The Handbook of Marketing Research: Uses, Misuses, and Future Advances comprehensively explores the approaches for delivering market insights for fact-based decision making in a market-oriented firm. Divided into four parts, the Handbook addresses (1) the different nuances of delivering insights; (2) quantitative, qualitative, and online data gathering techniques; (3) basic and advanced data analysis methods; and (4) the substantial marketing issues that clients are interested in resolving through marketing research.
Chapter 12: Marketing Decision Support Models: The Marketing Engineering Approach
Marketing Decision Support Models: The Marketing Engineering Approach
Marketing managers make ongoing decisions about product features, prices, distribution options, sales compensation plans, and so on. In making these decisions, managers choose from among alternative courses of action in a complex and uncertain world. Like all decisions that people make, marketing decision making involves judgment calls. Most traditional marketing decision making, while sometimes guided by the concepts of our literature, has been largely based on managers' mental models, intuition, and experience.
In many cases, such mental models, perhaps backed up by market research data, may be all that managers need to feel psychologically comfortable with their decisions. Yet, mental models are prone to systematic errors (Bazerman, 1998). While we all ...