1. Sports & Entertainment Marketing II
4.01 Marketing Information Management

2. MARKETING is the second oldest profession in the world?!
Did you know that…
MARKETING is the second oldest profession in the world?!

3. Marketing Information Management System
A system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion.
Can be as simple as a notebook or as complex as having a computer database

4. Marketing Information Systems
These systems streamline the process of providing information  enhancing and promoting the brand value of the company.
Helps owners of the company plan marketing activities.
Helps owners organize and coordinate their marketing activities.
Enables owners to decide on the strategy and control the dissemination of the strategic direction.

5. Marketing Information Systems
In order to be successful, a business MUST know its market!
Some information is just trash…you spend a lot of time gathering information that does not amount to anything.
Your goal is to find out what catches customer’s attention
Marketers sometimes lack enough of the “right” info

6. Marketing Information Systems
Market research is an orderly, efficient way to learn about people  those who DO and those who MIGHT buy from you.
Ask questions like…
Who are my customers/potential customers?
What kind of people are they?
Where do they live?
Can/Will they buy?
Are my promotional programs working?
What do customers think of my business?

7. Marketing Information Systems
You can’t ignore companies that produce similar products  these people ultimately have the capability to compete with you!
Ask questions about…
Financial capabilities
Indications of current strategy
What are they doing now?
Positioning
How they see themselves/how do others view them
Strengths/weaknesses
Business outlook
Where are the companies heading?
Think about “what will I do with the information and analysis?”

8. WHY do we need MIM?
It is IMPOSSIBLE to sell people what they don’t want
Both big and small businesses need to complete market research to figure out what their customers want.
Market research focuses and organizes marketing information & helps you
Reduce risk
Spot problems
Identify sales opportunities
Get basic facts about your market

9. Marketing Information Systems
We know that no marketing activity is carried out in isolation (remember we’ve learned about the seven functions and how they operate together, not as a single function)
Therefore, MIS does not need to be an infrequent event but rather a continuous process gathering data from a variety of sources.

10. Marketing Information Systems
Answer questions like…
Who
Consumes our product? Decides to purchase?
What
Products compete with ours? Benefits does the consumer seek?
Where
Is the decision made to buy? Do buyers seek product info?
When
Do consumers buy?
Why
Do consumers buy our product?
How
Do customers use our product? Much do customers buy?

11. MIS Risks (if done infrequently)
Missed opportunities
Lack of awareness
Makes data collection difficult
Plans/decisions may not be properly reviewed
Studies may not be stored in an easy to use format
Time lags may result
Actions may be reactionary rather than anticipatory

12. MIS Network
This network can satisfy the total information needs of a marketing department
This network may or may not be computerized (depends on the firm’s resources & complexity of its needs)
Three components:
Continuous monitoring
Research is done to obtain info on particular marketing issues
Data warehousing  retention of all types of relevant company records

13. Advantages of MIS Organized data collection Broad perspective
Storage of important data
Avoidance of crises
Coordinated marketing plans
Speed in obtaining sufficient information to make decisions
Data amassed and kept over several time periods
Ability to do a cost-benefit analysis

14. Disadvantages of MIS High initial time Labor costs
Complexity of setting up an information system

15. Three Main Info Sources
Internal Company Information
Sales, orders, customer profiles, stocks, customer service reports, etc.
Marketing Intelligence
Suppliers, customers, distributors (catchall term to include all the everyday information about developments in the market)
Market Research
Businesses undertake specific studies to support their marketing strategies  cannot always wait for info to present itself

16. Market Research Data
Internal vs. External
Primary vs. Secondary