BUAD301 Lecture Notes - Lecture 4: Decision Support System, Mystery Shopping, Market Intelligence

• School: University of Delaware
• Department: Business Administration
• Course: BUAD301
• Professor: Townsend Donald

Document Summary

Successful market planning depends upon informed decision making. Information is the fuel that runs the marketing engine. Taking an above board approach in conducting market research that does not harm to the participant. Internal company data: information generated from within a company. Used to produce reports on sales and marketing activities. Market intelligence: gathered via monitoring of everyday data sources, observations, and discussions with sales representatives. Information may come from mystery shoppers, speaking with buyers, trade shows, purchasing, or using reverse engineering. Market research: process of collecting, analyzing, and interpreting data about customers, rivals, and the business environment. Acquired databases: externally sourced databases can be used to collect various types of information. Misuse of databases can be problematic and has led to do not call lists and anti-spamming laws. To make good decisions, marketing managers need timely access to quality information. A firm"s mis stores and analyzes data from a variety of sources.