1. What information do marketers need?

2. I. What helps businesses make better decisions? Understanding consumers differences Expanding choices to satisfy consumers’ needs Knowing the competition Understanding the global marketplace

3. A. Consumer differences among segments 1. Similarities and differences among market segments 2. How to best meet unique needs and wants of market segments

4. B. Expanding choices to satisfy consumer wants 1. Choices change to satisfy changing needs 2. Consumers have moved beyond basic needs to discretionary purchases Which are not essential…they are wants not needs

5. C. Competition is intense 1. Gather information about competitors’ products and activities Determine strengths and weaknesses 2. Businesses need to be more competitive to meet customers’ needs and wants Brand name Availability Price Unique designs Product improvements

6. C. Competition is intense…cont’d 3. Good product design choices = profits 4. Poor product design choices = losses 5. Need best product and service choices that improve on competitors’ offerings

7. D. The Global Marketplace means greater differences 1. Understanding of consumers in other countries 2. Gather information about the country, its people, its culture and new competitors

8. II. Deciding on Information Needs A. Approaches to Planning  What is the difference in how J’Borg Apparel and Dominique Designs make marketing decisions?  J’Borg Apparel Share ideas and possible changes Keep basic design because successful in the past Simply add more colors and accessories Others argue more tailored styles are needed

9. II. Deciding on Information Needs Dominique Designs Request information from marketing manager Records provided on quantity sold by size and color for each week of the year Region of country and retail stores where sales made Original prices or products sold and markdowns and returns

10. II. Deciding on Information Needs Dominique Designs, cont’d Report purchased from a national apparel manufacturing association on consumer apparel purchases Top six brands of apparel by total sales Anticipated changes in economy and customer purchases for apparel for the next year Marketing research completed in last month with customers about designs, brands and value

11. B. Categories of Information for effective marketing decisions 1. Consumers 2. Marketing Mix 3. Business Environment