Term
| Explain the concept and purpose of a marketing decision support system. |
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Definition
A decision support system (DSS) makes data instantly available to marketing managers and allows them to manipulate the data themselves to make marketing decisions. Four characteristics make a DSS especially useful to marketing managers. They are:
1.interactive
2. flexible
3.discovery minded
4. accessible
Decision support systems give managers access to information immediately and without outside assistance. They allow users to manipulate data in a variety of ways and to answer "what if" questions. And, finally, they are accessible to novice computer users. |
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Term
| Define marketing research and explain its importance to marketing decision making. |
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Definition
| Marketing research is a process of collecting and analyzing date for the purpose of solving specific marketing problems. Marketers use marketing research to explore the profitability of marketing strategies. They can examine why particular strategies failed and analyze characteristics of specific market segments. Managers can use research findings to help keep current customers. Moreover, marketing research allows management to behave proactively rather than reactively, by identifying newly emerging patterns in society and the economy. |
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Term
| Describe the steps involved in conducting a marketing research project. |
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Definition
The marketing research process involves several basic steps.
1. The researcher and the decision maker must agree on a problem statement or set of research objectives.
2. The researcher then creates an overall research design to specify how primary data will be gathered and analyzed.
3. Before collecting data, the researcher decides whether to group to be interviewed will be a probabilty or nonprobability sample.
4. Field service firms are often hired to carry out data collection.
5. Once data have been collected, the researcher analyzes them using statistical analysis.
6. The researcher then prepares and presents oral and written reports, with conclusions and recommendations, to management.
7. The researcher determines whether the recommendations were implemented and what could have been done to make the project more successful. |
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Term
| Discuss the profound impact of the Internet on marketing research. |
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Definition
The internet has simplified the secondary data search process. Internet surveys:
1. can be created rapidly
2. are reported in real time
3. are relatively inexpensive
4. are easily personalized
Often researchers use the Internet to contact respondents who are difficult to reach by other means. The internet can also be used to conduct focus groups, to distribute research proposals and reports, and to facilitate collaboration between the client and the research supplier. Text message-based research and giving consumers blogging assignments are new trends that give marketers quick feedback (text messaging) or in-depth information over time (blogging). |
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Term
| Discuss the growing importance of scanner-based research. |
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Definition
| A scanner-based research system enables marketers to monitor a market panel's exposure and reaction to such variables as advertising, coupons, store displays, packaging, and price. By analyzing these variables in relation to the panel's subsequent buying behavior, marketers gain useful insight into sales and marketing strategies. |
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Term
| Explain when marketing research should be conducted. |
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Definition
Because aquireing marketing information can be time-consuming and costly, deciding to acquire additional decision-making information depends on managers' perceptions of its quality, price and timing.
Research, therefore, should be undertaken only when the expected value of he information is greater than the cost of obtaining it.
Implementing a Customer Relationship Management system is integral to maintaining a functional marketing decision support system and for deciding if marketing research should be conducted. |
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Term
| Explain the concept of competitive intelligence. |
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Definition
| Intelligence is analyzed information, and it becomes decision-making intelligence when it has implications for the organization. By helping managers assess their competition and vendors, competitive intelligence (CI) leads to fewer surprises. CI is part of a sound marketing strategy, helps companies respond to competitive threats, and help reduce unnecessary costs. |
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