1.05: MARKETING INFORMATION

Data-Based

WARM-UP

Comparing Goals, Strategies, & Tactics

_____. 1. A salesperson meets one-on-one with customers

_____. 2. A firm wants to increase sales by 10% over last year’s sales.

_____. 3. A salesperson calls to set up a meeting with a customer.

A. GoalsB. StrategiesC. Tactics

WARM-UP

Comparing Goals, Strategies, & Tactics

______________. 1. A salesperson meets one-on-one with customers

______________. 2. A firm wants to increase sales by 10% over last year’s sales.

_____________. 3. A salesperson calls to set up a meeting with a customer.

Goals

Tactics

Strategies

ANNOUNCEMENTS Grades are updated

If you are missing anything….get it in.

Unit 1 Test is Thursday (February 13, 2014)

Warm-ups Print sheet from website Handwrite is fine Write the warmup question & answer.

Example of bad answers: C, Promotion, Ideas, Service, Place, Demo The warmups are your study guide for tests. Both parts matter.

OBJECTIVES

WHICH CAME FIRST….

ChickenEgg

WHICH CAME FIRST…

DataInformation

ANSWER….

_______________came before

_Information__

Data is simply facts & figures.Information is facts & data presented in a useful form.

Data

KEY TERM

Marketing Information: Marketing data available from inside and outside a business that have been processed and organized in a useful way.

Allows you to solve problems & plan effectively

Examine the past to predict the future

Inside: Ask customers questions & examine your own marketing mix

Outside: What is the competition doing?

MARKETING INFORMATION: NIKE

NIKES PRIVACY POLICYNike collects data

all the time.

The data they use is turned into information to

better their company.

ASSIGNMENT: WRITE THESE 9 QUESTIONS DOWN

1. Identify types of information used in marketing decision-making.2. Identify types of marketing information useful to marketers.3. Describe ways that marketers use marketing information.4. Explain the impact of marketing information on marketers.5. Explain information contained in sales and expense reports that is

monitored for marketing decision-making.6. Describe information in reports provided by salespeople that is

monitored for use in marketing decision-making.7. Discuss information about customers that is monitored for

marketing decision-making.8. Explain information about competitors that is monitored for

marketing decision-making.9. Demonstrate procedures for identifying information to monitor for

marketing decision-making.

ASSIGNMENT: WRITE THESE 8 TERMS DOWN

1. Marketing Information2. Relationships3. Facts4. Predictions5. Estimates6. Request and complaint reports7. Lost sales reports8. Call reports9. Activity reports.

QUESTION #1

Define the term Facts.

ANSWER #1

Define the term Facts.Data that can be verified.

QUESTION #2

Define the term Predictions.

ANSWER #2

Define the term Predictions.

Predictions, sometimes called projections, are forecasts that people make about the

future.

QUESTION #3

Define the term Estimates.

ANSWER #3

Define the term Estimates.

Estimates are approximations of data. They are educated guesses.

MARKETING INFO. MANAGEMENT

Facts v. Predictions v. Estimates Facts are based off of actual events that occurred

Predictions are projections marketers make based off of research, observation, or previous facts Determine future based off of current trends There is a pattern that leads to the projection

Estimations are educated guesses or approximations

EXAMPLES OF…..

Facts(True Statement)

Predictions(Based off of trends)

Estimates(Educated guess)

Coca-Cola’s natural color is green

Retail stores opening:2011: 8 new stores opened2012: 12 new stores opened2013: 18 new stores opened2014: ____ new stores opened

It will cost $1,500 to get your car fixed

Polar bears are left handed.

NBA Salary Cap:2000: 35.5 million2005: 45.5 million2010: 55.5 million2015: ____ million

A pen costs $4.15. A pen is closer $4.00 than

$5.00Buying 5 pens will cost

$20.00

QUESTION #4

Identify types of information

used in marketing decision-making.

ANSWER #1

Identify types of information used in marketing decision-

making.

Facts, Predictions, & Estimates

QUESTION #2

Identify types of marketing information useful to

marketers.

ANSWER #2:IDENTIFY TYPES OF MARKETING INFORMATION USEFUL TO MARKETERS. Who the company’s current and potential customers are What current and potential customers want (products, customer service, etc.)

Data about completed sales—what products are selling, and in which geographic territories, target market segments, etc.

How actual sales stack up to the company’s goals and budgets How sales compare to those of other companies in the same industry

What the sales staff is doing and how much it is spending to make sales calls (travel, food, lodging, etc.)

QUESTION #3

Describe ways that marketers use marketing information.

ANSWER #3DESCRIBE WAYS THAT MARKETERS USE MARKETING INFORMATION.

Describe ways that marketers use marketing information.

To identify realistic goals Develop product strategies Develop pricing strategies Develop promotional strategies Develop “place” strategies Make budgeting decisions Identify problems or issues Evaluate results.

QUESTION #4

Explain the impact of marketing information on

marketers.

ANSWER #4:EXPLAIN THE IMPACT OF MARKETING INFORMATION ON MARKETERS.

The overall impact of using marketing data wisely is positive.

It generates more competitive and successful products and creates more satisfied customers.

It also saves companies money and impacts the bottom line.

QUESTION #5

Explain information contained in sales and expense reports

that is monitored for marketing decision-making.

ANSWER #5:EXPLAIN INFORMATION CONTAINED IN SALES AND EXPENSE REPORTS THAT IS MONITORED FOR MARKETING DECISION-MAKING.

Sales ReportSales reports might cover the month, the

quarter, the year, or an even longer period of time.

Expense ReportWhat an employee submits to their boss relating to the expenses they encounter while trying to make a sale.

Total dollar and unit sales Costs of travel

Sales in relation to goals Lodging

Sales in relation to budget Food

Sales in relation to prior time periods

Entertainment

Increases/decreases in sales percentages

Cost of calling clientsExpense Report: http://www.youtube.com/watch?v=744yWpwK0mU

QUESTION #6

Describe information in reports provided by

salespeople that is monitored for use in marketing decision-making.

ANSWER #6:DESCRIBE INFORMATION IN REPORTS PROVIDED BY SALESPEOPLE THAT IS MONITORED FOR USE IN MARKETING DECISION-MAKING.

Information in reports provided by salespeople that is monitored for use in Marketing Decision-Making

Request / Complaint ReportsLost Sales Reports

Call ReportsActivity ReportsRetail Audits:

Measure market sales, competitor’s sales, market share, prices, special offers, stock levels by week or day to day

Product Information:Types of products that sell best at various times of year; colors or sizes of products customers

prefer

QUESTION #7

Discuss information about customers that is monitored

for marketing decision-making.

ANSWER #7:DESCRIBE INFORMATION IN REPORTS PROVIDED BY SALESPEOPLE THAT IS MONITORED FOR USE IN MARKETING DECISION-MAKING.

Customer records should include data such as: Who they are, where they are, & how the company interacts with them

Specific Examples: The customer’s contact information (name, address, e-mail, company web site,

etc.) The customer’s industry The number of sales calls made and name(s) of salesperson(s) Sale amounts in dollars and units Annual purchases and product usage

QUESTION #8

Explain information about competitors that is monitored

for marketing decision-making.

ANSWER #8: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.

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

QUESTION #9

Demonstrate procedures for identifying information to

monitor for marketing decision-making

ANSWER #9:DEMONSTRATE PROCEDURES FOR IDENTIFYING INFORMATION TO MONITOR FOR MARKETING DECISION-MAKING

1. Identify needed data2. Create a plan for collecting, storing and

analyzing data3. Compile a list of secondary sources providing

needed data4. Retrieve needed data5. Analyze/use data

MARKETING DECISIONS Marketers identify, gather, organize, analyze, and use data for

marketing decision making

Information collected is done through two types of sources Primary: Information that comes from new research the organization

carries out on its own initiative.

Secondary: Information that comes from research that is already available

PRIMARY V. SECONDARY DATAPrimary Secondary

Current Customers Company Sales Records / Invoices

Vendors Financial Statements

Employees Customer Databases

Management Customer Comment Cards

Channel Members Trade Associations & Publications

Former Customers Competitor’s Website

Prospective Customers Directories

TERM #4

Relationship

TERM #4: RELATIONSHIP

A connection, association, or involvement

TERM #5

Request & Complaint Report

TERM #5: REQUEST & COMPLAINT REPORT

A record of customers and the product(s) that they

requested, along with records of complaints

made by customers.

TERM #6

Lost Sales Report

TERM #6: LOST SALES REPORT

Records why items or orders are cancelled or is used to estimate the total sales that

stand to be lost because items are understocked.

TERM #7

Call Reports

TERM #7: CALL REPORTS Records of sales calls. Since not every sales call results in a sale, there are not always invoices to refer to for needed data.

A call report records useful information whether or not a sale is made.

In call reports, salespeople keep track of data including: Prospect contacted Prospect’s needs Product(s) discussed Names of contacts Orders obtained

TERM #8

Activity Reports

TERM #8: ACTIVITY REPORTS

Reports requiring salespeople to provide details as a measure of their activity in a given period