What information do marketers need?

I. What helps businesses make better decisions?

Understanding consumers differencesExpanding choices to satisfy consumers’

needsKnowing the competitionUnderstanding the global marketplace

A. Consumer differences among segments

1. Similarities and differences among market segments

2. How to best meet unique needs and wants of market segments

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

C. Competition is intense1. 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

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

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

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

II. Deciding on Information NeedsDominique 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

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

B. Categories of Information for effective marketing decisions

1. Consumers

2. Marketing Mix

3. Business Environment