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bmgt350 chapter 8

bmgt350 chapter 8 - Chapter 8 Marketing Marketing Decision...

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Chapter 8 Marketing Marketing Decision Support System The system most commonly used these days for gathering marketing information is called a marketing decision support system o A decision support system (DSS) is an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions o Four characteristics of a true DSS: Interactive Flexible Discovery-oriented Accessible Perhaps the fastest growing use of DSSs is for database marketing, which is the creation of a large computerized file of customers and potential profiles and purchase patterns The Role of Marketing Marketing research is the process of planning, collecting, and analyzing data relevant to a market decision The findings of a marketing research project become data in DSS Marketing research has three roles: o Descriptive: gathering and presenting factual statements o Diagnostic: explaining data, like determining the impact on sales of a change in the design of the package o Predictive: to address “what if” questions Steps in a Marketing Research Project The marketing research problem is information oriented o Involves determining what information is needed and how that information can be obtained efficiently and effectively The marketing research objective is to provide insightful decision making information The management decision problem is action oriented Secondary data: data previously collected for any purpose other than the one at hand o Save time and money if they help solve the researches problem o Can aid in formulating the problem statement and suggest research methods and other types of data needed for solving the problem o Can pinpoint the kinds of people to approach and their locations and serve as a basis of comparison for other data o The disadvantages are mainly the mismatch between the researchers unique problem and the purpose for which the secondary data were originally gathered The research design specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed
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Primary data: information collected for the first time, are used for solving the particular problem under investigation. o Main advantage of primary data is that they will answer a specific research question that secondary data can not answer Gathering primary data is expensive The most popular technique for gathering primary data is survey research, in
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