Mall intercept interviews reduce the cost of personal

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Principles of Information Systems
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Chapter 4 / Exercise 3
Principles of Information Systems
Reynolds/Stair
Expert Verified
mall intercept interviews reduce the cost of personal visits and show respondents visual cues C. other sources of data 1) Social Media: Facebook, Twitter. Social media metrics: conversation velocity, share of voice, sentiment ; Facebook metrics: fans, likers, likes 2) Panels and experiments Panel: a sample of consumers or stores from which researchers take a series of measurements. Experiment: obtaining data by manipulating factors. Test market: offer sale in a small market to see the potential actions 3) Information Technology: involves operating computer networks that can store and process data. Identify drivers and results 4) Data Mining: extraction of hidden predictive information form large databases to find statistical links between consumer purchasing patterns and marketing actions. Diapers, beers are always sold together, 4) Develop findings: a) Analyze the Data b) Present the findings 5) Take marketing actions a) Make Action Recommendations. For example: market Tony’s Pizza to a family with children 6 to 12 years old, special event reaching children b) Implement the action recommendations: colorful ads, c) Evaluate the results Evaluating the decision itself Evaluating the decision process used 4. Sales Forecasting Techniques Sale forecast: the total sales of a product that a firm expects to sell during a specified time period under specified conditions 1) Judgements of the decision maker. A direct forecast : involves estimating the value to be forecast without any intervening steps: how many quarts of milk should I buy? How much money should I get out of the ATM A lost-horse forecast: involves starting with the last known value of the item being forecast, listing the factors that could affect, assessing positive or negative impact, and make forecast New Balance recently introduced its Minimus, shoes that are 50 percent lighter than other lightweight shoes. Its unique features are designed to make running easier and limit foot injuries. Suppose a New Balance marketing manager in early 2013 needs to make a sales forecast through 2015. She would take the known value of 2012 sales and list positive factors (good acceptance of its high-tech designs, great publicity) and the negative factors (the economic recession, competition
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Principles of Information Systems
The document you are viewing contains questions related to this textbook.
Chapter 4 / Exercise 3
Principles of Information Systems
Reynolds/Stair
Expert Verified
from established name brands) to arrive at the final series of sales forecasts 2) Surveys of Knowledgeable Groups a) A survey of buyers’ intentions forecast: if they are likely to buy the product during future time b) A salesforce survey forcast: salespeople to estimate sales during a coming period , but they could be unreliable: painting too rosy they are enthusiastic about or compensation base on 3) Statistic methods: a) Trend extrapolation: Chapter 8: Market Segmentation, Targeting, and Positioning Segmentation

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