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1.05: MARKETING INFORMATION
Data-Based
WARM-UP
Comparing Goals, Strategies, & Tactics
_____. 1. A salesperson meets one-on-one with customers
_____. 2. A firm wants to increase sales by 10% over last year’s sales.
_____. 3. A salesperson calls to set up a meeting with a customer.
A. Goals
B. Strategies
C. Tactics
WARM-UP
Comparing Goals, Strategies, & Tactics
______________. 1. A salesperson meets one-on-one with customers
______________. 2. A firm wants to increase sales by 10% over last year’s sales.
_____________. 3. A salesperson calls to set up a meeting with a customer.
Goals
Tactics
Strategies
ANNOUNCEMENTS
Grades are updated
If you are missing anything….get it in.
Unit 1 Test is Thursday (February 13, 2014)
Warm-ups Print sheet from website Handwrite is fine Write the warmup question & answer.
Example of bad answers: C, Promotion, Ideas, Service, Place, Demo The warmups are your study guide for tests. Both parts matter.
OBJECTIVES
WHICH CAME FIRST….
ChickenEgg
WHICH CAME FIRST…
DataInform
ation
ANSWER….
_______________came before
_Information__
Data is simply facts & figures.
Information is facts & data presented in a useful form.
Data
KEY TERM
Marketing Information: Marketing data available from inside and outside a business that have been processed and organized in a useful way.
Allows you to solve problems & plan effectively
Examine the past to predict the future
Inside: Ask customers questions & examine your own marketing mix
Outside: What is the competition doing?
MARKETING INFORMATION: NIKE
NIKES PRIVACY POLICYNike collects data
all the time.
The data they use is turned into information to
better their company.
ASSIGNMENT: WRITE THESE 9 QUESTIONS DOWN
1. Identify types of information used in marketing decision-making.2. Identify types of marketing information useful to marketers.3. Describe ways that marketers use marketing information.4. Explain the impact of marketing information on marketers.5. Explain information contained in sales and expense reports that is
monitored for marketing decision-making.6. Describe information in reports provided by salespeople that is
monitored for use in marketing decision-making.7. Discuss information about customers that is monitored for
marketing decision-making.8. Explain information about competitors that is monitored for
marketing decision-making.9. Demonstrate procedures for identifying information to monitor for
marketing decision-making.
ASSIGNMENT: WRITE THESE 8 TERMS DOWN
1. Marketing Information
2. Relationships
3. Facts
4. Predictions
5. Estimates
6. Request and complaint reports
7. Lost sales reports
8. Call reports
9. Activity reports.
QUESTION #1
Define the term Facts.
ANSWER #1
Define the term Facts.Data that can be verified.
QUESTION #2
Define the term Predictions.
ANSWER #2
Define the term Predictions.
Predictions, sometimes called projections, are forecasts that people
make about the future.
QUESTION #3
Define the term Estimates.
ANSWER #3
Define the term Estimates.
Estimates are approximations of data. They are educated guesses.
MARKETING INFO. MANAGEMENT
Facts v. Predictions v. Estimates
Facts are based off of actual events that occurred
Predictions are projections marketers make based off of research, observation, or previous facts Determine future based off of current trends There is a pattern that leads to the projection
Estimations are educated guesses or approximations
EXAMPLES OF…..
Facts(True Statement)
Predictions(Based off of trends)
Estimates(Educated guess)
Coca-Cola’s natural color is green
Retail stores opening:2011: 8 new stores opened2012: 12 new stores opened2013: 18 new stores opened2014: ____ new stores opened
It will cost $1,500 to get your car fixed
Polar bears are left handed.
NBA Salary Cap:2000: 35.5 million2005: 45.5 million2010: 55.5 million2015: ____ million
A pen costs $4.15. A pen is closer $4.00 than
$5.00Buying 5 pens will cost
$20.00
QUESTION #4
Identify types of information
used in marketing decision-making.
ANSWER #1
Identify types of information used in marketing decision-
making.
Facts, Predictions, & Estimates
QUESTION #2
Identify types of marketing information useful to
marketers.
ANSWER #2:IDENTIFY TYPES OF MARKETING INFORMATION USEFUL TO MARKETERS. Who the company’s current and potential customers are
What current and potential customers want (products, customer service, etc.)
Data about completed sales—what products are selling, and in which geographic territories, target market segments, etc.
How actual sales stack up to the company’s goals and budgets
How sales compare to those of other companies in the same industry
What the sales staff is doing and how much it is spending to make sales calls (travel, food, lodging, etc.)
QUESTION #3
Describe ways that marketers use marketing information.
ANSWER #3DESCRIBE WAYS THAT MARKETERS USE MARKETING INFORMATION.
Describe ways that marketers use marketing information.
To identify realistic goals Develop product strategies Develop pricing strategies Develop promotional strategies Develop “place” strategies Make budgeting decisions Identify problems or issues Evaluate results.
QUESTION #4
Explain the impact of marketing information on
marketers.
ANSWER #4:EXPLAIN THE IMPACT OF MARKETING INFORMATION ON MARKETERS.
The overall impact of using marketing data wisely is positive.
It generates more competitive and successful products and creates more satisfied customers.
It also saves companies money and impacts the bottom line.
QUESTION #5
Explain information contained in sales and expense reports
that is monitored for marketing decision-making.
ANSWER #5:EXPLAIN INFORMATION CONTAINED IN SALES AND EXPENSE REPORTS THAT IS MONITORED FOR MARKETING DECISION-MAKING.
Sales ReportSales reports might cover the month, the
quarter, the year, or an even longer period of time.
Expense ReportWhat an employee submits to their boss relating to the expenses they encounter while trying to make a sale.
Total dollar and unit sales Costs of travel
Sales in relation to goals Lodging
Sales in relation to budget Food
Sales in relation to prior time periods
Entertainment
Increases/decreases in sales percentages
Cost of calling clients
Expense Report: http://www.youtube.com/watch?v=744yWpwK0mU
QUESTION #6
Describe information in reports provided by
salespeople that is monitored for use in marketing decision-making.
ANSWER #6:DESCRIBE INFORMATION IN REPORTS PROVIDED BY SALESPEOPLE THAT IS MONITORED FOR USE IN MARKETING DECISION-MAKING.
Information in reports provided by salespeople that is monitored for use in Marketing Decision-Making
Request / Complaint Reports
Lost Sales Reports
Call Reports
Activity Reports
Retail Audits: Measure market sales, competitor’s sales, market share, prices, special offers, stock levels by
week or day to day
Product Information:Types of products that sell best at various times of year; colors or sizes of products customers
prefer
QUESTION #7
Discuss information about customers that is monitored
for marketing decision-making.
ANSWER #7:DESCRIBE INFORMATION IN REPORTS PROVIDED BY SALESPEOPLE THAT IS MONITORED FOR USE IN MARKETING DECISION-MAKING.
Customer records should include data such as: Who they are, where they are, & how the company interacts with them
Specific Examples: The customer’s contact information (name, address, e-mail, company web
site, etc.) The customer’s industry The number of sales calls made and name(s) of salesperson(s) Sale amounts in dollars and units Annual purchases and product usage
QUESTION #8
Explain information about competitors that is monitored
for marketing decision-making.
ANSWER #8: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.
Financial records for public companies (GE, Ford, Apple)
Insight into company’s strengths, weaknesses, and future plans (new products, marketing campaigns)
Market share analysis
Sales volume data
QUESTION #9
Demonstrate procedures for identifying information to
monitor for marketing decision-making
ANSWER #9:DEMONSTRATE PROCEDURES FOR IDENTIFYING INFORMATION TO MONITOR FOR MARKETING DECISION-MAKING
1. Identify needed data
2. Create a plan for collecting, storing and analyzing data
3. Compile a list of secondary sources providing needed data
4. Retrieve needed data
5. Analyze/use data
MARKETING DECISIONS
Marketers identify, gather, organize, analyze, and use data for marketing decision making
Information collected is done through two types of sources Primary: Information that comes from new research the organization
carries out on its own initiative.
Secondary: Information that comes from research that is already available
PRIMARY V. SECONDARY DATA
Primary Secondary
Current Customers Company Sales Records / Invoices
Vendors Financial Statements
Employees Customer Databases
Management Customer Comment Cards
Channel Members Trade Associations & Publications
Former Customers Competitor’s Website
Prospective Customers Directories
TERM #4
Relationship
TERM #4: RELATIONSHIP
A connection, association, or involvement
TERM #5
Request & Complaint Report
TERM #5: REQUEST & COMPLAINT REPORT
A record of customers and the product(s) that they
requested, along with records of complaints
made by customers.
TERM #6
Lost Sales Report
TERM #6: LOST SALES REPORT
Records why items or orders are cancelled
or is used to estimate the total sales that
stand to be lost because items are
understocked.
TERM #7
Call Reports
TERM #7: CALL REPORTS
Records of sales calls. Since not every sales call results in a sale, there are not always invoices to refer to for needed data.
A call report records useful information whether or not a sale is made.
In call reports, salespeople keep track of data including: Prospect contacted Prospect’s needs Product(s) discussed Names of contacts Orders obtained
TERM #8
Activity Reports
TERM #8: ACTIVITY REPORTS
Reports requiring salespeople
to provide details as a measure
of their activity in a given
period