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IMB 301 Study Guide for Midterm

IMB 301 Study Guide for Midterm - IMB 301 Study Guide for...

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IMB 301 Study Guide for Midterm #2 Chapter 8 Decision Support Systems and Marketing Research 1. Define marketing decision support system An interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions [DSS] DSS System Characteristics : a. Interactive : Managers give simple instructions and see immediate results. The process is under their direct control; no computer programmer is needed. Managers don’t have to wait for schedule reports. b. Flexible : A DSS can sort, regroup, total, average, and manipulate the data in various ways. It will shift gears as the user changes topics, matching information to the problem at hand. For example, the CEO can see highly aggregated figures, and the marketing analyst can view very detailed breakouts. c. Discovery-oriented : Managers can probe for trends, isolate problems, and ask “what if” questions. d. Accessible : Managers who aren’t skilled with computers can easily learn how to use a DSS. Novice users should be able to choose a standard, or default, method of using the system. They can bypass optional features so they can work with the basic system right away while gradually learning to apply its advanced features. Database Marketing : The creation of a large computerized file of customers’ and potential customers’ profiles and purchase patterns. The key tool for successful one-to-one marketing. 2. Understand the steps involved in conducting a marketing research project i. Define problem ii. Plan design/primary data iii. Specify sampling procedure iv. Collect data v. Analyze data vi. Prepare/present report vii. Follow up Marketing Research Problem: Determining what information is needed and how that information can be obtained efficiently and effectively. Marketing Research Objective: The specific information needed to solve a marketing research problem; the objective should provide insightful decision-making information. Management Decision Problem: A broad-based problem that requires marketing research in order for managers to take proper actions. 3. Define marketing research and explain its importance to marketing decision making Marketing Research : The process of planning, collecting, and analyzing data relevant to a marketing decision. Marketing Research Studies : Products, Advertising, Prices, Packages, Names and Logos, Services, Buying habits, Colors, Uses, Awareness, Familiarity, New concepts, Traffic patterns, Wants, Needs, Politics. Role of Marketing Research Descriptive : Gathering and presenting factual statements. Diagnostic : Explaining data Predictive : “What if” Management Uses f Marketing Research : Improve the quality of decision making Trace problems Focus on keeping existing customers Understand the marketplace Alert them to marketplace trends Gauge the value of goods and services, and the level of customer satisfaction Marketing research improves quality of decision making, traces problems, focuses on keeping existing customers, and understands changes in marketplace.
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