MCS 3500 Lecture Notes - Lecture 12: Mental Model

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

Document Summary

Marketing engineering: systematic approach to harness data and knowledge to drive effective marketing decision making and implementation through a technology enabled model supported decision process. Conceptual marketing: relying on your mental model to make strategic decisions. Automated marketing: automate the decision process using sophisticated information system (increasingly popular) although marketing problems need more than just automated results - combo of this with decision makers judgement = best solution. Organizational setting: me approach requires the design, construction, and implementation of models in the form of marketing management support systems (mmsss) Purpose of me = to simplify decision context and create decision architecture to help managers focus on key issues without simplification, noise rather than insights will drive people"s decisions. Me = helps managers assess opportunity costs associated with decisions and determine the potential value of alternatives they choose to reject. *example: if manager must decision between two pricing policies and chooses the lower price =