DATA LAP

DATA DO IT

1.06​-Describe the need for marketing data

​

By Caitlin Pauley

FACTS- DATA THAT CAN BE VERFIIED

ESTIMATES- APPROXIMATIONS OF DATA/ EDUCATED GUESSES

PREDICTIONS-

AKA PROJECTIONS.

FORECASTS ABOUT THE FUTURE ​

SALESPEOPLE

WHAT USEFUL DATA CAN A COMPANY INQUIRE FROM A SALESPERSON?​

CUSTOMERS

WHAT USEFUL DATA CAN A COMPANY INQUIRE FROM A CUSTOMER?

COMPETITORS

WHAT USEFUL DATA CAN A COMPANY INQUIRE FROM COMPETITORS?

SUPPLIERS & DISTRIBUTORS

WHAT USEFUL DATA CAN A COMPANY INQUIRE FROM SUPPLIERS AND DISTRIBUTORS?

NEWS & ONLINE PUBLICATIONS

WHAT USEFUL DATA CAN A COMPANY INQUIRE FROM THE NEWS AND ONLINE PUBLICATIONS?

Open Ended

What are facts?

Open Ended

What are estimates?

Open Ended

What are predictions?

Open Ended

What useful data can marketers gather from salespeople?

Open Ended

What useful data can marketers gather from customers?

Open Ended

What useful data can marketers gather from competitors?

Open Ended

What useful data can marketers gather from suppliers and distributors?

IDENTIFY REALISTIC GOALS

-SPECIFIC -MEASURABLE

-​ACHEIVABLE -REALISTIC​

DEVELOP PRODUCT STRATEGIES

-MARKETERS USE DATA TO IDENTIFY CUSTOMER WANTS AND NEEDS

DEVELOP PRICING STRATEGIES

-MARKETERS USE DATA TO IDENTIFY HOW MUCH A CUSTOMER IS WILLING TO PAY.

DEVELOP PROMOTIONAL STRATEGIES

-MARKETERS USE DATA TO DETERMINE THE BEST WAY TO REACH CUSTOMERS.

DEVELOP PLACE STRATEGIES

-MARKETERS USE DATA TO DETERMINE HOW MUCH PRODUCT IS NEEDED & WHERE CUSTOMERS ARE MOST LIKELY TO PURCHASE

MAKE BUDGET DECISIONS

-MARKETERS USE DATA TO DETERMINE PRODUCT COST AND MAKE BUDGETING DECISIONS

IDENTIFY PROBLEMS

-MARKETERS USE DATA TO FOLLOW UP ON A PRODUCT AND TO ENSURE CUSTOMER SERVICE.

EVALUATING RESULTS

-MARKETERS EVALUATE POSTIVE AND NEGATIVE OUTCOMES OF EACH DECISION TO HELP THEM PLAN FOR THE FUTURE.

OVERALL IMPACT OF DATA

-MORE COMPETITION

-MORE SUCCESSFUL PRODUCTS

-CUSTOMER SATISFACTION

-MAKE MORE MONEY/SAVE MONEY

-​MAKES PROCESS RUN MORE EFFICIENTLY

​

Open Ended

How do marketers use data to identify goals?

Open Ended

How do marketers use data to develop product strategies?

Open Ended

How do marketers use data to develop pricing strategies?

Open Ended

How do marketers use data to develop promotional strategies?

Open Ended

How do marketers use data to develop place strategies?

Open Ended

How do marketers use data to make budgeting decisions?

Open Ended

How do marketers use data to identify problems or issues?

Open Ended

How do marketers use data to evaluate results?

Open Ended

What is the overall impact of data on marketers and their companies?