SEM1 2.05 A – Marketing Information Management (MIM) PE - Collect secondary marketing data to ensure accuracy and adequacy of information for decision making PI - Search the internet for SEM information PI – Monitor internal records for marketing information PI – Maintain a database of competitor 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: www.census.gov • 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: www.sbrnet.com
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? • Will the area support a new team? • Local Business Information (Chamber of Commerce) • Will local businesses be supportive? (Sponsorships) • What is the competition?
Describe steps for developing an internet search strategy. 1. WHAT are we looking for 2. WHEREcan the information be found • Specific databases, News media, etc. 3. HOWto extract the information • Identify search terms • Organize and rank findings 4. HOW WELL: search process accuracy
Describe steps for developing an internet search strategy. How to Search for Specific Information Video Questions to answer while watching: • Demonstrate how to use “relationship” terms for more accurate searches • What is one weakness demonstrated on the video when searching the internet? • What are some time saving tricks on Google?
Describe steps for developing an internet search strategy. • Process and Procedures • Search strategy • Efficient • Highly focused & narrow in scope • Use of root forms of words • Obtain precise information through URL searches • Content • Sufficiently covered issue or topic • Information come from legitimate web sites • Information easily and positively validated • Information was most current available
Describe steps for developing an internet search strategy. • Organization • Information easy to follow • Sequenced logically from broad to narrow focus • Information related to topic was clearly identified • Main points were clearly summarized
SEM1 2.05 Internet Activity In your group you will do the following: • Pick one of the following: • New Soccer League Expansion Team • 2016 Olympics (Cannot be Brazil) • Identify your target market using the following demographics: • Age range, % Male/Female • Locate the best country (other than USA) for your team/event based on which represents the most percentage of your target market. • Explain why you chose this country- may also include cultural reasons (example: “This country has many sports fans based on current team/event popularity”) • Create a short PPT • Present to the Class
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 • Keep ACCURATE records • Identify what records to monitor • Assign WHO will monitor • Decide HOW OFTEN to monitor • Evaluate records • Make decisions
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” • COLLECT the information • CONVERT information into intelligence • Make it useful to your business (pricing, advertising, etc.) • COMMUNICATE the intelligence • COUNTER competitor actions = BE COMPETITIVE
You are in the second year of a new football franchise. You must make the following decisions for your team with the information given: OBJECTIVE is to be COMPETITIVE with your competitor and also CREATE BRAND EQUITY through CUSTOMER SATISFACTION. • Two advertising media examples • Pricing for Jersey (Men, Women, Kid) • Address strengths and weaknesses (What are you going to do to create brand equity for your fans?)