Presentation on theme: "2.05 Collect secondary marketing data to ensure accuracy and adequacy of information for decision-making."— Presentation transcript:
2.05 Collect secondary marketing data to ensure accuracy and adequacy of information for decision-making
Search the Internet for sport/event marketing information
INTERNET: IMPORTANT SOURCE of Secondary Marketing Information Main way that SEM organizations obtain useful marketing information (MI) Vast amount of information available online relating to SEM.
INTERNET DATABASES for SEM MI Government Census: – Demographic Information (Population, age ranges, salaries) Example: League’s expansion team in a specific area wants to look at DEMOGRAPHICS to see if team will be successful Local Chamber of Commerce Website – Demographic Information and Business Information Sports Business Research Network:
INTERNET SERVICE PROVIDERS for SEM MI Online Trade Magazines Advertising Agencies Licensors and Licensees Search Engines
Use of Internet for SEM MI If starting a new team, business or franchise: – Demographic Information (Government Census) Does it represent Target Market? – Local Business Information (Chamber of Commerce) Will local businesses be supportive? (Sponsorships)
Internet MI STRENGTHS AND WEAKNESSES STRENGTHSWEAKNESSES Information is current/updated often Paperless Research Texts Low to no cost Search Engines VAST information Too much information Not always accurate Many times information is bias
Describe steps for developing a search strategy. 1. WHAT are we looking for 2. WHERE can the information be found – Specific databases, News media, etc. 3. HOW to extract the information – Identify search terms – Organize and rank findings 4. HOW WELL: search process accuracy
Monitor internal records for marketing information
TECHNIQUES FOR MONITORING Internal Records Internal Records: – Personal company Information not often public Monitoring Internal Records: – Accurate – Regularly Monitored
GUIDELINES FOR MONITORING Internal Records WHAT records to monitor: – SALES INVOICES: Records with CUSTOMER PROFILES Identify Target Markets – SALES REPORTS and ACCOUNTS RECEIVABLE REPORTS MI about the goods that a business sells – Analyzes which products sold well and which did not – COMMENT CARDS for CUSTOMER SATISFACTION Who monitors: Accountants and Marketing Managers How Often to monitor: REGULARILY – Analyze product performance
PROCEDURES FOR MONITORING Internal Records 1.Keep ACCURATE records 2.Identify what records to monitor 3.Assign WHO will monitor 4.Decide HOW OFTEN to monitor 5.Evaluate records 6.Make decisions
Maintain a database of competitor information
Competitor Database Ways to use: – Gather information about competitors – COMPETITIVE pricing – ADVERTISING decisions Components that need to be maintained: – PRICE LISTS: Know what competitors charge for products Helps organization to price its products COMPETITIVELY – ADVERTISING MEDIA used by competitors: Prevent using the same media dominated by a competitor – Newspapers, radio stations, etc.
STEPS IN MAINTAINING Competitor Database “Four C’s” 1.COLLECT the information 2.CONVERT information into intelligence – Make it useful to your business (pricing, advertising, etc.) 3.COMMUNICATE the intelligence 4.COUNTER competitor actions = BE COMPETITIVE