Marketing 1.05 MIM

1. Marketing 1.05 MIM Acquire foundational knowledge of MIM to understand it’s nature and scope

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

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

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

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

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 priceto sell the products, who will buythe 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. • 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 • 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 • Track what is happening in current markets • Determine major competitors • What major competitors are offering • Which products consumers prefer • Customer satisfaction with product

9. With a partner Identify a current problem in marketing. • From your notes, describe types of marketing information that could be obtained to resolve the problem. • You are the Marketer, How would you solve the problem. • Present to Class.

10. Marketing 1.05 MIM Acquire foundational knowledge of MIM to understand it’s nature and scope

11. 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 • Activity reports/ all travel, phone calls and in person sales calls for a given period of time

12. 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: 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)

14. Neighbor Talk • Would you mind be spied on by your favorite store if it benefited you??

15. 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

16. Read on Wiki: How Companies Learn Your Secrets Write a one page summary of the article including your arguments for or against companies knowing your secrets.