MCS 3500 Lecture Notes - Lecture 1: Sneakers, Pareto Principle, 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 their own mental model. Automated marketing: automating the decision process using sophisticated information systems. Model: a stylized representation of reality that is easier to deal with and explore for a speci c purpose than reality itself: typically more ef cient way of looking at things. There are many types of models: verbal if this then this. !1: box and arrow ow chart leading down different paths, graphical, mathematical, spreadsheets. Tuesday, january 17, 2017: there is some type of marketing action or input, put it into a response model, response model then goes based on inputs, this is what the outputs will be, marketing response models . Tuesday, january 17, 2017: the more we advertise, the more our sales increase, the functional form equation is y=a+bx. Dependent variable: sales (left of the equation sign) Independent variable: advertising (right of the equation sign) It minimizes the distances for every one of your data points.