Bell Ringer • Emillie lost $4,000 in personal belongings due to a flood at her department complex. Fortunately, she had renter's insurance with $500 deductible. How much would she receive from the insurance company if her maximum coverage was $10,000?
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Bell Ringer Emillie lost $4,000 in personal belongings due to a flood at her department complex. Fortunately, she had renter's insurance with $500 deductible.
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Bell Ringer
• Emillie lost $4,000 in personal belongings due to a flood at her department complex. Fortunately, she had renter's insurance with $500 deductible. How much would she receive from the insurance company if her maximum coverage was $10,000?
Bell Ringer Answer
• $4,000 - $500 deductible = $3,500
Agenda
• Bell Ringer / Attendance – 5 mins• Motivational Video – 10 mins– http://www.youtube.com/watch?v=NAeha727ZWI
• Chapter 6.1 Lecture and Discussion – 30 mins• Cell Phone Assignment – 25 mins
• To maintain growth, a business must plan to stay ahead of the competition.
What Information is Needed?
• MARKETING INTELLIGENCE - Information is gathered about competitors.– Prices– Distribution Methods– Product/Service Offerings– Promotional Strategies
Pricing
• For some customers, price can be the major factor in the decision to buy.
• Pricing is very important to customers, and the prices being charged by competitors can influence their purchases.
Distribution
• When planning distribution, marketers must make the product convenient for customers to buy.
• Knowing how competing products are made available to customers and the locations where the most sales are occurring, such as over the Internet, can help marketers determine how to make the place utility of their product.
Product / Service Management
• Knowing the product and service offering of competitors can help a business determine how to differentiate its products.
• The goal is to offer additional choices to consumers, not just follow competitors’ leads.
Promotional Efforts
• Analysis of competitors’ promotional efforts will help a business to know the product characteristics competitors are emphasizing, the customers they are targeting, and how much they are spending on their promotions.
Finding the Information
• The Internet• Observations• Trade Shows• Customers
The Internet
• Cost-Effective• Efficient
Observations
• Insight into the company• Provide increased awareness and
understanding of the customer.
Tradeshows
• TRADE SHOWS – major events where people in a related industry meet to show their products, exchange ideas, learn about the latest trends, and so forth.
• Show products to customers and provide information about pricing and distribution.
• Gives salespeople a firsthand look at their competitors’ products, tactics, and strategies.