Acquire foundational knowledge of marketing-information management to understand its nature and scope Marketing Indicator ...
Three types of information used in marketing decision making <ul><li>Customer  </li></ul><ul><li>Marketing mix </li></ul><...
Customer Information
Marketing Mix <ul><li>Basic Products </li></ul><ul><li>Product Features </li></ul><ul><li>Services </li></ul><ul><li>Produ...
Business Environment
Why is Marketing Information Needed? <ul><li>To identify potential customers, potential products, marketing opportunities,...
The Impact of Marketing Information on Marketers <ul><li>Marketing research is used when a business needs to solve problem...
Ways Marketers Use Marketing Information <ul><li>Analysis----the process of summarizing, combining, or comparing informati...
Information contained in sales and expense reports that is monitored for marketing decision-making. <ul><li>Market Share A...
Information in reports provided by salespeople that is monitored for use in marketing decision-making. <ul><li>Request/com...
Information about customers that is monitored for marketing decision-making. <ul><li>Demographic data (age, gender, ethnic...
Explain information about competitors that is monitored for marketing decision-making. <ul><li>USP’s (unique selling point...
Procedures for identifying information to monitor for marketing decision-making. <ul><li>Identify needed data </li></ul><u...
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Marketing Obj. 1.03 pp

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Marketing Obj. 1.03 pp

  1. 1. Acquire foundational knowledge of marketing-information management to understand its nature and scope Marketing Indicator 1.03
  2. 2. Three types of information used in marketing decision making <ul><li>Customer </li></ul><ul><li>Marketing mix </li></ul><ul><li>Business Environment </li></ul>
  3. 3. Customer Information
  4. 4. Marketing Mix <ul><li>Basic Products </li></ul><ul><li>Product Features </li></ul><ul><li>Services </li></ul><ul><li>Product packaging </li></ul><ul><li>Guarantees </li></ul><ul><li>Repairs </li></ul><ul><li>Credit Choice </li></ul><ul><li>Discounts </li></ul><ul><li>Promotion Methods </li></ul>
  5. 5. Business Environment
  6. 6. Why is Marketing Information Needed? <ul><li>To identify potential customers, potential products, marketing opportunities, solve marketing problems, implement marketing plans, and monitor marketing performance. </li></ul>
  7. 7. The Impact of Marketing Information on Marketers <ul><li>Marketing research is used when a business needs to solve problems. </li></ul><ul><li>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 </li></ul><ul><li>Helps businesses plan their future operations to increase sales and profits. </li></ul><ul><li>Understand markets. </li></ul><ul><li>Companies keep track of what happening in current markets. </li></ul>
  8. 8. Ways Marketers Use Marketing Information <ul><li>Analysis----the process of summarizing, combining, or comparing information so that decisions can be made. </li></ul><ul><li>Report </li></ul><ul><li>Examples include </li></ul><ul><ul><li>Planning a promotional budget. </li></ul></ul><ul><ul><li>Effectiveness of one retailer in a channel of distribution. </li></ul></ul><ul><ul><li>Costs of marketing activities for national and international activities. </li></ul></ul><ul><li>Example: Stouffer’s Lean Cuisine—13 years of market research </li></ul><ul><ul><li>Develop product </li></ul></ul><ul><ul><li>Test package design </li></ul></ul><ul><ul><li>Hold pilot sales in large cities </li></ul></ul><ul><li>Track what is happening in current markets </li></ul><ul><ul><li>Determine major competitors </li></ul></ul><ul><ul><li>What major competitors are offering </li></ul></ul><ul><ul><li>Which products consumers prefer </li></ul></ul><ul><ul><li>Customer satisfaction with product </li></ul></ul>
  9. 9. Information contained in sales and expense reports that is monitored for marketing decision-making. <ul><li>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) </li></ul><ul><li>Sales Volume Analysis — A detailed study of an organization's sales, in terms of units or revenue, for a specified period . </li></ul><ul><li>Accounting Information </li></ul><ul><ul><li>Spending </li></ul></ul><ul><ul><li>Profitability </li></ul></ul><ul><li>Sales </li></ul><ul><ul><li>Discount on sale? </li></ul></ul><ul><ul><li>What expenses went into each sale? </li></ul></ul><ul><li>Cost </li></ul><ul><li>Inventory </li></ul><ul><li>Payroll </li></ul><ul><ul><li>Commission on sale? </li></ul></ul>
  10. 10. Information in reports provided by salespeople that is monitored for use in marketing decision-making. <ul><li>Request/complaint reports </li></ul><ul><li>Lost sales reports </li></ul><ul><li>Call reports </li></ul><ul><li>Activity reports </li></ul><ul><li>Retail audits – measure market sales, competitor’s sales, market share, prices, special offers, stock levels by week or day to day </li></ul><ul><li>Product information– types of products that sell best at various times of year; colors or sizes of products customers prefer </li></ul>
  11. 11. Information about customers that is monitored for marketing decision-making. <ul><li>Demographic data (age, gender, ethnicity) </li></ul><ul><li>Buying habits (time of day, repeat products, amount spent—full price or on sale, types of products) </li></ul><ul><ul><li>Ex: Diapers and beer purchased by men on Thursdays and Saturdays </li></ul></ul><ul><ul><li>Ex: Saturday is day most people do major grocery shopping </li></ul></ul><ul><li>Credit record </li></ul><ul><ul><li>Job </li></ul></ul><ul><ul><li>Income level </li></ul></ul><ul><ul><li>Marital status </li></ul></ul><ul><li>Customer requests (what products or varieties are requested that you don’t carry) </li></ul><ul><li>Receipts (is a certain neighborhood or ZIP code frequenting your establishment more than others) </li></ul>
  12. 12. Explain information about competitors that is monitored for marketing decision-making. <ul><li>USP’s (unique selling points) of our product vs. competition to find our advantage. Is that advantage sustainable? </li></ul><ul><li>Financial records for public companies (GE, Ford, Apple) </li></ul><ul><li>Insight into company’s strengths, weaknesses, and future plans (new products, marketing campaigns) </li></ul><ul><li>Market share analysis </li></ul><ul><li>Sales volume data </li></ul>
  13. 13. Procedures for identifying information to monitor for marketing decision-making. <ul><li>Identify needed data </li></ul><ul><li>Create a plan for collecting, storing and analyzing data </li></ul><ul><li>Compile a list of secondary sources providing needed data </li></ul><ul><li>Retrieve needed data </li></ul><ul><li>Analyze/use data </li></ul>
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