Download 2.03 Guided Notes Sheet

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
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 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.
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 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
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 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 ________________