFORMATION/RECORDS WITHIN ORGANIZATION • Request and Complaint Reports from customers • Lost Sales Reports (Returns, damages)
EXTERNAL DATA • Information/Records Outside the organization • Identifies TARGET MARKET INFORMATION • GOVERNMENT SOURCES/ DEMOGRAPHIC RECORDS • POPULATION INFORMATION in certain geographic locations • Identify locations of certain target markets • Is there a large enough population in a certain area to support a sport team/event? • Internet External Data/ E-Marketers • CLICKSTREAM DATA • Tells e-marketers what web sites and advertisements internet-users see
Quiz Preview • #13 What is the preferred way sports marketers collect primary data? • By selling third party mailing lists • By surveying customers • By reading trade journals • By reviewing government websites • #14 Sporting-goods businesses often gather marketing information to • identify trends • obtain licensing contracts • gain the respect of competitors • adjust credit ratings • #15 To learn about its target market's needs and wants, a professional soccer league should obtain information from its fans • before it implements organizational changes • only when there appears to be a problem • if ticket sales show short-term improvement • in a proactive and systematic manner • #6 Which of the following is NOT a way to use marketing information? • Monitor marketing performance • Improve understanding of marketing process • Identify marketing trends • Make decisions based on guesses
Unit 2 Project Part 4 • As Marketing Coordinator of a host site for the NCAA tournament, it is your responsibility to acquire data and identify trends for your event. • Research and find data that supports trends for the NCAA Tournament: • Slide 9: How trends effect your goals • Identify trends for the tournament over the past 10 years or so. Is it gaining popularity? How has attendance been during your round? Are tickets selling during your round? • What are your goals for your venue as far as turn out and sales? Are they realistic based on the trends? • Who is your target market? How will you attract them to the venue/event? • Slide 10: Marketing Information • You are to gather primary data through a survey for your attendees. Provide 3 sample questions that would be on that survey. • You are to research secondary internal data. Use tickets sales from past NCAA Tournaments for your respective round. What information does it reveal? • You are to research secondary external data. Find demographic information about who specifically is coming to these tournament games (i.e. research reveals attendees were 60% Caucasian 30% African American 5% Hispanic and 5% other, 54% male, 46% female, 80% basketball lovers 10% tourists 5% on business 5% entertainment seeker). • Continue along with Unit 2 Project Part 3. Complete and submit to Edmodo by the end of class.