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SEM1 2.05 A – Marketing Information Management (MIM)

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SEM1 2.05 A – Marketing Information Management (MIM) - PowerPoint PPT Presentation

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SEM1 2.05 A – Marketing Information Management (MIM)
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  1. 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

  2. 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.

  3. 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

  4. INTERNET SERVICE PROVIDERS for SEM MI • Online Trade Magazines • Advertising Agencies • Licensors and Licensees • Search Engines

  5. 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?

  6. Internet MI STRENGTHS AND WEAKNESSES

  7. 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

  8. 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?

  9. 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

  10. 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

  11. 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

  12. TECHNIQUES FOR MONITORING Internal Records • Internal Records: • Personal company Information not often public • Monitoring Internal Records: • Accurate • Regularly Monitored

  13. 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

  14. 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

  15. 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.

  16. 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

  17. SEM1 2.05 Competitor data base activity

  18. 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?)