Marketing Districts - Performance Indicators
Access appropriateness of marketing research for the problem/issue
- Information should be recent such that it represents current trends in the market. -methods of research should be ethical and compliant with law regarding marketing information management. -Reliable sources include government reports and verified business data.
Adjust to change (EI:026) (PQ):
Adjusting to change involves being adaptable and open to new ideas, situations, and environments. It requires flexibility and a positive mindset in the face of change.
Create/maintain daily sales plan
A sales plan is the "who, where, why, when and how" that will guide you to hitting your sales goals for the year. 1. Set realistic sales goals in your sales plan. 2. Define clear deadlines and milestones in your sales plan. 3. Pick a niche to focus on and build traction in. First, we need to know the market we're in and the niche we're going to occupy so we can properly position our business for growth (and to achieve the goals in your sales plan). What's a business niche? Essentially, it's what your business specializes in, but it goes a bit deeper than that. A niche is the space your business occupies, not just with your products, but with your content, your company culture, your branding, and your message. It's how people identify with you and search you out over the competition.
Assess personal strengths and weaknesses (EI:002) (PQ):
Assessing personal strengths and weaknesses involves a reflective process to identify areas of proficiency and areas that require improvement. This self-awareness is fundamental for personal and professional development.
Assess risks of personal decisions (EI:091) (PQ):
Assessing risks of personal decisions involves evaluating potential consequences and uncertainties before making choices. It is essential for informed decision-making.
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. Similar to media monitoring it is becoming increasingly popular as a base for strategic insight development alongside other forms of market research.
Build trust in relationships (EI:128) (CS):
Building trust in relationships involves establishing reliability, credibility, and consistency in interactions with others. Trust is foundational for effective collaboration and cooperation.
Explain the impact of business customs and practices on global trade
Business customs and practices affect global trade in many ways. Communication styles can differ greatly between countries, so you want to make sure you are being respectful. Customs also vary between countries, and what is seen as a respectful gesture in one country can be a swear word in another. It is important to make yourself aware of these differences before meeting/communicating with a business in another country. For example, in China, business cards are seen as something to admire. When you receive one of their business cards, you have to look at it and admire it for a few seconds before putting it away. Prior knowledge and awareness of these customs will help international relationships flourish.
Describe the use of business ethics in promotion
Business ethics in promotion involves the application of moral principles and standards to promotional activities. Ethical promotion ensures honesty, transparency, and fairness in communication with customers. This includes providing accurate information, avoiding deceptive practices, respecting consumer privacy, and adhering to industry regulations. Ethical promotion not only builds trust with customers but also contributes to the long-term success and reputation of the business.
Explain communications channels used in public-relations activities
Communications channels in public-relations activities encompass the methods employed to manage and promote a positive image of a business or brand. This includes press releases, media interviews, social media, company websites, and community events. Public-relations channels aim to build and maintain relationships with the public, stakeholders, and the media. Effective use of these channels helps shape public perception, manage crises, and communicate key messages in alignment with the organization's values and goals.
Identify communications channels used in sales promotion
Communications channels in sales promotion refer to the means through which promotional activities are conveyed to the target audience to stimulate immediate sales. These channels include in-store displays, point-of-purchase materials, coupons, contests, and online promotions. Sales promotion channels aim to create a sense of urgency and incentivize quick customer response. They are designed to complement other marketing efforts and drive short-term sales by offering added value or incentives to consumers.
Explain the importance of coordinating elements in advertisements
Coordinating elements in advertisements is crucial for ensuring a unified and impactful message. This involves aligning various components, such as visuals, copy, and branding, to work together seamlessly. Coordination enhances the clarity of the message, reinforces the brand identity, and improves overall communication effectiveness. By maintaining consistency across different elements, advertisers can create a stronger and more memorable impression on the audience, contributing to the success of the advertising campaign.
Describe the use of technology in the marking-information management functions
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.
Identify data monitored for marketing decision making
Demographics - age, sex, race, etc. Geographics - location, culture, etc. Psychographics - attitudes, lifestyles, etc.
Demonstrate ethical work habits (EI:004) (PQ)
Demonstrating ethical work habits involves consistently adhering to moral principles, ethical guidelines, and industry standards in the workplace.
Demonstrate fairness (EI:127) (PQ):
Demonstrating fairness involves treating individuals equitably and justly, considering diverse perspectives, and making decisions based on objective criteria.
Demonstrate honesty and integrity (EI:022) (PQ):
Demonstrating honesty and integrity involves maintaining a commitment to truthfulness and ethical behavior in all personal and professional interactions.
Demonstrate initiative (EI:024) (PQ):
Demonstrating initiative involves taking proactive steps to identify and address challenges, seize opportunities, and contribute to the achievement of goals. It reflects a proactive and resourceful approach.
Demonstrate interest and enthusiasm (EI:020) (PQ):
Demonstrating interest and enthusiasm involves expressing genuine passion and curiosity. These qualities contribute to a positive and engaging personal and professional presence.
Demonstrate negotiation skills (EI:062) (SP):
Demonstrating negotiation skills involves the ability to reach mutually beneficial agreements through effective communication, compromise, and problem-solving. Negotiation skills are crucial in both professional and personal contexts.
Demonstrate responsible behavior (EI:021) (PQ):
Demonstrating responsible behavior involves being accountable for one's actions and fulfilling obligations. It includes reliability, punctuality, and ethical decision-making.
Demonstrate self-control (EI:025) (PQ):
Demonstrating self-control involves managing emotions and impulses effectively, contributing to a composed and thoughtful approach to decision-making and interactions.
Describe moots used to design marketing research studies
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. In 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.
Explain the use of descriptive statistics in marketing decision-making
Descriptive statistics are very important because if we simply presented our raw data it would be hard to visualize what the data was showing, especially if there was a lot of it. Descriptive statistics therefore enables us to present the data in a more meaningful way, which allows a simpler interpretation of the data.
Identify desirable personality traits important to business (EI:018) (PQ):
Desirable personality traits in a business context include traits such as adaptability, communication skills, teamwork, leadership, and integrity. These traits contribute to effective collaboration and success in a professional environment.
Develop tolerance for ambiguity (EI:092) (CS):
Developing tolerance for ambiguity involves being comfortable with uncertainty and complexity, allowing for flexibility and adaptability in various situations.
Determine the impact of product standards' issues associated with global business
Different countries across the world have different standards for products. This can be in terms of product specification, such as the 110 volt difference between Europe and the united states, but this can also include cultural differences, such as a preference for certain restaurant types. Additionally, this could also include governmental standards, such as how gun laws differ between countries.
Explain the nature of direct marketing channels
Direct marketing channels involve the direct communication between a business and its target audience without intermediaries. This can include personalized communication through direct mail, email marketing, telemarketing, and digital channels. Direct marketing allows for precise targeting and customized messaging, enabling businesses to establish a one-to-one connection with potential customers. It is a strategic approach to engage and prompt specific actions from the audience, such as making a purchase or requesting information.
Discuss the nature of business customs and practices in the Middle East
Don't rush when greeting people (building trust is very important), verbal commitments are valued more than contracts, negotiations are tough and business cycles are long.
Explain the nature of business customs and practices in Latin America
Dress conservatively, shake hands, can be disrespectful to hold eye contact for too long, make sure formalities are right, many times business people are 30 min late or more to meetings (this is so common that when asked when the meetings, many ask, "English hour or Latin hour" (English being right on time, Latin being late)
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.
Describe the nature of emotional intelligence (EI:001) (PQ):
Emotional intelligence involves the ability to recognize, understand, and manage one's own emotions, as well as the capacity to perceive and influence the emotions of others. It includes self-awareness, self-regulation, empathy, and effective interpersonal skills.
Explain ethical considerations in providing information (EI:038) (SP):
Ethical considerations in providing information involve ensuring accuracy, transparency, and fairness in the communication of information, while respecting privacy and confidentiality.
Assess personal behavior and values (EI:126) (PQ):
Evaluating personal behavior and values involves reflecting on one's actions and principles. Understanding the alignment between behavior and core values is crucial for maintaining integrity and ethical conduct.
Exhibit a positive attitude (EI:019) (PQ):
Exhibiting a positive attitude involves maintaining an optimistic and constructive outlook, even in challenging situations. A positive attitude can influence personal well-being and team morale.
Exhibit cultural sensitivity (EI:033) (CS):
Exhibiting cultural sensitivity involves recognizing and respecting diverse cultural norms, values, and practices. It fosters inclusivity and effective communication in multicultural settings.
Exhibit self-confidence (EI:023) (PQ):
Exhibiting self-confidence involves displaying assurance in one's abilities, decisions, and actions. Confidence is a key attribute that influences how others perceive and respond to an individual.
Discuss the nature of business customs and practices in Sub-Saharan Africa
First business meetings are more about getting to know one another than business. Keep your tone and voice level low. It is customary to bring a small gift when introduced.
Establish reorder points.
First, calculate your lead time demand and your safety stock and add them together. This will give you your reorder point for a specific product.
Determine quality of merchandise to offer
First, the products must be of high quality; this helps to ensure the customer will return for more purchases in the future. Along with the quality, the retailer must also sell the products at prices the consumer finds reasonable. By providing quality products at affordable prices, the retailer has a much better chance of standing out from the competition and remaining in business for many years to come. However, the higher the quality, the higher the price, and the older the client must be in order to afford those prices. The balance must be achieved to have the highest possible sales with the lowest possible price.
Discuss the nature of marketing research problems/issues
Flawed Survey Design - improper design may lead to inaccurate conclusionsSurvey Nonresponse - many participants may choose not to participateSurvey Bias - participants may be inclined to answer in a certain wayObservational Errors - observational studies can be erroneous if not conducted meticulously
Compare and Contrast Buying From Domestic Sources with That of Foreign Sources
Foreign Sources are lower cost, uniqueness. Domestic Sources are better quality. Choose the right Foreign Source.
Foster open, honest communication (EI:129) (SP):
Fostering open, honest communication involves creating an environment where information is shared transparently, and individuals feel comfortable expressing their thoughts and ideas. This practice enhances trust, collaboration, and the overall effectiveness of communication.
Explain the nature of business customs and practices in Western Europe
France: humor does not always translate, speaking some French will earn you respect, no personal business, strict hierarchical business formatUnited Kingdom: formal, want to build close relationships, diplomaticGermany: speak directly (which can often seem arrogant, but is not to them), confirm credibility before meeting with a company, use titles and don't make comments unless you have authority on that subjectSweden: team-made decisions, flexible and casual workplace, lots of women in the workforce :)
Describe the nature of business customs and practices in the Pacific Rim
Gift giving is an integral part of their culture and if not given, is seen as disrespectful
Negotiate terms with suppliers.
Identify objectives and what terms need to be negotiated. Do research on your supplier and determine what would benefit both companies. Be at a stronger position with them so you can fully understand them. Think through what you're going to offer and predict how they'll respond. Once you begin, make sure you are both satisfied with what's being negotiated and come to final agreements. Then, sign on a written contract.
Describe the nature of business customs and practices in the North American market
In North America, there are some customs many are familiar with. Meetings/introductions begin with a handshake, and when asked "How are you?" it's best to respond with "Great, how are you?" North Americans are generally more casual with their business dealings and like to chat like old friends. According to "Business Etiquette" written by Dave Landry, in Mexico, greetings are very important, as they treat business partners like family. Gender roles are a lot more prevalent in Mexico, so men should be more commanding, and women should be more polite.
Discuss internal and external audiences for public-relations activities
In the context of public-relations activities, audiences can be categorized into internal and external groups. Internal audiences include employees, management, and other individuals within the organization. Effective communication with internal audiences is crucial for maintaining a positive workplace environment and ensuring that employees are aligned with the organization's values. External audiences encompass stakeholders outside the organization, such as customers, investors, media, and the general public. Public-relations activities targeting external audiences aim to shape public perception, build trust, and establish a positive reputation for the organization in the broader community.
Leverage personality types in business situations (EI:104) (SP):
Leveraging personality types in business situations involves understanding and adapting to different personality styles to enhance communication, collaboration, and team dynamics.
Determine when to buy/reorder.
Look at how much you have left in stock and use previous sold unit records to determine how long you have until that product will be out of stock.
Determine what to buy/reorder.
Look at past sales patterns and reorder the products that are more popular and ran out of stock the quickest. Look at products that are similar to the best sellers and order those similar products so a good amount of sales are insured.
Maintain the confidentiality of others (EI:103) (CS):
Maintaining the confidentiality of others involves safeguarding sensitive and private information entrusted to an individual in professional or personal relationships.
Evaluate vendors' goods and services.
Make sure they are consistently providing high quality goods to customers and treating them appropriately. Check their prices; make sure they're giving customers fair prices and deal. Also, check to see if they're selling in a clean and safe environment in a convenient location.
Manage commitments in a timely manner (EI:077) (CS):
Managing commitments in a timely manner involves fulfilling obligations and meeting deadlines, demonstrating reliability and a commitment to delivering on promises.
Describe the need for marketing data
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.
Explain the nature and scope of the marketing-information management functions
Marketing information management 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 techniques for processing marketing data
Marketing information processing is completed using a variety of technology including databases and spreadsheet programs. Marketers may also utilize customized marketing information systems to routinely update and analyze data. Data mining is a computer process that can identify data trends when analyzing a large amount of 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.
Describe the options businesses use to obtain marketing research data
Marketing research can be either primary research or secondary research. Primary research are research conducted by firms such as surveys, focus groups, observation, and experimentation. Another type of marketing research is secondary research wherein data are gathered through third-party sources such as government sources, industry reports, internal company data, and social media.
Explain the nature of marketing research
Marketing research is a process that involves identifying a problem, gathering and analyzing data, developing solutions, implementing actions and monitoring results. Marketing research is used to understand customer behavior, product uses, learn about competitors, and understand brand awareness. There are two types of market research: qualitative and quantitative. Qualitative research is used to answer questions beginning with "why" or "how". Quantitative research answers questions that start with "how many" or "how much".
Calculate open-to-buy
OTB can be calculated in either units or dollars. However, it's best to use dollars, as there are significant variations in costs between products. OTB is essentially the difference between how much inventory is needed and how much is actually available. This includes physical inventory on hand, in transit, and any outstanding orders. Formula: Planned Sales + Planned Markdowns + Planned End of Month Inventory - Planned Beginning of Month Inventory
Describe data-collection methods
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.
Determine quantities to buy/reorder.
One strategy is to calculate units previously sold (in a month or so) and use that to estimate how many units you'll need for the whole year.
Explain the nature of business customs and practices in Eastern Europe
Overall: meetings will always be on time, more formal, but personal relationships do play a roleRussia: observe exchanging of business cards, speaking some Russian is impressive to them, deal is not complete until a contract is signed, "no" may not mean "no" yet, it signals further negotiation is allowedPoland: formalities are important, business meetings will rarely go off the agenda
Explain the nature of business customs and practices in South Asia
Overall: women are seen differently in this region, so shaking hands or hugging may not be the way to greet them. Shaking the head side to side indicates that you are interested in what the speaker is talking about and want to hear more (unlike in America, where it means "no"). Saying what someone hopes is better than saying the truth. Be humble and show respectIndia: when greeted, it is a tradition for the greeter to present the other with a garland of flowers, most are vegetarians, so eating meat may be offensive, do not pat people on the top of their head (it is seen as holy)Pakistan: since they are mostly Muslim, don't do anything seen as against their religion (don't use the left hand for one-handed tasks), can present gift such as a compass (points to their holy land, the Mecca)
Recognize and overcome personal biases and stereotypes (EI:017) (PQ)
Overcoming personal biases and stereotypes involves acknowledging and challenging preconceived notions and prejudices. Developing awareness and actively seeking to understand and appreciate diverse perspectives are key components.
Recognize and respond to ethical dilemmas (EI:125) (CS):
Recognizing and responding to ethical dilemmas involves the ability to identify moral challenges and navigate them in a way that upholds ethical standards and values.
Persuade others (EI:012) (SP):
Persuading others involves the ability to influence and convince individuals to adopt a particular viewpoint or take a specific course of action. Effective persuasion relies on clear communication and understanding the needs of the audience.
Explain the types of promotion (i.e., institutional, product)
Promotion can be categorized into two main types: institutional and product promotion. Institutional promotion focuses on enhancing the overall image and reputation of a business or industry. It includes activities like corporate advertising and public relations. On the other hand, product promotion concentrates on marketing specific goods or services, utilizing strategies such as advertising, personal selling, and sales promotion to create awareness, interest, and demand among the target audience.
Explain the role of promotion as a marketing function
Promotion, as a vital marketing function, involves the strategic communication of a product, service, or brand to the target audience. It aims to inform, persuade, and remind customers about the value proposition offered, ultimately driving sales and fostering brand loyalty. This function encompasses various promotional activities such as advertising, personal selling, public relations, and sales promotion, all working synergistically to achieve marketing objectives.
Evaluate questionnaire design (types of questions, question wording, routing, sequencing, length, layout)
Questions should be about things the respondent would be comfortable sharing such that response bias is eliminated or diminished. The wording should be clear and simple and questions should be sequenced by category. Questions should not be long and the interface should be smooth and user-friendly. If needed, question routing should be used to derive new questions tailored specifically to the respondent based on their answers to previous questions.
Explain reasons for ethical dilemmas (EI:124) (CS):
Reasons for ethical dilemmas involve situations where individuals face conflicting moral principles or values, making it challenging to determine the most ethically sound course of action.
Respect the privacy of others (EI:029) (PQ):
Respecting the privacy of others involves acknowledging and safeguarding individuals' personal information and boundaries in both personal and professional contexts.
Discuss the nature of sampling plans
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.
Explain the concept of self-esteem (EI:016) (PQ):
Self-esteem is an individual's overall evaluation and perception of their own worth and value. It plays a crucial role in shaping confidence, resilience, and the ability to navigate challenges.
Choose vendors.
Set up standards for potential vendors and identify what you need out of them. Identify any potential vendors that have had great partnerships in the past and contact them. Meet with potentials and take out any of them that don't make the cut. Make another discussion with each vendor left and then make your final decision.
Show empathy for others (EI:030) (PQ):
Showing empathy for others involves understanding and sharing in the feelings and perspectives of others. It contributes to effective communication and relationship-building.
Determine stock turnover
Stock turnover shows the number of times a business's stock has been replaced in a year. First, add your opening and closing stock values and divide it by 1/2 to get your average stock value. Then, divide the average cost of sold goods by the average stock value and you'll get your stock turnover.
Identify components of a retail image
Store location, layout and design, facilities, store operations (hours, etc.), merchandise, pricing, customer and community service
Take responsibility for decisions and actions (EI:075) (PQ):
Taking responsibility for decisions and actions involves being accountable for the outcomes of one's choices and actively addressing any consequences.
Describe the use of technology in the promotion function
Technology plays a crucial role in modern promotion strategies. Businesses leverage digital platforms, social media, email marketing, and other technological tools to reach a broader audience, personalize messages, and enhance engagement. Automation tools streamline promotional processes, data analytics provide insights for targeted campaigns, and interactive technologies create immersive brand experiences. The integration of technology into promotion allows businesses to adapt to evolving consumer behaviors and stay competitive in the digital landscape.
Explain types of advertising media
Types of advertising media refer to the various channels through which promotional messages are communicated to the target audience. This includes traditional media such as television, radio, print (newspapers and magazines), and outdoor advertising, as well as digital media like social media, online platforms, and mobile applications. Each type of advertising media offers distinct advantages in reaching specific demographics and achieving marketing objectives, providing marketers with a range of options to create effective and targeted campaigns.
Plan merchandise assortment
The answer lies in key factors like brand identity, category weight, market trends, and price range. The right balance between trends and staples. Manage assortment in real-time. For retailers and brands, the saving grace is the real-time data analytics that helps with assortment planning. This retail intelligence tool highlights the active approach in optimizing assortment in real-time, allowing immediate insights into the impact of increasing or decreasing certain products from the merchandise mix, managing their visibility in the marketplace and handling discounting when the times comes for it. Once inventory is all sorted out and ready to go, price is the only lever to change, needing to be adjusted in response to the competition's out-of-stock gaps, hot sellers or inventory depths. Get hands-on with the trends.
Explain the components of advertisements
The components of advertisements refer to the essential elements that constitute a promotional message. These typically include headline, copy (text), visuals (such as images or graphics), layout, and branding elements. Each component serves a specific purpose in conveying the intended message and capturing the attention of the target audience. Effective advertisements carefully integrate these components to create a cohesive and compelling message that resonates with consumers and achieves marketing objectives.
Explain the nature of effective communications (EI:007) (PQ):
The nature of effective communications involves the ability to convey messages clearly, listen actively, and adapt communication styles to the needs of the audience, fostering understanding and collaboration.
Describe the nature of ethics (EI:123) (CS):
The nature of ethics involves the study of moral principles and values that guide human behavior. Ethics provides a framework for distinguishing right from wrong and making ethical decisions.
Analyze the use of central buying
The process of critically examining and evaluating the strategic implementation of central purchasing practices within an organization. In a DECA context, this involves assessing how a business consolidates its procurement activities to achieve goals such as cost efficiency, standardization, and enhanced supplier relationships. Students would explore the impact of central buying on various aspects of the organization, including its alignment with overall business strategies, effects on different departments, and contributions to organizational effectiveness.
Identify the elements of the promotional mix
The promotional mix comprises several elements strategically combined to achieve marketing goals. These elements include advertising (paid, non-personal communication through various media), personal selling (direct interaction between sales representatives and potential buyers), public relations (building and maintaining a positive image through media coverage and events), and sales promotion (short-term incentives to encourage purchase). The effective integration of these elements ensures a comprehensive and impactful promotional strategy.
Describe the regulation of promotion
The regulation of promotion involves adherence to legal and industry standards to ensure fair and ethical practices. Governments enact laws to prevent false advertising, protect consumer rights, and maintain competition. Industry-specific regulations may also exist to address sector-specific challenges. Adhering to these regulations is crucial for businesses to avoid legal consequences, protect consumer trust, and maintain a positive brand image. It involves monitoring advertising content, ensuring truthfulness, and respecting privacy and intellectual property rights.
Determine final cost
The strategic process within a business or entrepreneurial venture involves the comprehensive calculation and analysis of all expenses associated with acquiring goods or services. This includes costs from both domestic and international sources. The determination of final costs encompasses various factors, such as direct costs (pertaining to the production or acquisition of goods), indirect costs (overhead expenses), fixed costs, variable costs, and any additional costs associated with international transactions, such as customs duties or shipping fees. This analysis is crucial for establishing accurate pricing, optimizing procurement strategies, and ensuring competitiveness in the global marketplace. In a DECA context, it involves presenting a detailed breakdown of the costs associated with both domestic and international purchases and providing recommendations for effective cost management and sourcing strategies.
Explain the use of feedback for personal growth (EI:003) (PQ):
The use of feedback for personal growth involves seeking, receiving, and utilizing constructive feedback to enhance skills, performance, and overall personal development.
Describe the regulation of marketing-information management.
There are laws in place pertaining to marketing information management in order to protect consumer privacy.
Describe the nature of business customs and practices in Northern Africa
They are Islamic countries, so be careful not to offend them by going against their customs. They are lavishly generous and have an expansive view of time. Again, do not use your left hand for one-handed tasks, as the left hand is seen as symbolic. Soft handshakes are common. Dress conservatively.
Identify types of public-relations activities
Types of public-relations activities encompass a broad range of strategies and tactics employed to manage and enhance the reputation of a business or organization. These activities include media relations, community engagement, crisis communication, event management, social responsibility initiatives, and influencer partnerships. Public-relations professionals use a mix of these activities to build positive relationships with the public, convey key messages, and align the organization's image with its values and goals.
Describe word-of-mouth channels used to communicate with targeted audiences
Word-of-mouth channels involve the organic, informal spread of information about a product, service, or brand through conversations among individuals. This can occur in person, through social gatherings, or online platforms. Marketers encourage word-of-mouth by creating positive customer experiences, implementing referral programs, and leveraging social media for user-generated content and recommendations. Harnessing the power of word-of-mouth channels is essential for building trust and credibility among targeted audiences.
Write purchase orders
Write how much of the products you're buying and a description of the products. Include brand names/ model numbers and the price. Then write the delivery date and location. Write down your (buyer) name, billing address, and payment receipt address (of seller). If there's any payment terms, write them down. Write date, shipping details and any terms/conditions you hav
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.
Identify sources of error in a research project
response- lack of accuracy in/false responses to questions interviewer- bias in which the interviewer administering the survey impacts the choice of responses through the interaction nonresponse-survey fails to get a response to one, or possibly all, of the questions design- fails to select a sample that is representative of the entire population
Plan purchases
the amount of goods needed to ensure that inventory levels are appropriate for planned sales
Explain the nature of merchandise plans (budgets)
· A budget is plan to determine what we need and how much we will spend in various areas· First, we should forecast our sales and then determine the inventory that is neededA look at our past sales by month would be a good starting point
Plan stock
· If too much inventory is purchased, items will have to be stored, sold off at a loss, or may be outdated or obsolete by the next selling season. The storage of items is an unwanted cost.· If too little inventory is purchased, items will sell out and result in disgruntled customers who may not return.· Make certain merchandise arrives well before it is advertised.· Know how many items can be stocked, displayed and sold.· Buy merchandise that will be desireable for more than one selling season.Find out whether there's sufficient lead time to re-order mid-season.
Plan reductions (e.g., anticipated markdowns, employee/other discounts, stock shortages)
· Pricing strategies including flexibility and discrimination · Suggested retail price · Cash payment discounts · Seasonal pricing · Volume purchases - promotionsMarketing campaigns and strategies
Identify emerging trends
• Take advantage of industry research and trends reports. • Regularly follow publications and influencers in your industry.• Make it a point to surround yourself with smart people. • Build and maintain a close group of advisers. • Ask the right questions, and listen to your customers. • Don't be afraid to ask current customers what's on their radars and what they see as future needs in their areas. You can get solid insight into trends in general, and you can start developing more specific plans for your company to grow and better service clients down the road. Learn to accept--and even embrace--change.
