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Unit 1. 05 Understanding Marketing Information Management
DEVELOPING/IMPROVING PRODUCTS Ø Businesses need to obtain and analyze a wide variety of mktg. info. in order to make decisions for the future. Ø One way that businesses use this information is to develop new products and improve existing products in order to satisfy customers’ needs.
MAKING MKTG. DECISIONS Ø In order to make marketing decisions that will keep them competitive, businesses are constantly gathering information about customers’ preferences and why customers buy certain products.
MONITORING ECONOMIC TRENDS Ø Businesses obtain marketing information in order to monitor economic trends, but they are NOT able to change those trends. Ø Businesses do NOT use marketing information to prepare sales invoices.
EFFECT OF COMPETITION Ø In order for a business to understand why a product that has been a strong seller for a long time is now losing its popularity, they study marketing information. Ø They need to see how rival products are doing and how they are affecting the product.
IDENTIFYING PROBLEMS Mktg. info. is data available inside (internal) and outside (external) the business. Internal info. monitored includes inventory reports, sales records, customers’ feedback from surveys, etc.
COMPARING CURRENT/PAST INFO. Comparing current & past marketing information can often reveal problems, such as a sudden drop in sales of a particular product.
REVIEWING EXTERNAL INFO. A drop in sales may indicate the business needs to provide new/improved products or increase promotional efforts. Businesses need to review various forms of external mktg. info. to effectively investigate competitors, evaluate market share, and analyze economic changes.
EFFECTIVENESS OF SALESPEOPLE Sales reports contain a variety of info. businesses often use to improve the effectiveness of salespeople. Info. about #’s of new customers, # of customers lost, cost of selling, time spent with each customer, etc.
PROVIDING ASSISTANCE A business can determine if the salesperson is effective, or might need assistance/more training to better market the product. The business can develop materials providing the detailed info. Such action will help the salesperson to work more effectively with customers
POPULAR PRODUCTS A business that monitors its sales and customers’ buying habits overtime can determine which products are not popular and not selling. By knowing the status of products, the business can make informed decisions about its product mix.
DELETE SLOW MOVERS Ø A business may decide to offer popular products in other colors and sizes, or it may decide to delete slow-moving items from its product mix. Ø Research methods are the ways in which a business obtains marketing information.
QUARTERLY INVENTORY STATUS By monitoring inventory, a business can determine how well a product is selling. If the status report indicates inventory for the item is turning slowly, then the business knows sales are down and might drop the product.
FINANCIAL REPORTS Ø Accounts-payable reports & annual income statements summarize data related to financial aspects of the business. Ø Neither report would indicate changes in a product’s sales. Such info. comes from the inventory status report.
CUSTOMER INVOICES Customers’ invoices provide info. about a specific customer’s buying habits/preferences. Invoices might reveal certain customers buy a certain qty. of a particular product 4 times/mo. Knowing this, the business can customize promotions & take steps to ensure it has sufficient products on hand when needed.
REVIEW Ø Annual Income Statement Ø Quarterly Inventory Status Ø Sales Reports Ø Customers’ Feedback •
6. What does a business need in order to understand why a product that has been a strong seller for a long time is now losing its popularity? A. marketing information B. sales records C. secondary data D. purchasing documents
A. Marketing Information They need to see how rival products are doing and how they are affecting the product.
29. What is one way that businesses use marketing information? A. B. C. D. To develop new products To determine credit scores To change economic trends To prepare sales invoices
A. To develop new products Marketing is dynamic – ever changing. Business must keep up to date with what customers want & need.
30. What does continuously monitoring international marketing information enable businesses to do? A. B. C. D. Investigate competitors Identify problems Evaluate market share Analyze economic changes
B. Identify Problems Eliminate slow movers.
31. What is one way that many businesses use the marketing information contained in sales reports? A. B. C. D. To monitor expense accounts To qualify potential new customers To improve the effectiveness of salespeople To develop negotiating techniques
Ø C. Improve effectiveness of salespeople Ø Provide assistance – extra training.
32. By monitoring its sales and its customers’ buying habits, what is a business often able to identify? A. B. C. D. Popular products Research methods Economic resources Competitors’ activities
Ø A. Popular products Ø What items are sold most often?
33. XYZ Company noticed that the sales of i. Pads in blue have increased in sales. What can the business determine about the i. Pads? A. B. C. D. Popular products Research methods Economic resources Competitors’ activities
A. Popular products If they’re sold out they’re popular!
34. What type of internal report would indicate to a business that sales for a specific product have dramatically dropped over the past three months? A. B. C. D. Market demographics analysis Accounts-payable summary Annual income statement Quarterly inventory status
Ø D. Ø Quarterly inventory status Items are remaining on the shelves.
35. What type of marketing data can a business obtain by reviewing its inventory reports and customers’ invoices? A. B. C. D. Product quality Customers’ credit limits Customers’ product preferences Actual market share
Ø C. Customers’ product preferences Ø What is the customer buying or not buying?