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Marketing 1.05 MIM. Acquire foundational knowledge of MIM to understand it’s nature and scope. Three types of information used in marketing decision making. Customer Marketing mix Business Environment. Customer Information. Age Gender Income Education Family size Home ownership - PowerPoint PPT Presentation
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Marketing 1.05 MIMAcquire foundational knowledge of MIM to
understand it’s nature and scope
Customer Marketing mix Business Environment
Three types of information used in marketing decision making
Age Gender Income Education Family size Home
ownership Address Occupation How money is
spent
Attitudes Primary
needs Product
purchases Purchase
frequency Brand
preferences Information
needs
Media preferences
Shopping behavior
Customer Information
Marketing Mix Basic Products Product Features Services Product packaging Guarantees Repairs Credit Choice Discounts Promotion Methods
Type of competition Competitors’
strengths Competitors’
strategies Economic conditions Government
regulations New technology Consumer protection
Ethical issues Tax policies Proposed laws International markets
Business Environment
Why is Marketing Information Needed?
To identify:1. potential customers 2. potential products 3. marketing opportunities 4. solve marketing problems 5. implement marketing plans 6. monitor marketing
performance.
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.
The Impact of Marketing Information on Marketers
Analysis◦ the process of summarizing, combining, or comparing information so
that decisions can be made.◦
Example:◦ Planning a promotional budget◦ Analyzing the effectiveness of one retailer in a channel of distribution◦ Analyzing the costs of marketing activities for national and international
activities
Product Example: Stouffer’s Lean Cuisine—13 years of market research◦ Develop product◦ Test package design◦ Hold pilot sales in large cities to test market first
Track what is happening in current markets◦ Determine major competitors◦ What major competitors are offering◦ Which products consumers prefer◦ Customer satisfaction with product
Ways Marketers Use Marketing Information
With a partner Identify a current problem in marketing.
From your notes, describe types of marketing information that could be obtained to resolve the problem.
You are the Marketer, How would you solve the problem.
Present to Class.
Marketing 1.05 MIMAcquire foundational knowledge of MIM to
understand it’s nature and scope
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
Information in reports provided by salespeople that is monitored for use in
marketing decision-making.
Demographic data (age, gender, ethnicity, job, income, marital status)
Buying habits (time of day, repeat products purchased, amount spent on each transaction—full price or on sale, types of products)◦ Ex: Saturday is when most people do major grocery
shopping Credit record: do customers pay their bills on time 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)
Information about customers that is monitored for
marketing decision-making.
Would you mind be spied on by your favorite store if it benefited you??
•Neighbor Talk
USP’s (unique selling points) of our product vs. competition to find our advantage. Is that advantage sustainable, (long lasting)?
Financial records for public companies that you compete with (i.e. annual reports)
Insight into competitors’ strengths, weaknesses, and future plans (new products, marketing campaigns)
Market share analysis Sales volume data
Explain information about competitors that is monitored for marketing decision-making.
Read on Wiki: How Companies Learn Your Secrets
Write a one page summary of the article including your arguments for or against
companies knowing your secrets.
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