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2.03 Acquire foundational knowledge of marketing information management to understand its nature & scope 2.03 Explain the need for sport/event marketing information 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 • http://www.youtube.com/watch?v=VkdFx5JzRic 2014 Trend Forecaster • https://www.youtube.com/watch?v=VkdFx5Jz Ric • 2015 • https://www.youtube.com/watch?v=XeEgcS6L ejM 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) Advantages •Saves money •Easily accessed Disadvantages •Doesn’t acknowledge market •Might not be up-to-date 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 – CLICKSTREAM DATA » Tells e-marketers what web sites and advertisements internetusers see Answer Questions from “It’s a Hit Case Study” (notes) & NYC Research (Slide 12) on a separate sheet of paper. NYC- RESEARCH There are 5 boroughs that make up NYC. NYC has 2 baseball teams and 2 stadiums. • Name the 5 boroughs. • Name the teams and the stadiums. • Determine the location of each of the stadiums and population. • Does where people live make a difference in which of the 2 baseball teams they support? • How do the 2 teams know which residents are their fans? Use ”Data do it” notes (linked on my web page) and this power point to help answer questions. Where’d You Get That Info? • • • • • Salespeople Customers Competitors Supplier/manufacturer News & trade Journals (industry magazines) Qualitative Data • Deals with descriptions. • Data can be observed but not measured. • Colors, textures, smells, tastes, appearance, beauty, etc. • Qualitative → Quality Quantitative Data • Deals with numbers. • Data which can be measured. • Length, height, area, volume, weight, speed, time, temperature, humidity, sound levels, cost, members, ages, etc. • Quantitative → Quantity