MCS 3500 Lecture Notes - Lecture 3: Coefficient Of Determination, Linear Equation, Mental Model

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3500
• Professor: Tyler Hummel

Document Summary

Conceptual marketing - decision maker relies on own mental model. Marketing engineering - data driven and model supported, a little more educated and more supported by facts. Automated marketing - an emerging trend, more companies using more and more, automating decision process using sophisticated information systems. Many of these above can be used together. Marketing environment - all the stuff that happens, ex. scanner or surveys you filled out. Data - raw numbers, possibly spreadsheets, don"t have much meaning on their own. Marketing engineering = data > info > insights > decisions > implementation. Model - stylized representation of reality that is easier to deal with and explore for a specific purpose than reality itself, general term, can be verbal, if or then statements, decision tree or mathematical, spreadsheets. Input - product design, price, advertising, etc. Outputs - awareness levels, preference levels, sales levels. Linear equation that pretends there is nothing but sales and advertising.