MCS 3500 Chapter Notes - Chapter 1: Mental Model, Customer Relationship Management, Discount Window

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

Document Summary

Good decision-making involves reasoned choice among competing alternatives. Marketing managers make frequent decisions about product features, price, distribution options & sales incentives. Sales managers might lower advertising budgets to achieve higher personal selling expenditures while advertising manager might prefer larger advertising budgets. Marketing engineering: systematic translation of data & knowledge into tools used for decision support. Conceptual marketing: decision maker relies solely on their mental model without using any support system. Automated marketing: automate decision-making process using sophisticated info system. Marketing engineering: a systematic approach to harness data & knowledge to drive effective marketing decision making & implementation through a technology enabled and model-supported decision process. Combines managerial judgment w/ formal decision models. This approach requires the design & construction of decision modes & the implementation of those models in the form of marketing support systems (mmsss) Purpose is to simplify the decision context. Provides platform to ask what if enabling managers to assess opportunity costs associated w/ their decisions.