Research_350_Notes_Feb_09

Research_350_Notes_Feb_09 - Marketing Research Marketing...

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Marketing Research
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Marketing Research Old School Approach = gut/intuition rules New School Approach = information rules Information enables marketers : to make better decisions to tap into consumers’ hidden needs & wants
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Marketing Information System (MIS) MIS = series of steps that include collection, analysis, and presentation of information for use in marketing decisions MIS converts raw data into standard reports (e.g., internal company data, marketing intelligence, CRM) MIS makes data accessible, but beware :   data may be difficult to interpret   data overload is possible
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Decision Support System (DSS) DSS = is software and associated infrastructure that connect marketing activity to company databases DSS enables marketers : to conduct “what if analysis” = ability to adjust variables to reveal marketing relationships = allows for prediction Warning DSS can make marketers hungry for more info!
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What Is Marketing Research? The acquisition and analysis of information used to identify and
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Research_350_Notes_Feb_09 - Marketing Research Marketing...

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