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1.05: Marketing information

1.05: Marketing information. Data-Based. Warm-up. Comparing Goals, Strategies, & Tactics _____. 1. A salesperson meets one-on-one with customers _____. 2. A firm wants to increase sales by 10% over last year’s sales . _____. 3. A salesperson calls to set up a meeting with a customer.

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1.05: Marketing information

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  1. 1.05: Marketing information Data-Based

  2. Warm-up Comparing Goals, Strategies, & Tactics _____. 1. A salesperson meets one-on-one with customers _____. 2. A firm wants to increase sales by 10% over last year’s sales. _____. 3. A salesperson calls to set up a meeting with a customer. • Goals • Strategies • Tactics

  3. Warm-up Comparing Goals, Strategies, & Tactics ______________. 1. A salesperson meets one-on-one with customers ______________. 2. A firm wants to increase sales by 10% over last year’s sales. _____________. 3. A salesperson calls to set up a meeting with a customer. Strategies Goals Tactics

  4. Announcements • Grades are updated • If you are missing anything….get it in. • Unit 1 Test is Thursday (February 13, 2014) • Warm-ups • Print sheet from website • Handwrite is fine • Write the warmup question & answer. • Example of bad answers: • C, Promotion, Ideas, Service, Place, Demo • The warmups are your study guide for tests. Both parts matter.

  5. Objectives

  6. Which came first…. Egg Chicken

  7. Which Came First… Data Information

  8. Answer…. Data _______________ came before _Information__ Data is simply facts & figures. Information is facts & data presented in a useful form.

  9. Key Term Marketing Information:Marketing data available from inside and outside a business that have been processed and organized in a useful way. • Allows you to solve problems & plan effectively • Examine the past to predict the future • Inside: Ask customers questions & examine your own marketing mix • Outside: What is the competition doing?

  10. Marketing Information: Nike

  11. Nikes privacy policy Nike collects data all the time. The data they use is turned into information to better their company.

  12. Assignment: Write these 9 questions down • Identify types of information used in marketing decision-making. • Identify types of marketing information useful to marketers. • Describe ways that marketers use marketing information. • Explain the impact of marketing information on marketers. • Explain information contained in sales and expense reports that is monitored for marketing decision-making. • Describe information in reports provided by salespeople that is monitored for use in marketing decision-making. • Discuss information about customers that is monitored for marketing decision-making. • Explain information about competitors that is monitored for marketing decision-making. • Demonstrate procedures for identifying information to monitor for marketing decision-making.

  13. Assignment: Write these 8 TERMS down • Marketing Information • Relationships • Facts • Predictions • Estimates • Request and complaint reports • Lost sales reports • Call reports • Activity reports.

  14. Question #1 Define the term Facts.

  15. Answer #1 Define the term Facts. Data that can be verified.

  16. Question #2 Define the term Predictions.

  17. Answer #2 Define the term Predictions. Predictions, sometimes called projections, are forecasts that people make about the future.

  18. Question #3 Define the term Estimates.

  19. Answer #3 Define the term Estimates. Estimates are approximations of data. They are educated guesses.

  20. Marketing Info. Management • Facts v. Predictions v. Estimates • Factsare based off of actual events that occurred • Predictionsare projections marketers make based off of research, observation, or previous facts • Determine future based off of current trends • There is a pattern that leads to the projection • Estimationsare educated guesses or approximations

  21. Examples of…..

  22. Question #4 Identify types of information used in marketing decision-making.

  23. Answer #1 Identify types of information used in marketing decision-making. Facts, Predictions, & Estimates

  24. Question #2 Identify types of marketing information useful to marketers.

  25. Answer #2:Identify types of marketing information useful to marketers. • Who the company’s current and potential customers are • What current and potential customers want (products, customer service, etc.) • Data about completed sales—what products are selling, and in which geographic territories, targetmarket segments, etc. • How actual sales stack up to the company’s goals and budgets • How sales compare to those of other companies in the same industry • What the sales staff is doing and how much it is spending to make sales calls (travel, food, lodging, etc.)

  26. Question #3 Describe ways that marketers use marketing information.

  27. Answer #3Describe ways that marketers use marketing information. Describe ways that marketers use marketing information. • To identify realistic goals • Develop product strategies • Develop pricing strategies • Develop promotional strategies • Develop “place” strategies • Make budgeting decisions • Identify problems or issues • Evaluate results.

  28. Question #4 Explain the impact of marketing information on marketers.

  29. Answer #4:Explain the impact of marketing information on marketers. The overall impact of using marketing data wisely is positive. It generates more competitive and successful products and creates more satisfied customers. It also saves companies money and impacts the bottom line.

  30. Question #5 Explain information contained in sales and expense reports that is monitored for marketing decision-making.

  31. Answer #5:Explain information contained in sales and expense reports that is monitored for marketing decision-making. Expense Report: http://www.youtube.com/watch?v=744yWpwK0mU

  32. Question #6 Describe information in reports provided by salespeople that is monitored for use in marketing decision-making.

  33. Answer #6:Describe information in reports provided by salespeople that is monitored for use in marketing decision-making.

  34. Question #7 Discuss information about customers that is monitored for marketing decision-making.

  35. Answer #7:Describe information in reports provided by salespeople that is monitored for use in marketing decision-making. Customer records should include data such as: • Who they are, where they are, & how the company interacts with them • Specific Examples: • The customer’s contact information (name, address, e-mail, company web site, etc.) • The customer’s industry • The number of sales calls made and name(s) of salesperson(s) • Sale amounts in dollars and units • Annual purchases and product usage

  36. Question #8 Explain information about competitors that is monitored for marketing decision-making.

  37. Answer #8: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. • 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

  38. Question #9 Demonstrate procedures for identifying information to monitor for marketing decision-making

  39. Answer #9:Demonstrate 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

  40. Marketing decisions • Marketers identify, gather, organize, analyze, and use data for marketing decision making • Information collected is done through two types of sources • Primary: Information that comes from new research the organization carries out on its own initiative. • Secondary: Information that comes from research that is already available

  41. Primary v. secondary data

  42. Term #4 Relationship

  43. Term #4: Relationship Aconnection, association, or involvement

  44. Term #5 Request & Complaint Report

  45. Term #5: Request & Complaint Report A record of customers and the product(s) that they requested, along with records of complaints made by customers.

  46. Term #6 Lost Sales Report

  47. Term #6: Lost sales report Records why items or orders are cancelled or is used to estimate the total sales that stand to be lost because items are understocked.

  48. Term #7 Call Reports

  49. Term #7: Call Reports • Records of sales calls. • Since not every sales call results in a sale, there are not always invoices to refer to for needed data. • A call report records useful information whether or not a sale is made. • In call reports, salespeople keep track of data including: • Prospect contacted • Prospect’s needs • Product(s) discussed • Names of contacts • Orders obtained

  50. Term #8 Activity Reports

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