1. Marketing 1.05 MIM

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

3. Customer Information Age Brand preferences How money is spent Gender
Information needs
Attitudes
Income
Primary needs
Media preferences
Education
Product purchases
Family size
Shopping behavior
Home ownership
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:
1. potential customers
2. potential products
3. marketing opportunities
4. solve marketing problems
5. implement marketing plans
6. 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.

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

9. Ways Marketers Use Marketing Information
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

10. Ways Marketers Use Marketing Information
Track: what is happening in current markets
Determine major competitors
What major competitors are offering
Which products consumers prefer
Customer satisfaction with product

11. 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 (dollars sold) 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

12. Information contained in sales and expense reports that is monitored for marketing decision-making.
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?

13. 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

14. Information in reports provided by salespeople that is monitored for use in marketing decision-making.
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

15. Information about customers that is monitored for 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: Diapers and beer purchased by men on Thursdays and Saturdays
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)

16. 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, (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

17. 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