MARKETING INFORMATION FOR YOUNG MARKETERS
In a nutshell, a good marketing information system (M.I.S) should generate information for forecasting, planning and control.
MERIT AND USES OF MARKETING INFORMATION SYSTEM
The following benefits and uses are derived from a good marketing information system.
1. It provides a faster, less expensive and more complete information flow for management decision making.
2. M.I.S helps executives to receive more frequent and detailed information
3. Because of its storage and retrieved capability, it allows wider variety of data to be collected and used.
4. With M.I.S. management can continually monitor performance of products, markets, sales people and other marketing unit in greater details.
5. M.I.S. is of immense i8mportance in a large multi-divisional company where information is likely to get lost or distorted as it becomes widely dispersed.
6. It is also of beneficial effects on management performance in small and medium sized firms.
7. It encourages pro-active or anticipatory marketing.
1. What is marketing information system and how does it differ from marketing research.
2. What are the benefits o installing an efficient marketing information system.
3. What are the frequently desired marketing information you know. Examine any three of the needed marketing information.
Personal Selling has long been recognized as the oldest and probably the most important component of the promotional mix. Personal selling can be defined as an oral presentation, interpersonal, face-to-face interaction with one or more potential buyers (consumers) for the purpose of making sales. It involves direct face-to-face contact and thus the only promotional tool that can encourage and make use of on-the Spot consumer reaction.
The job of personal selling is generally undertaken by salesmen (saleswomen). Salesmen can be categorized as:
1. Creative Salesmen
2. Service Salesmen
3. Supportive Salesmen
Salesmen can be categorized according to the nature of the job done namely:
i. Missionary Salesmen
ii. Technical Specialist Salesmen
THE IMPORTANCE/ADVANTAGES OF PERSONAL SELLING
(a) It increases profitable sale
(b) It can obtain immediate order of sales since it permits a minimum waste of time
(c) It is suitable for selling most industrial products and highly priced items
(d) Salesmen can collect credit from customers
(e) They can handle post sales services for the firm.
(f) It creates product awareness
(g) It enables inputs at individual level to be gathered by the company executive which non-personal selling cannot.
Sales promotion includes all methods of stimulating a quick and immediate sales response not specifically identified as advertising or personal selling.
Sales Promotion can be used to:
v Induce trial for a new product or a new brand
v To build brand loyalty
v To boost sales of an existing product
v To gain wider exposure of the company and its products.
v To motivate the sales force to work harder
v To make selling easier for the middlemen
v To encourage the middlemen to stock the company’s products
SALES PROMOTION TOOLS
Some sales promotion tools available are:
1. Free Samples: The product packaged in a very small form for distribution to potential consumers.
2. Premium: Actual products or services offered as an incentive to buy other product or service.
3. Contest: Performing certain action correctly and winning an attractive prize.
4. Free Gift: Customers can be offered free gifts when they purchase goods.
5. Trade shows and Exhibitions.
6. Point of purchase displays
7. Reduced price packs
PUBLICITY: Publicity is concerned with sharing ideas, meaning or information with members of the public. From a marketing stand point it involves given information about a company, it products, activities, etc, to the public. By definition, therefore, it is promotional communication for which the media are not paid. For example, a news story or a newspaper article carried in the mass media in respect of company or its products and or which the company makes no payment for media space or time is a kind of publicity.
The major tools of publicity include:
1. Features articles
2. Press Conferences and personal appearance
3. Records and films; fillers
The British Institute of Public Relations defined public relations as “a planned and sustained effort to established and maintain mutual understanding between an organization and its public. Every company wants publicity about its image, its functions and products it manufactures. The role of public relations is to carryout its publicity. Those that work in the public relations department are called the image makers of a company (firm) headed by a manager known as the Public Relations Manager or Public Relations Officer (PRO). Public Relation can carryout its activities the following media:
1. Trade fair
4. Feature Articles
5. Seminars and Conferences
6. Participation in charitable ventures
7. Sponsoring of sports competition
8. Participation in community projects.