1. SEM1 2.03
Acquire Foundational Knowledge Of Marketing Information Management To Understand Its Nature & Scope

2. Vocabulary Facts – something that actually exists; reality; truth
Estimates – an approximate judgment or calculation
Predictions – a forecast of something to happen
Relationships – a connection, association, or involvement.
Marketing Information – data collected from internal sources, external sources or marketing research

3. Types of Information Used in Marketing Decision Making
Salespeople
A company’s sales team generates a great deal of useful data for marketers
Salespeople keep records from which marketers can learn things such as:
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.)

4. Types of Information Used in Marketing Decision Making
Customers
Marketers can also learn a lot from the business’ customers
A single sales invoice (itemized statement of money owed for a good or service) can tell marketers:
Who a customer is
What industry the customer is in
How much the customer has spent with the business this year
What method of payment the customer prefers
Most businesses also keep careful customer records, tracking sales in unit and dollar amounts and noting how each customer uses the business’ products

5. Types of Information Used in Marketing Decision Making
Competitors
Beating the competition is a task that is always in the forefront of a marketer’s mind
It’s important for companies to know what’s going on with competing businesses when it comes to making marketing decisions
Sometimes, it’s difficult to get data about competitors since they don’t readily share their information
However, for many companies, public financial data are available at the click of a button on the company web site
Marketers can also take note of easily observable data, such as a competitor’s current product offerings or promotional campaigns

6. Types of Information Used in Marketing Decision Making
Suppliers and distributors
In addition to customers and competitors, marketers can gather quite a bit of data from their companies’ suppliers and distributors.
A supplier, also called a vendor, is someone from whom a business purchases goods or services.
Example:
An orange grower in Florida may serve as a supplier for many venues
If the orange crop isn’t going to be good this year, employees at the orange grove can notify venue marketers, and they can use the data to plan accordingly.
Most likely, the price of oranges will go up.
Distributors are channel members who help to sell a business’s products.
A wholesale club, such as Sam’s or Costco, then, is a distributor for the orange grower and can provide useful data to the orange grove as well.
The wholesaler can let the orange grove’s marketers know how well their product is selling, what feedback customers are giving, etc.

7. Types of Information Used in Marketing Decision Making
News and trade journals
Marketers can learn a lot just by paying attention to current events.
For example, if the economy is struggling, marketers can keep track of news reports to see if it’s getting better or worse.
This can help them make decisions about what products to offer and at what prices.
Many industries also have industry-specific publications known as trade journals.
In the film and television industry, for instance, Variety is a popular trade publication.
Reading trade journals keeps marketers up to date on what’s happening in their industries and helps them to make better-informed decisions for their products and companies.

8. Ways Marketers Use Marketing Information
Identify realistic goals
SMART – specific, measurable, achievable, realistic, time-bound
Ex. Sales, market share, budgets
Develop product strategies
What to offer
What level of customer service to provide
When to offer new products
Developing pricing strategies
What to charge for a product is as important as the product
If priced too high, customers won’t buy
If priced too low, “cheap” image may discourage buying
Determine right price and when to change prices
Mark down
Sale – permanent or promotional discount

9. Ways Marketers Use Marketing Information
Developing promotional strategies
Marketers must decide what to say to customers, in what way, and how often to repeat message
Internet sales?
In store sales?
Television (expensive) vs. radio vs. print
Developing “place” strategies
Getting products into customers’ hands
How much of the product to buy or create and what channels of distribution to use
Sales reports can provide useful data based on past performance to gauge future need
Where do customers like to shop for certain products
Ex. A certain brand of sports shirts might sell better in Belk than it does at Wal-Mart

10. Ways Marketers Use Marketing Information
Making budgeting decisions
Marketers must allocate funds wisely
Use data to estimate costs for each product
Use internal data about the company’s financials to help them make wise budgeting decisions
Ex. If there isn’t enough money available, the development of a new product may need to be delayed

11. Ways Marketers Use Marketing Information
Identifying problems or issues
Developing, pricing, promotion and placing products take a lot of time and effort
Know what adjustments must be made over time
Problems or issues
The product itself may have design flaws or other issues or need repackage or redesign to keep “fresh”
Are customers receiving the level of after-sale service expected?
Vendors/suppliers – as prices and circumstances change over time, the business may need to switch suppliers or negotiate new contracts with existing ones
Salespeople – support and training, additional sales material, additional sample products to keep customers buying

12. Ways Marketers Use Marketing Information
Evaluating results
Marketers must evaluate the outcomes of each decision they make
Evaluating negative outcomes can help them avoid making the same mistakes in the future
Evaluating positive outcomes can give insights into methods and strategies that work well for the product or company
Sales reports are key data sources
Where sales are good or poor, how they’re changing, how they relate to competitors’ sales

13. Impact of Marketing Information on Marketers
Using data wisely helps marketers to create more competitive and successful products for their companies
Use data to meet customers needs and wants
Satisfied customers become repeat customers – repeat customers are less costly
Data saves companies money and helps them to run more efficiently; make more cost-effective decisions
Savings contribute to the company’s bottom line which means SUCCESS