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2.03 Notes Page 1 Acquire Foundational Knowledge Of Marketing Information Management To Understand Its Nature & Scope Vocabulary ____________________ – something that actually exists; reality; truth ______________________________ – an approximate judgment or calculation ____________________________ – a forecast of something to happen ___________________________ – a connection, association, or involvement. _______________________________________ – data collected from internal sources, external sources or marketing research Types of Information Used in Marketing Decision Making Salespeople A company’s ____________ team generates a great deal of useful ___________ for marketers Salespeople keep _________________ from which marketers can learn things such as: Who the company’s current and potential __________________ are What current and potential customers ____________ (products, customer service, etc.) Data about _________________ sales – what ___________________ are selling, and in which __________________ territories, ________________ market segments, etc. How _____________ sales stack up to the company’s ______________ and _______________ How sales ___________________ to those of other companies in the same industry What the sales staff is doing and how much it is _________________ to make sales calls (travel, food, lodging, etc.) Customers __________________ can also learn a lot from the business’ customers A single sales __________________ (itemized statement of money ____________ for a good or service) can tell marketers: ______________ a customer is ____________ industry the customer is in How much the customer has _____________ with the business this year What method of ______________ the customer prefers Most businesses also keep careful customer records, ________________ sales in unit and dollar amounts and noting how each customer uses the business’ products Competitors Beating the ___________________ is a task that is always in the forefront of a marketer’s mind 2.03 Notes Page 2 It’s important for companies to know what’s going on with competing businesses when it comes to making ___________________ decisions Sometimes, it’s difficult to get ______________ about competitors since they don’t readily _______________ their information However, for many companies, ______________ financial data are available at the click of a button on the company web site Marketers can also take note of easily __________________ data, such as a competitor’s current product offerings or promotional ____________________ Suppliers and distributors In addition to customers and competitors, marketers can gather quite a bit of data from their companies’ ________________ and _______________. A supplier, also called a ________________, is someone from whom a business purchases goods or services. Example: An orange grower in Florida may serve as a supplier for many venues If the orange crop isn’t going to be good this year, employees at the orange grove can notify venue marketers, and they can use the data to plan accordingly. Most likely, the price of oranges will go up. _____________________ are _________________ members who help to sell a business’s products. Example: A wholesale club, such as Sam’s or Costco, then, is a distributor for the orange grower and can provide useful data to the orange grove as well. The wholesaler can let the orange grove’s marketers know how well their product is selling, what feedback customers are giving, etc. News and trade journals Marketers can learn a lot just by paying attention to current ________________. For example, if the economy is struggling, marketers can keep track of news reports to see if it’s getting better or worse. This can help them make decisions about what __________________ to offer and at what _______________. Many industries also have ______________________ publications known as trade journals. In the film and television industry, for instance, Variety is a popular trade publication. Reading trade journals keeps marketers up to date on what’s happening in their ________________ and helps them to make better-informed decisions for their products and companies. 2.03 Notes Page 3 Ways Marketers Use Marketing Information Identify _______________ goals SMART – _____________, _____________, ______________, ________________, _____________________ Ex. Sales, market share, budgets Develop ___________ strategies What to __________ What ____________ of customer service to provide ______________ to offer new products Developing _____________ strategies What to ___________ for a product is as important as the product If priced too _________, customers won’t buy If priced too __________, “cheap” image may discourage buying Determine right price and when to change prices __________________ Sale – __________________ or ______________ discount Developing __________________ strategies Marketers must decide what to say to __________________, in what way, and how often to ______________ message _____________ sales? _______________ sales? Television (_________________) vs. radio vs. print Developing “_____________” strategies Getting products into customers’ _______________ How much of the product to ________ or ______________ and what _______________ of distribution to use Sales _____________ can provide useful data based on past ___________________ to gauge future need _________________ do customers like to shop for certain products Ex. A certain brand of sports shirts might sell better in Belk than it does at Wal-Mart Making _______________ decisions Marketers must _______________ funds wisely Use data to __________________ costs for each product 2.03 Notes Page 4 Use _______________ data about the company’s ________________ to help them make wise budgeting decisions Ex. If there isn’t enough money available, the development of a new product may need to be delayed Ways Marketers Use Marketing Information Identifying _________________ or ______________ • ____________________, _______________, ________________ and _______________ products take a lot of time and effort • Know what ________________ must be made over time • Problems or issues • The product itself may have ______________ flaws or other issues or need ______________ or ___________________ to keep “fresh” • • Are customers receiving the level of after-sale _______________ expected? _____________/______________ – as prices and circumstances change over time, the business may need to switch suppliers or negotiate new contracts with existing ones • ___________________ – support and training, additional sales material, additional sample products to keep customers buying Evaluating results Marketers must ________________ the outcomes of each decision they make Evaluating ___________________ outcomes can help them avoid making the same _______________ in the future Evaluating ________________ outcomes can give insights into methods and strategies that work well for the product or company Sales __________________ are key data sources Where sales are good or poor, how they’re changing, how they relate to competitors’ sales Impact of Marketing Information on Marketers Using data wisely helps marketers to create more _________________ and __________________ products for their companies Use data to meet customers’ _______________ and _________________ Satisfied customers become ______________ customers – repeat customers are __________ costly Data saves companies money and helps them to run more ____________________; make more costeffective decisions Savings contribute to the company’s bottom line which means ________________