24331 : Marketing Analytics & Decisions – Course Summary Notes
Document Summary
Typical decisions made by marketing managers: segmentation, campaign effectiveness, targeting, sales channels, positioning, portfolio management, budgets, marketing mix, market size, market share, pricing policy, advertising design. Trends in software supported decision making: marketing managers have computers, volume of marketing data is exploding, firms reengineering marketing for the information age (e. g. using crm systems, humans are imprecise information processors (in analysing and synthesizing information, computers and mathematical models are consistent information processors. Models: a model is a stylysed representation of reality that is easier to deal with and explore for a specific purpose than reality itself, different types of models, verbal explaining the product innovation and adaptation stages, box and arrow pattern of sales growth of new product showing how the innovators, influencers and imitators affect this flow with a series of boxes and arrows (flow chart), graphical y axis cumulative sales of a product. Marketing inputs (cid:224) response model (cid:224) marketing outputs: marketing outputs, sales, share, profit, awareness, preference etc.
