MCS 3500 Chapter Notes - Chapter 1: Enterprise Resource Planning, Opportunity Cost, Fixed Cost

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

Document Summary

Marketing engineering: a systematic approach to harness data and knowledge to drive effective marketing decision making and implementation through a technology enabled and model supported interactive decision process. Conceptual marketing: where a decision is made using only on mental methods. Automated marketing: automating the decision making system using sophisticated information systems. The marketing decision environment: enterprise resource planning (erp) systems and crm systems have made analytics central to decision making. The marketing engineering approach: the marketing engineering approach transforms objectives and subjective data about the marketing environment into insights, decisions, and actions. Breakeven analysis table and graph: opportunity costs are determined by examining the next best alternative, ex. Choosing a 6% interest rate bond may seem good, until you see there is an 8% bond. Inputs such as price, advertising, selling effort, and non-controllable variables like market size and competitive environment: the response model itself is the link from inputs to outputs (i. e. gained sales levels)