Chapter 7-Improving Decisions with Marketing Information

Chapter 7-Improving - Chapter 7-Improving Decisions with Marketing Information Tuesday 11:01 PM 1 1 Effective Marketing requires Good Information

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Chapter 7-Improving Decisions with Marketing Information Tuesday, February 22, 2011 11:01 PM 1. Effective Marketing requires Good Information 1.a. Marketing research: procedures that develop and analyze new information about a market 1.a.i. May involve use of questionnaires, interviews with customers, experiments, and many other approaches 1.a. Marketing information system (MIS): an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions 1.b. Most large companies have a separate marketing research department to plan and manage research projects 1.a.i. Both small and large firms are turning to outside consultants and service providers for help with information systems 1. Changes are under way in Marketing Information Systems 1.a. Firms anticipate the information they will need; they work to develop a continual flow of information that is available and quickly accessible from an MIS when it's needed 1.a. Advances in information technology have ushered in radical improvements in marketing information systems 1.a.i. Type of information available is also changing dramatically 1.a.i. Intranet: a system for linking computers within a company 1.a. Marketing managers must help develop an MIS 1.a.i. They should communicate these needs to the specialists so the information will be there when they want it and in the form they want it 1.a. Data warehouse: a place where databases are stored so that they are available when needed 1.b. Decision support system (DSS): a computer program that makes it easy for a marketing manager to get and use information as he or she is making decisions 1.a.i. DSS typically helps change raw data into more useful information 1.a.i.1. Example: may draw graphs to show relationships in data (comparing yesterday's sales to the sales on the same day in the last four weeks) 1.a. Search engine: a computer program that helps a marketing manager find information that is needed 1.b. Marketing dashboards monitor the market 1.a.i. Marketing dashboard: displays up to the minute marketing data in an easy-to-read format 1.a.i.1. With early warning about potential problems, the manager can quickly make corrections 1.a.i.1. Some support systems allow a manager to see how answers to
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This note was uploaded on 03/05/2012 for the course BUSI 406 taught by Professor Perreault during the Fall '11 term at UNC.

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Chapter 7-Improving - Chapter 7-Improving Decisions with Marketing Information Tuesday 11:01 PM 1 1 Effective Marketing requires Good Information

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