Download Acquire foundational knowledge of marketing

Marketing 1.05
Acquire foundational knowledge of
marketing-information management to
understand its nature and scope
Three types of information used in
marketing decision making
•Customer (demo, psycho, behav)
•Marketing mix
•Business Environment
Customer Information
• Age
• Gender
• Income
• Education
• Family size
• Home
ownership
• Address
• Occupation
• How money • Brand
is spent
• Attitudes
• Primary
needs
• Product
purchases
• Purchase
frequency
preferences
• Information
needs
• Media
preferences
• Shopping
behavior
Marketing Mix
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Basic Products
Product Features
Services
Product packaging
Guarantees
Repairs
Credit Choice
Discounts
Promotion Methods
Business Environment
• Type of competition • New technology
• Competitors’
• Consumer protection
strengths
• Ethical issues
• Competitors’
• Tax policies
strategies
• Proposed laws
• Economic conditions • International
• Government
markets
regulations
Why is Marketing
Information Needed?
• To identify potential customers,
• Develop new products,
• marketing opportunities,
• solve marketing problems,
• implement marketing plans,
• monitor marketing
performance.
The Impact of Marketing
Information on Marketers
• Marketing research is used when a
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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.
Ways Marketers Use Marketing
Information: Internal Sources
• Customer profile – ex?
• Company records- sales records, expenses,
supplier data, production and operation
schedules, performance information (sales,
costs, quality, and customer satisfaction),
quarterly inventory status (indicates increase
and decrease in sales for a particular product)
etc.
• Constantly monitoring internal factors
identifies problems that might need to be
addressed.
External sources
• Competitors’ records – prices, products,
and market share
• Government data – price trends, new
regulations, laws, and future projections
for the economy
• Trade and Professional Associations –
trade journals, newsletters, or research
reports.
• Business Publications-The Wall Street
Journal, Forbes, Business Week, etc
Activity 1: Market Research
• Get out clock
• Get with your 9 o’clock
appointment
• Complete MIM 1.05 wkst using
the internet
• When complete come back to
your seat – you have 20 minutes
Warm up: 1.05A Review
1. Why is it essential for companies to do
marketing research?
2. In your notes, it mentions that MIM helps
solve problems; what are 3 problems that
a company might need to solve? Explain
3. What are two things that sales reports
can tell you about your company? Why is
it important? Explain each in detail
Information contained in sales and
expense reports that is monitored
for marketing decision-making.
• Market Share Analysis — the percentage of all
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sales within a market that is held by one brand /
product or company.
Sales Volume Analysis — A detailed study of
an organization's sales, in terms of units or
revenue, for a specified period .
Accounting Information
Sales/Discounts
Salespeople – how effective are they?
Inventory/Cost
Payroll – Commission on sale?
Information in reports provided by
salespeople that is monitored for use
in marketing decision-making.
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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
Information about customers that
is monitored for marketing
decision-making.
• Demographic data (age, gender, ethnicity)
• Buying habits (time of day, repeat
products, popular 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
Information about customers that is
monitored for marketing decisionmaking (cont)
• Credit record
• Customer requests (what products or
varieties are requested that you don’t
carry)
• Receipts/invoices (is a certain
neighborhood or ZIP code frequenting
your establishment more than others;
preferences of products)
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
• Insight into company’s strengths,
weaknesses, and future plans
• Market share analysis
• Sales volume data
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
Marketing Research – Taste the Rainbow
• As marketers you are going to do research
on skittles; you will be asked a serious of
questions – answer them completely.
• You will find out:
– Estimations
– Favorite flavor
– Affects on color choice
– DO NOT EAT BEFORE ACTIVITY IS DONE!
IF YOU ARE PLAYING AROUND YOU WILL
RECEIVE A DETENTION
– Turn in to bin
• WHEN COMPLETE work on MARKET RESEARCH wkst from
yesterday, VIRTUAL BUSINESS or MAGIC SQUARES