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COURSE CONTENT 2.03 - Acquire foundational knowledge of marketing information management to understand its nature & scope I. II. III. IV. V. VI. Explain the need for sport/event marketing information Vocabulary a. Marketing Information - data collected from internal or external sources or from marketing research b. Facts - something that actually exists; reality; truth c. Estimates - an approximate judgment or careful calculation about the impact of a product d. Predictions - a forecast of something to happen e. Relationships – What happens to products, estimates or predictions based on changes How to use MIM in SEM a. determine potential customers b. determine products & gauge interest c. determine marketing opportunities d. solve marketing problems e. implement/measure effectiveness of marketing plans f. monitor & improve marketing performance g. make decisions about all marketing plans h. identify trends to determine what changes are occurring in the marketplace i. determine means to neutralize your competitors from gaining market share from you Additional uses of MIM a. Be proactive with your customer base i. Attract & maintain your target market by staying in touch with their ever-changing needs b. Togetherness i. Links the consumer, public and the marketer to provide better products and information to analyze your marketing efforts c. Marketing mix i. Improve your understanding of marketing as a process for your product d. Competition i. Beat them at their game! Sport Marketers should ask? a. Who consumes our product? f. What are the key benefits sought by b. Who decides on the purchase? consumers? c. Who consumes our competitors’ g. When do consumers buy? products? h. Why do consumers buy? d. What products compete with ours? i. How do consumers consume our e. What products complement ours? product? What you can learn from Data a. General Market Data i. Size of Market ii. Demographics iii. Purchase Behaviors iv. Future Trends v. Spectatorship or Participation Level b. Individual Consumer Data i. Names and Numbers ii. Product Usage (Frequency) iii. Method of Payment iv. Pattern of Consumption Sources of Data VII. VIII. a. Primary Sources i. Primary sources are original materials ii. Examples: 1. Interviews 2. Newspaper articles 3. Focus Groups 4. Polls & Surveys 5. Sampling b. Secondary Sources i. Information generated after reviewing primary data ii. Conclusions you make from primary data iii. Examples: 1. Reports 2. Summary 3. Recommendations c. Internal i. Within organization info ii. Examples: 1. Sales Records 2. Accounting Records d. External i. Outside organization info ii. Examples: 1. Census Reports 2. Public Libraries 3. State Agencies 4. Chamber of Commerce Types of Data: a. Internal Reports i. Request and Complaint Reports - A record of customers and the product(s) that they requested, along with records of complaints made by customers. ii. Lost Sales Reports – returns, damages or refusals iii. Call Report - records of sales people’s meeting or contact with customers iv. Activity Report - reports requiring salespeople to provide details (such as number of calls made, new accounts opened, displays arranged, dealer sales meetings attended and so on) as a measure of their activity in a given sales period. b. External Reports i. All marketing information (internal & external) must be objective & accurate data collected in an organized & systematic manner ii. Types 1. Customer 2. Marketing mix 3. Business Environment Data – Customer Information a. Age i. How money is n. Brand b. Gender spent preferences c. Income j. Attitudes o. Information d. Education k. Primary needs needs e. Family size l. Product p. Media f. Home ownership purchases preferences g. Address m. Purchase q. Shopping h. Occupation frequency behavior IX. X. r. Feedback s. Expectations Data – MarketingMix (4 P’s) a. Data can be used to determine your Marketing Mix b. Product i. Basic Product Type ii. Product Features iii. Good or Service iv. Packaging c. Price i. Credit Choice ii. Discounts iii. Market d. Place i. Distribution ii. Selling Locations e. Promotion i. Promotion Methods ii. Promotion Timing Data – Business Environment a. Type of competition – direct/indirect/price b. Competitors’ strengths & strategies visit them to gain data - use mystery shopper c. Economic conditions d. Government policies e. f. g. h. i. j. k. New technology Consumer protection Ethical issues Tax policies Proposed laws International markets Risk Management