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Acquire foundational knowledge of marketing-information management to understand its nature and scope Marketing Indicator 1.05 Three types of information used in marketing decision making • Customer • 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 • • • • • • • • • 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, potential products, marketing opportunities, solve marketing problems, implement marketing plans, and monitor marketing performance. The Impact of Marketing Information on Marketers • 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 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 • Analysis----the process of summarizing, combining, or comparing • information so that decisions can be made. Examples include – Planning a promotional budget. – Effectiveness of one retailer in a channel of distribution. – Costs of marketing activities for national and international activities. • Example: Stouffer’s Lean Cuisine—13 years of market research – Develop product – Test package design – Hold pilot sales in large cities • Track what is happening in current markets – – – – Determine major competitors What major competitors are offering Which products consumers prefer Customer satisfaction with product Information contained in sales and expense reports that is monitored for marketing decision-making. • Market Share Analysis — the percentage of all sales within a market that is held by one brand / product or company. Normally measured by sales revenue or sales volume (the number of units sold) • Sales Volume Analysis — A detailed study of an organization's sales, in terms of units or revenue, for a specified period. • Accounting Information analyzed – Spending/Costs to produce and sell products – Profitability/ Sales – Total Costs • Sales – How much did they have to discount the product to achieve the sale? – What expenses went into each sale? • Inventory/How much product is left in inventory • Payroll – How much commission did they have to pay the sales rep? Information in reports provided by salespeople that is monitored for use in marketing decision-making. • Request & Complaint reports/products customers • • • • • requested and problems customers reported Lost sales reports/ cancelled orders or under stocked items Call reports/what happened in each sales call Activity reports/ all travel, phone calls and in person sales calls for a given period of time Retail audits to measure market sales, competitor’s sales, market share, prices, special offers, stock levels by week or day Product information reports– 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 decisionmaking. • Demographic data (age, gender, ethnicity) • Buying habits (time of day, repeat 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 • Credit record – Job – Income level – Marital status • Customer requests (what products or varieties are • requested that you don’t carry) Receipts (is a certain neighborhood or ZIP code frequenting your establishment more than others) 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. Is that advantage sustainable? Financial records for public companies (GE, Ford, Apple) Insight into company’s strengths, weaknesses, and future plans (new products, marketing campaigns) Market share analysis Sales volume data Procedures for identifying information to monitor for marketing decision-making. • Identify data needed for decision-making • Create a plan for collecting, storing and analyzing that data • Compile a list of secondary sources of data • Retrieve the data you need • Analyze/use data to make decisions