Marketing-Information Management LAP 12 Data Do It Need for Marketing Data.
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Transcript of Marketing-Information Management LAP 12 Data Do It Need for Marketing Data.
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Marketing-Information Marketing-Information Management LAP 12Management LAP 12
Data Do ItData Do ItNeed for Marketing DataNeed for Marketing Data
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ObjectivesObjectives
Identify types of data that are useful toIdentify types of data that are useful tomarketers for decision making.marketers for decision making.
Describe ways that marketers use Describe ways that marketers use marketing data.marketing data.
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Identify types of data that are useful Identify types of data that are useful to marketers for decision making.to marketers for decision making.
ObjectiveObjective
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• Do you own an iPod or Do you own an iPod or mp3 player?mp3 player?
• What decisions had to What decisions had to be made?be made?
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Decision Making Requires DataDecision Making Requires Data
• Which job to choose?Which job to choose?
• Many considerations Many considerations requiredrequired
Ice-cream Ice-cream ShopShop Insurance Insurance
AgencyAgency
• Make the best Make the best decisiondecision
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Businesses Need DataBusinesses Need Data
• Make thousands of marketing Make thousands of marketing decisions each yeardecisions each year
• Must have data on hand for Must have data on hand for the best choicesthe best choices
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Types of DataTypes of Data
Facts—data that Facts—data that can be verifiedcan be verified
The earth The earth is round.is round.
Predictions—forecasts Predictions—forecasts about the futureabout the future
Estimates—approximations Estimates—approximations or or ““educated guesseseducated guesses””
Repair estimate
$1,500.00
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Sources of DataSources of Data
• Salespeople:Salespeople:
What products are sellingWhat products are selling
How sales stack up to How sales stack up to budgets and goalsbudgets and goals
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Sources of DataSources of Data
• Customers:Customers:
Who they areWho they are
What they want/needWhat they want/need
How much they How much they spendspend
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Sources of DataSources of Data
• Competitors:Competitors:
Public financial Public financial recordsrecords
Current product Current product offeringsofferings
Promotional Promotional campaignscampaigns
Mega CorpMega Corp Giant CorpGiant Corp
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Sources of DataSources of Data
• Suppliers and distributorsSuppliers and distributors
Suppliers—sell goods or Suppliers—sell goods or services to a businessservices to a business
Distributors—sell a Distributors—sell a businessbusiness’’s goods or s goods or servicesservices
Sharing data throughout Sharing data throughout distribution channel can distribution channel can help everyone!help everyone!
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Sources of DataSources of Data
• News and trade journalsNews and trade journals
Current eventsCurrent events
Industry newsIndustry news
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Describe ways that marketers Describe ways that marketers use marketing data.use marketing data.
ObjectiveObjective
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Ways Marketers Use DataWays Marketers Use Data
To identify realistic goalsTo identify realistic goals
SSMMAARRTT ==
sspecific, pecific, mmeasurable, easurable, aachievable, chievable, rrealistic, ealistic,
ttime-boundedime-bounded
For sales, market For sales, market share, budgets, etc.share, budgets, etc.
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Ways Marketers Use DataWays Marketers Use Data
To develop product strategiesTo develop product strategies
• What products to offerWhat products to offer
• What new products to What new products to developdevelop
• What level of customer What level of customer service to provideservice to provide
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Ways Marketers Use DataWays Marketers Use Data
To develop pricing strategiesTo develop pricing strategies
What to chargeWhat to chargeWhen to raise When to raise
or lower pricesor lower prices
PricesPricesPrices
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Ways Marketers Use DataWays Marketers Use Data
To develop promotional strategiesTo develop promotional strategies
• What to sayWhat to say
• In what ways to say itIn what ways to say it
• How often to say itHow often to say it
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Ways Marketers Use DataWays Marketers Use Data
To develop “placeTo develop “place”” strategies strategies
How much of the product How much of the product to buy or createto buy or create
What channels of What channels of distribution to usedistribution to use
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Ways Marketers Use DataWays Marketers Use Data
To make budgeting decisionsTo make budgeting decisions
• Estimating costs Estimating costs for each productfor each product
• Allocating funds Allocating funds accordinglyaccordingly
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Ways Marketers Use DataWays Marketers Use Data
To identify problems or issues withTo identify problems or issues with
• ProductProduct
• Customer serviceCustomer service
• Vendors/suppliersVendors/suppliers
• SalespeopleSalespeople
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Ways Marketers Use DataWays Marketers Use Data
To evaluate resultsTo evaluate results
Positive outcomes— Positive outcomes— learn what to keep doinglearn what to keep doing
Negative outcomes— Negative outcomes— learn what not to dolearn what not to do
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Impact of Data on MarketersImpact of Data on Marketers
• Overall—very positive Overall—very positive if used wisely!if used wisely!
• Helps marketers to:Helps marketers to: Create competitive Create competitive
productsproducts
Satisfy customersSatisfy customers
Make cost-effective Make cost-effective decisionsdecisions
Boost profitabilityBoost profitability
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• What have you purchased within the past week?
• What types of data did marketers use to get it in your hands?
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• Estimates used all the time
• Can be adjusted
• Quotes lowest cost for project approval
• Is this unethical?
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MBAResearchAcknowledgments
Original DevelopersChristopher C. Burke,
Sarah Bartlett Borich, MBAResearch
Version 1.0
Copyright © 2011MBA Research and Curriculum Center®
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Digital-based photography sources:
Digital Vision LTD.Teenager TodayObj. B: #130271Photos copyright Digital Vision Ltd., all rights reserved. 833 Fourth Ave. SW, Suite 800 Calgary, AB, Canada T2P 3T5
ThinkStock PhotosVarious images used in this presentation are ©2011 Think Stock Photos. All rights reserved. www.ThinkStockPhotos.com
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Copyright:
All photographic digital images on this CD are owned by the aforementioned photographic resources or their licensors and are protected by the United States copyright laws, international treaty provisions, and applicable laws. No title to or intellectual property rights to the images on this CD are transferred to you. These sources retain all rights and are not to be used, digitally copied, transferred, or manipulated in any way. To do so is a violation of federal copyright laws.
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