2.03 NotesPage 1
Acquire Foundational Knowledge Of Marketing Information Management To Understand Its Nature & Scope
Vocabulary
______– something that actually exists; reality; truth
______– an approximate judgment or calculation
______– a forecast of something to happen
______– a connection, association, or involvement.
______– data collected from internal sources, external sources or marketing research
Types of Information Used in Marketing Decision Making
Salespeople
A company’s ______team generates a great deal of useful ______for marketers
Salespeople keep ______from which marketers can learn things such as:
Who the company’s current and potential ______are
What current and potential customers ______(products, customer service, etc.)
Data about ______sales – what ______are selling, and in which ______territories, ______market segments, etc.
How ______sales stack up to the company’s ______and ______
How sales ______to those of other companies in the same industry
What the sales staff is doing and how much it is ______to make sales calls (travel, food, lodging, etc.)
Customers
______can also learn a lot from the business’ customers
A single sales ______(itemized statement of money ______for a good or service) can tell marketers:
______a customer is
______industry the customer is in
How much the customer has ______with the business this year
What method of ______the customer prefers
Most businesses also keep careful customer records, ______sales in unit and dollar amounts and noting how each customer uses the business’ products
Competitors
Beating the ______is a task that is always in the forefront of a marketer’s mind
It’s important for companies to know what’s going on with competing businesses when it comes to making ______decisions
Sometimes, it’s difficult to get ______about competitors since they don’t readily ______their information
However, for many companies, ______financial data are available at the click of a button on the company web site
Marketers can also take note of easily ______data, such as a competitor’s current product offerings or promotional ______
Suppliers and distributors
In addition to customers and competitors, marketers can gather quite a bit of data from their companies’ ______and ______.
A supplier, also called a ______, is someone from whom a business purchases goods or services.
Example:
An orange grower in Florida may serve as a supplier for many venues
If the orange crop isn’t going to be good this year, employees at the orange grove can notify venue marketers, and they can use the data to plan accordingly.
Most likely, the price of oranges will go up.
______are______members who help to sell a business’s products.
Example:
A wholesale club, such as Sam’s or Costco, then, is a distributor for the orange grower and can provide useful data to the orange grove as well.
The wholesaler can let the orange grove’s marketers know how well their product is selling, what feedback customers are giving, etc.
News and trade journals
Marketers can learn a lot just by paying attention to current ______.
For example, if the economy is struggling, marketers can keep track of news reports to see if it’s getting better or worse.
This can help them make decisions about what ______to offer and at what ______.
Many industries also have ______publications known as trade journals.
In the film and television industry, for instance, Variety is a popular trade publication.
Reading trade journals keeps marketers up to date on what’s happening in their ______and helps them to make better-informed decisions for their products and companies.
Ways Marketers Use Marketing Information
Identify ______goals
SMART – ______, ______, ______, ______, ______
Ex. Sales, market share, budgets
Develop ______strategies
What to ______
What ______of customer service to provide
______to offer new products
Developing ______strategies
What to ______for a product is as important as the product
If priced too ______, customers won’t buy
If priced too ______, “cheap” image may discourage buying
Determine right price and when to change prices
______
Sale – ______or ______discount
Developing ______strategies
Marketers must decide what to say to ______, in what way, and how often to ______message
______sales?
______sales?
Television (______) vs. radio vs. print
Developing “______” strategies
Getting products into customers’ ______
How much of the product to ______or ______and what ______of distribution to use
Sales ______can provide useful data based on past ______to gauge future need
______do customers like to shop for certain products
Ex. A certain brand of sports shirts might sell better in Belk than it does at Wal-Mart
Making ______decisions
Marketers must ______funds wisely
Use data to ______costs for each product
Use ______data about the company’s ______to help them make wise budgeting decisions
Ex. If there isn’t enough money available, the development of a new product may need to be delayed
Ways Marketers Use Marketing Information
Identifying ______or ______
•______, ______, ______and______products take a lot of time and effort
•Know what ______must be made over time
•Problems or issues
•The product itself may have ______flaws or other issues or need ______or ______to keep “fresh”
•Are customers receiving the level of after-sale ______expected?
•______/______– as prices and circumstances change over time, the business may need to switch suppliers or negotiate new contracts with existing ones
•______– support and training, additional sales material, additional sample products to keep customers buying
Evaluating results
Marketers must ______the outcomes of each decision they make
Evaluating ______outcomes can help them avoid making the same ______in the future
Evaluating ______outcomes can give insights into methods and strategies that work well for the product or company
Sales ______are key data sources
Where sales are good or poor, how they’re changing, how they relate to competitors’ sales
Impact of Marketing Information on Marketers
Using data wisely helps marketers to create more ______and ______products for their companies
Use data to meet customers’______and ______
Satisfied customers become ______customers – repeat customers are ______costly
Data saves companies money and helps them to run more ______; make more cost-effective decisions
Savings contribute to the company’s bottom line which means ______