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)

Advantages Disadvantages•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

advertisingTrends in 2012Trends 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