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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. Three types of information used in marketing decision making. Customer Marketing mix Business Environment. Customer Information. Age Gender Income

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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. Three types of information used in marketing decision making • Customer • Marketing mix • Business Environment

  3. Customer Information • Age • Gender • Income • Education • Family size • Home ownership • Address • Occupation • How money is spent • Attitudes • Primary needs • Product purchases • Purchase frequency • Brand preferences • Information needs • Media preferences • Shopping behavior

  4. Marketing Mix • Basic Products • Product Features • Services • Product packaging • Guarantees • Repairs • Credit Choice • Discounts • Promotion Methods

  5. Business Environment • Type of competition • Competitors’ strengths • Competitors’ strategies • Economic conditions • Government regulations • New technology • Consumer protection • Ethical issues • Tax policies • Proposed laws • International markets

  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: 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

  9. Reports Businesses use in MIM • External: • Government Reports, Business Publications, Commercial Data, Information Services • Internal: • Marketing Plans • Performance Sheet • Balance sheets, Cash flow statements, Income statements (Quarterly, Annual) • Customer Records and sales Information • Inventory Status, Demographic reports (Quarterly Annual)

  10. 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? • HELPS IDENTIFY ANY POTENTIAL PROBLEMS

  11. 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, competitor’s 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 • THIS INFORMATION IS USED TO IMPROVE THE EFFECTIVENESS OF THE SALESPEOPLE!

  12. 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)

  13. Explain information about competitors that is monitored for marketing decision-making. • USP’s (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 company’s strengths, weaknesses, and future plans (new products, marketing campaigns) • Market share analysis • Sales volume data

  14. 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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