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17 Cards in this Set
- Front
- Back
- 3rd side (hint)
Marketing Decision Support System (DSS)
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Used for gathering marketing information
-Interactive -Flexible -Discovery-oriented -Accessible -Great for problem solving |
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Database Marketing
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Using (DSS) to create a large computerized file of customers' and potential customers' profiles and purchase patterns.
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Marketing Research
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The process of planning, collecting, and analyzing data relevant to a marketing decision.
-Findings of marketing research become data in a (DSS) |
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Roles of Marketing Research
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Marketing Research is...
-Descriptive (Gathering/presenting) -Diagnostic (Explaining data) -Predictive (What if questions) |
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Management uses of marketing research
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Marketing research...
-Improves quality of decision making -Helps trace problems -Keep customers -Learn market trends -Perceived value of goods -Gauge customer satisfaction |
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How can managers improve the quality of their decision making?
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By using market research to explore the desirability if various marketing alternatives
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Use of marketing research
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How can marketing research help managers avoid problems?
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Marketing research can evaluate sales response to a management decision
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Management use of marketing research
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How does customer retention help a company?
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-Repeat sales and referrals
-More revenue (more market share) -Lower cost -Increased employee job satisfaction |
Use of marketing research
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How can management use marketing research to learn marketing trends?
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Can be used to research what is going on in the marketplace and take advantages of opportunities
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Use of marketing research
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Why marketing research?
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- Improve quality of decision making
-Trace problems -Focus on keeping existing customers -Understand marketplace changes |
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Define marketing research process
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A scientific approach to decision making that maximizes the chance of getting accurate and meaningful results.
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Order of the Marketing Research Process
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1. -I.D. problem or opportunity
2. -Plan how to research the data 3. -Specify sampling procedure 4. -Collect data 5. -Analyze data 6. -Prepare and present report 7. -Follow up |
7 step process
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Marketing Research Problem
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-Information oriented
-Determines what information is needed -How can data be obtained |
Determining what information is needed and how that information can be obtained effectively and efficiently
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Marketing Research Objective
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To provide insightful decision-making information
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The specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information
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Management Decision Problem
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-Action oriented
-Broad in scope -More general than marketing research problems |
A broad-based problem that uses marketing research in order for managers to take proper actions
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Secondary Data
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Data previously collected for any purpose other than the one at hand
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Uses
-Help formulate problem statement -Proper subjects of research |
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Marketing Research Aggregator
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A company that acquires, catalogs, reformats, segments, and resells reports already published by marketing research firms
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Think of as a compilatio
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