2.01 Marketing Information Management

Why learn about MIM?  A. Marketers are required to make many different types of decisions.  1. Choosing the best target markets for new products  2. Selecting advertising media for existing products  3. Specifying products to be discontinued

Why learn MIM?  B. Marketers rarely base their decisions on gut instinct.  C. Rather than relying on their own personal knowledge of problems, marketers  base their decisions on reliable, relevant marketing information.  D. This information comes from a marketing- information management system.

Explain the need for sport/event marketing information

VOCABULARY  Marketing Information – Data collected from internal or external sources to help make marketing decisions  Facts – Something that actually exists; reality; truth  Estimates – An approximate judgment or careful calculation about the impact of a product  Predictions – A forecast of something to happen  Relationships – What happens to products, estimates or predictions based on changes

Data vs. Information Data and information are related to each other, but they are not the same. A. Data are facts and figures. B. Information is facts and data presented in a useful form. C. For data to become information, they must be:  1. Processed  2. Organized  3. Presented in an understandable, meaningful manner

TYPES OF MARKETING INFORMATION  PRIMARY DATA:  Original DATA or FACTS collected for a purpose SPECTATORS and PARTICIPANTS major SOURCES of Primary Data (ie: Concert attendees, Game attendees, Gym Members)  SECONDARY DATA:  Information and conclusions gathered from reviewing primary data  2 Types: INTERNAL EXTERNAL

INTERNAL DATA INFORMATION/RECORDS WITHIN ORGANIZATION  Request and Complaint Reports from customers  Lost Sales Reports ( Returns, damages) AdvantagesDisadvantages Saves money Easily accessed Doesn’t acknowledge market Might not be up-to-date

EXTERNAL DATA  Information/Records Outside the organization  Identifies TARGET MARKET INFORMATION GOVERNMENT SOURCES/ DEMOGRAPHIC RECORDS POPULATION INFORMATION in certain geographic locations Identify locations of certain target markets Is there a large enough population in a certain area to support a sport team/event? Internet External Data/ E-Marketers CLICKSTREAM DATA Tells e-marketers what web sites and advertisements internet-users see

USES OF MARKETING INFORMATION  IDENTIFY TRENDS  Determine what changes are occurring in the market  Identify realistic goals  Attracting and maintaining target market

WAYS to use Marketing Information  Be SYSTEMATIC (organized)  Be PROACTIVE  seek and take advantage of opportunities  Collect accurate data CONSTANTLY  Keep up with changing needs of target market

IMPACT of Marketing Information  Keep up with changing TRENDS  Better reach to the target market  Don’t waste money on ineffective advertising Trends in 2012 Trends in 2012

“You Do” Article Activity  Mrs. Byers will hand you selections from an article about project planning  You will read the selection and then create a poster showcasing what you learned from your selection  You will present this to the class  You will answer questions about each selection