IM PERFORMANCE INDICATORS

Describe the need for marketing data

can be used to analyze various metrics of consumers within a market, such as:
Demographics
Psychographics
Geographics

Businesses can then use market segmentation based on these factors in order to determine a target market, to whom they will tailor their marketing strategies

Identify data monitored for marketing decision making

Demographics - age, sex, race, etc.
Geographics - location, culture, etc.
Psychographics - attitudes, lifestyles, etc.

Explain the nature and scope of the marketing-information management function

is one of the functions of marketing in which businesses use surveys, observational studies, or experiments to collect data on a potential market. After conducting analysis on the data, marketing information managers can make recommendations and/or decisions on marketing strategies that can be used to appeal to an identified target market.

Explain the role of ethics in marketing-information management

Written consent must be obtained for experiments, and data cannot be disclosed without the consent of those involved in the data collection.

Describe the use of technology in the marketing-information management function

Database programs can be used to store marketing information management data. This data can be analyzed using spreadsheet programs, and presented through word processing and slideshow programs.

Describe the regulation of marketing-information management

There are laws in place pertaining to marketing information management in order to protect consumer privacy.

Explain the nature of marketing research.

Marketing research is used by businesses to identify sales trends and changing markets so that they can alter their marketing strategies as needed.

Discuss the nature of marketing research problems/issues.

Flawed Survey Design, Survey Nonresponse
Survey Bias, Observational Errors

Flawed Survey Design

improper design may lead to inaccurate conclusions

Survey Nonresponse

- many participants may choose not to participate

Survey Bias

- participants may be inclined to answer in a certain way

Observational Errors

- observational studies can be erroneous if not conducted meticulously

Describe methods used to design marketing research studies

(i.e., descriptive, exploratory, and causal).

Descriptive marketing research

is a form of conclusive research used to describe both the composition of a group in such terms as income, gender, age and education and the characteristics of group members in regards to both current and future behavior.

Exploratory research

is an important part of any marketing or business strategy. Its focus is on the discovery of ideas and insights as opposed to collecting statistically accurate data.

the causal form of research

the marketer tries to determine if the manipulation of one variable, called the independent variable, affects another variable, called the dependent variable. In essence, the marketer is conducting an experiment.

Describe options businesses use to obtain marketing-research data

(i.e., primary and secondary research).

Primary research

is research conducted by the business.

Secondary research

is research obtained through another party.

Discuss the nature of sampling plans (i.e., who, how many, how chosen).

Sampling plans are used to determine the sample population to be used in a marketing research study. More participants means less variability, but more impracticality. Those chosen should be likely consumers within a business' market, and the business should perform a random selection of these consumers in order to obtain a variety of participants.

Describe data-collection method

e.g., observations, mail, diaries, telephone, Internet, discussion groups, interviews, scanners, tracking tool

Observations

simply involve viewing a population

Mail-in surveys

are voluntary and sent straight to the participant's mailing address

Telephone surveys,

conducted by telemarketers, involved calling participants' phone numbers

The Internet

can be used to send out surveys.

Discussion groups

involve multiple people meeting with a market researcher to discuss their values, demographics, and other metrics.

Tracking tools

involve letting participants go about their daily lives as their habits are monitored.

Explain characteristics of effective data-collection instruments.

Effective data-collection instruments are often digital and are easy-to-use. If it involves human interaction, the researcher should be well-equipped with strong communication skills.

Explain techniques for processing marketing data.

One could use a spreadsheet to sort participants into categories, calculate proportions, and design visual aids to represent the findings. These findings could then be presented in a report or slideshow presentation.

Monitor/measure customer “buzz”

Buzz monitoring is the monitoring of consumer responses to commercial services and products in order to establish the marketing buzz surrounding a new or existing offer.

Explain the use of descriptive statistics in marketing decision making

gives managers the information they need to make informed decisions in uncertain circumstances. When managers analyze statistical research in business, they determine how to proceed in areas including auditing, financial analysis and marketing research.

Identify sources of error in a research project

response errors, interviewer errors, non-response errors, sample design)

response errors

Response error and frame error do not relate to how a survey is administered to respondents; they relate to who the respondents are. results from one or more of these events in the survey process: (1) measuring of the wrong thing, (2) incorrect or biased measurement, or (3) variability due to poorly designed survey instruments

interviewer errors -

is a form of bias in which the interviewer administering the survey in-person, by phone, or through chat impacts choice of responses through the interaction. This can come in the form of word choices, attitude, demeanor, or facial expressions. Basically anything during the research conversation that may impact the responses positively or negatively can be labeled interviewer error.

non-response errors -

occurs when sampling units selected for a sample are not interviewed. Sampled units typically do not respond because they are unable, unavailable, or unwilling to do so.

sample design

is a mathematical function that gives you the probability of any given sample being drawn.

Evaluate questionnaire design (types of questions, question wording, routing, sequencing, length, layout)

Questionnaire design is a multistage process that requires attention to many details at once. Designing the questionnaire is complicated because surveys can ask about topics in varying degrees of detail, questions can be asked in different ways, and questions asked earlier in a survey may influence how people respond to later questions. Researchers also are often interested in measuring change over time and therefore must be attentive to how opinions or behaviors have been measured in prior surveys.

Assess appropriateness of marketing research for the problem/issue (research methods, sources of information, timeliness of information)

Researchers must determine whether qualitative, quantitative, or both types of data will be appropriate for the situation
The selection of respondents is also a factor determining the value of the marketing research.

Explain the nature of channel-member relationships

Channel members can consist of the producer/manufacturer, agents, wholesalers, retails and consumers = customers.

Discuss the role of administrative law

the body of law that regulates the operation and procedures of government agencies.

Discuss the nature of retirement planning (FI:569)

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved.

Describe the nature of product bundling

the practice of combining two or more products or services into a single package, offered at a lower price than the sum of the individual items. This marketing strategy creates greater value and convenience for the customer by offering a discounted or "package deal" price, while providing benefits to the business such as increased sales, reduced inventory for slow-moving goods, and lower costs for introducing new products. 

Describe ethical considerations in channel management

The American Marketing Association lists the following as responsibilities in channel management: not manipulating the availability of a product for purpose of exploitation, not using coercion, and exerting undue influence over the reseller's decision to handle the product.

Identify the impact of product life cycles on marketing decisions

There are four stages of the product life cycle: introduction, growth, maturity, and decline. Depending on the stage in which the product is in, marketer must adjust their product mix and marketing strategies to ensure continued sales. Different stages of the life cycle demand different focuses.

Introduction product stage

companies focus their efforts on promotion and production to draw customer attention and increase product awareness using special promotions.

During the growth stage

companies focus on customer satisfaction and introducing new models to compete against competitors.

During the majority stage

the company focuses on fighting off the competition and deciding whether or not to improve the product to gain additional sales.

During the decline stage

management must decide how long it will continue to support the product, when to drop the product, or what product mix strategies to use (selling or licensing the product, recommitting to the product line, discounting the product, regionalizing the product, altering the product).

Explain factors affecting pricing decisions

Cost and expenses, supply and demand, consumer perceptions and prices being charged by competition

Cost and expenses

will take away from a business' gross profit, so companies must try to reduce these as much as possible.

Supply and demand

deals with how much businesses are willing to offer and how much customers are willing to buy at a given price point, which is very important when determining the price.

Consumer perceptions

about the quality of the product or the service will also impact the effectiveness of prices.

prices

being charged by the competition must be taken into account, especially if price is the only differentiating factor.

Demonstrate problem-solving skills

Problem-solving involves a number of skills and steps. The first step is to identify the problem and make sure you have a clear understanding of it. As you begin to consider solutions, generate a variety of alternatives. Think creatively and brainstorm with others. Make an honest evaluation of the possible results of the solutions presented, considering both the positive and the negative. Make a decisions that is the best one under the circumstances and put the solution into action, identifying the exact steps that should be followed and by whom. Afterward, evaluate the results.

Explain legal responsibilities associated with financial exchanges

Legally speaking, a sale is a contract in which ownership of goods transfers immediately from the seller to the buyer for a price. If the transfer of ownership will take place at a future date, it is called a contract to sell, rather than a sale.

According to the Uniform Commercial Code (UCC), goods are tangible, movable personal property. Payment occurs when the buyer delivers the agreed price and the seller accepts it. The receipt of goods is when the buyer takes physical possession of the goods. A court may find that a contract is unconscionable, or grossly unfair to one party or another. In such a case, the contract may be voided or limited.

Explain the organizational design of businesses

is a step-by-step methodology which identifies dysfunctional aspects of workflow, procedures, structures, and systems realigns them to fit current business realities/goals and then develops plans to implement the new changes.

Demonstrate systematic behavior

is immensely profitable in the workplace.

- plan out approach / know what you are going to do before you do it
- be productive
- stay organized and orderly
- act in a methodical manner

- will increase employee focus, efficiency and productivity, which will result in an increase in profits

Interpret a pay stub

-receive pay check -pay stub shows all things deducted (health care/medicare) -use for tax return

Identify methods/techniques to generate a product idea

New product ideas can come from a variety of sources: customers, competitors, channel members and company employees. Focus groups or idea sessions are often used my companies to involve customers in generating product ideas. In addition, companies that manufacture consumer packaged goods use a task force approach to new product development. This approach involves gathering employees from various departments to take a new concept and run it through the steps of product development. Companies that manufacture and sell industrial products establish venture teams that develop new products not part of the existing business.