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2.03 Acquire foundational knowledge of marketing information management to understand its nature & scope
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Explain the need for sport/event marketing information
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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
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USES OF MARKETING INFORMATION
IDENTIFY TRENDS Determine what changes are occurring in the market Identify realistic goals Attracting and maintaining target market
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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
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IMPACT of Marketing Information
Keep up with changing TRENDS Better reach to the target market Don’t waste money on ineffective advertising Trends in 2013
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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
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INFORMATION/RECORDS WITHIN ORGANIZATION
INTERNAL DATA INFORMATION/RECORDS WITHIN ORGANIZATION Request and Complaint Reports from customers Lost Sales Reports (Returns, damages) Advantages Disadvantages Saves money Easily accessed Doesn’t acknowledge market Might not be up-to-date
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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
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