Download Acquire foundational knowledge of marketing

Acquire foundational knowledge of MIM to
understand it’s nature and scope
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Customer
Marketing mix
Business Environment
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Age
Gender
Income
Education
Family size
Home
ownership
Address
Occupation
How money is
spent
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Attitudes
Primary needs
Product
purchases
Purchase
frequency
Brand
preferences
Information
needs
Media
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preferences
Shopping
behavior
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Basic Products
Product Features
Services
Product packaging
Guarantees
Repairs
Credit Choice
Discounts
Promotion Methods
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Type of competition
Competitors’
strengths
Competitors’
strategies
Economic conditions
Government
regulations
New technology
Consumer protection
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Ethical issues
Tax policies
Proposed laws
International markets
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To identify:
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potential customers
potential products
marketing opportunities
solve marketing problems
implement marketing plans
monitor marketing performance.
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Marketing research is used when a 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
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Helps businesses plan their future operations
to increase sales and profits.
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Understand markets.
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Analysis
◦ the process of summarizing, combining, or comparing
information so that decisions can be made.
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Example:
◦ Planning a promotional budget
◦ Analyzing the effectiveness of one retailer in a channel of distribution
◦ Analyzing the costs of marketing activities for national and international
activities
Product Example: Stouffer’s Lean Cuisine—13 years of market
research
◦ Develop product
◦ Test package design
◦ Hold pilot sales in large cities to test market first
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Track what is happening in current markets
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Determine major competitors
What major competitors are offering
Which products consumers prefer
Customer satisfaction with product
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With a partner Identify a current problem in
marketing.
From your notes, describe types of marketing
information that could be obtained to resolve
the problem.
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You are the Marketer, How would you solve
the problem.
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Present to Class.
Acquire foundational knowledge of MIM to
understand it’s nature and scope
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Request & Complaint reports/products customers
requested and problems customers reported
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Lost sales reports/ cancelled orders or under
stocked items
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Call reports/what happened in each sales call
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Activity reports/ all travel, phone calls and in
person sales calls for a given period of time
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Demographic data (age, gender, ethnicity, job,
income, marital status)
Buying habits (time of day, repeat products
purchased, amount spent on each transaction—full
price or on sale, types of products)
◦ Ex: Saturday is when most people do major grocery
shopping
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Credit record: do customers pay their bills on time
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Customer requests (what products or varieties are
requested that you don’t carry)
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Receipts (is a certain neighborhood or ZIP code
frequenting your establishment more than others)
 Would
you
mind be spied
on by your
favorite store
if it benefited
you??
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USP’s (unique selling points) of our product vs.
competition to find our advantage. Is that
advantage sustainable, (long lasting)?
Financial records for public companies that you
compete with (i.e. annual reports)
Insight into competitors’ strengths,
weaknesses, and future plans (new products,
marketing campaigns)
Market share analysis
Sales volume data
Read on Wiki:
How Companies Learn Your Secrets
Write a one page summary of the article
including your arguments for or against
companies knowing your secrets.