1. Acquire foundational knowledge of marketing-information management to understand its nature and scope
Marketing
Indicators 1.03 & 1.05

2. Three types of information used in marketing decision making
Customer
Marketing mix
Business Environment

3. Customer Information Age How money is spent Brand preferences Gender
Attitudes
Information needs
Income
Primary needs
Education
Media preferences
Family size
Product purchases
Home ownership
Shopping behavior
Purchase frequency
Address
Occupation

4. Marketing Mix Basic Products Product Features Services
Product packaging
Guarantees
Repairs
Credit Choice
Discounts
Promotion Methods

5. Business Environment Type of competition New technology
Competitors’ strengths
Consumer protection
Ethical issues
Competitors’ strategies
Tax policies
Proposed laws
Economic conditions
International markets
Government regulations

6. Why is Marketing Information Needed?
To identify potential customers, potential products, marketing opportunities, solve marketing problems, implement marketing plans, and monitor marketing performance.

7. 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 is happening in current markets.

8. Ways Marketers Use Marketing Information
Analysis----the process of summarizing, combining, or comparing information so that decisions can be made.
Report
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

9. 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
Spending
Profitability
Sales
Discount on sale?
What expenses went into each sale?
Cost
Inventory
Payroll
Commission on sale?

10. Information in reports provided by salespeople that is monitored for use in marketing decision-making.
Request/complaint reports
Lost sales reports
Call reports
Activity reports
Retail 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

11. Information about customers that is monitored for marketing decision-making.
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)

12. 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

13. Procedures for identifying information to monitor for marketing decision-making.
Identify needed data
Create a plan for collecting, storing and analyzing data
Compile a list of secondary sources providing needed data
Retrieve needed data
Analyze/use data