Acquire foundational knowledge of marketing-information management to understand its nature and scope Marketing Marketing Indicator 1.03 Indicator 1.03

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 happening in current markets.

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

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)

Database Marketing Rewards Cards Supermarket Reward Cards What type of information may be collected from such cards How many students use such cards or know people who do? Did you know the supermarket was collecting this information when you signed up for the card? Does knowing your purchases are being tracked make you more or less likely to use the card? List other possible ways in which businesses collect information that consumers might not be aware of. SAVE MORE AS A FOOD LION MVP

Database Marketing Rewards Cards (cont) SAVE MORE AS A FOOD LION MVP

Activities Group Activity – 10 Minutes Quizlet – 10 minutes flash-cards/ flash-cards/ flash-cards/