Marketing-Information Management LAP 12 Data Do It Need for Marketing Data

Objectives Identify types of data that are useful to marketers for decision making. Describe ways that marketers use marketing data.

Identify types of data that are useful to marketers for decision making. Objective

Do you own an iPod or mp3 player?Do you own an iPod or mp3 player? What decisions had to be made?What decisions had to be made?

Decision Making Requires Data Which job to choose?Which job to choose? Many considerations requiredMany considerations required Ice-cream Shop Insurance Agency Make the best decisionMake the best decision

Businesses Need Data Make thousands of marketing decisions each yearMake thousands of marketing decisions each year Must have data on hand for the best choicesMust have data on hand for the best choices

Types of Data Facts—data that can be verified The earth is round. Predictions—forecasts about the future Estimates—approximations or “educated guesses” Repair estimate $1,500.00

Sources of Data Salespeople:Salespeople:  What products are selling  How sales stack up to budgets and goals

Sources of Data Customers:Customers:  Who they are  What they want/need  How much they spend

Sources of Data Competitors:Competitors:  Public financial records  Current product offerings  Promotional campaigns Mega Corp Giant Corp

Sources of Data Suppliers and distributorsSuppliers and distributors  Suppliers—sell goods or services to a business  Distributors—sell a business’s goods or services  Sharing data throughout distribution channel can help everyone!

Sources of Data News and trade journalsNews and trade journals  Current events  Industry news

Describe ways that marketers use marketing data. Objective

Ways Marketers Use Data To identify realistic goals SMART = specific, measurable, achievable, realistic, time-bounded For sales, market share, budgets, etc.

Ways Marketers Use Data To develop product strategies What products to offerWhat products to offer What new products to developWhat new products to develop What level of customer service to provideWhat level of customer service to provide

Ways Marketers Use Data To develop pricing strategies What to charge When to raise or lower prices Prices

Ways Marketers Use Data To develop promotional strategies What to sayWhat to say In what ways to say itIn what ways to say it How often to say itHow often to say it

Ways Marketers Use Data To develop “place” strategies How much of the product to buy or create What channels of distribution to use

Ways Marketers Use Data To make budgeting decisions Estimating costs for each productEstimating costs for each product Allocating funds accordinglyAllocating funds accordingly

Ways Marketers Use Data To identify problems or issues with ProductProduct Customer serviceCustomer service Vendors/suppliersVendors/suppliers SalespeopleSalespeople

Ways Marketers Use Data To evaluate results Positive outcomes— learn what to keep doing Negative outcomes— learn what not to do

Impact of Data on Marketers Overall—very positive if used wisely!Overall—very positive if used wisely! Helps marketers to:Helps marketers to:  Create competitive products  Satisfy customers  Make cost-effective decisions  Boost profitability

What have you purchased within the past week? What types of data did marketers use to get it in your hands?

Estimates used all the time Can be adjusted Quotes lowest cost for project approval Is this unethical?

MBA Research Acknowledgments Original Developers Christopher C. Burke, Sarah Bartlett Borich, MBA Research Version 1.0 Copyright © 2011 MBA Research and Curriculum Center®

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