2.05 Collect secondary marketing data to ensure accuracy and adequacy of information for decision-making

Warm Up 3/25/15 Sharon is an author. She decides to write an autobiography about the life of Principal Drye. What kind of data will she be collecting. Explain. When collecting marketing information for, the researcher who is collecting data must be _________ and ___________. When changes are occurring in the market (ie: Jogger pants becoming fashionable), companies must start doing what? State in a complete sentence.

Search the Internet for sport/event marketing 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 (Marketing, Accounting, Fashion, etc..) 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? Local Business Information (Chamber of Commerce) Will local businesses be supportive? (Sponsorships)

Internet MI STRENGTHS AND WEAKNESSES Information is current/updated often Paperless Research Texts Low to no cost Search Engines VAST information Too much information Not always accurate Many times information is bias

Describe steps for developing a search strategy. 1. WHAT are we looking for 2. WHERE can the information be found Specific databases, News media, etc. 3. HOW to extract the information Identify search terms  Organize and rank findings 4. HOW WELL: search process accuracy

Monitor internal records for marketing information

TECHNIQUES FOR MONITORING 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

Maintain a database of competitor information

Competitor Database Components that need to be maintained: PRICE LISTS: Very important to maintain! 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