Marketing Decision Support systems are interactive, flexible systems that marketers put infomation and characteristics into to help them make decisions.
Database marketing is crucial for one on one marketing. It is where a list is made containing customers contact details, buying habits and other details. It is also used for potential customers and can be used to find out why potential customers are buying from other places instead of them.
Market Research: The process of planning, collecting and analysing of data relevant to a marketing decision.
Different types of data:
- Descriptive: Giving facts.
- Predictive: Asking questions such as 'what if?'
- Diagnostic: Explaining why.
Positivists: They predict what the data shows for people not in the survey.
Interpretivists: The data only works for people that have been spoken to.
Benefits of Market Research:
- Improves quality of decision making.
- Problems can be traced, such as people misinterpreting adverts.
- It helps retain customer base.
- Understand the marketplace and the trends present.
- Identify a gap in the market.
- Customer satisfaction can be used to find out the percieved value of the product.
Steps in market research: