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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 • 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 materials • Examples: Autobiography, experiments • SECONDARY DATA: – Information and conclusions gathered from reviewing primary data (ie: Biography) – 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/ E-Marketers – CLICKSTREAM DATA » Tells e-marketers what web sites and advertisements internetusers see “You Do” • • • • Article Activity Mrs. Byers will hand you selections from an article about project planning You will read the selection and then create a poster showcasing what you learned from your selection You will present this to the class You will answer questions about each selection