MCS 3030 Chapter Notes - Chapter 3: Situation Two, Market Analysis, Causal Inference

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3030
• Professor: Vinay Kanetkar

Document Summary

How marketing researchers contribute to decision making: helping to better de ne the organization"s current situation. Decision making: the process of developing and deciding among alternative ways of resolving a problem or choosing from among alternative opportunities: recognize problem, what info we have and what info we need. Market opportunity: a situation that makes some potential competitive advantage possible. Market problem: a business situation that makes some signi cant negative consequences more likely. Symptoms: observable cues that serve as a signal to a problem. Complete certainty: decision maker has all information needed to make an optimal decision. Uncertainty: means manager grasps general nature of desired objective, but the information about alternatives is incomplete: managers recognize that spending additional time to gather information to clarify the nature of the decision is needed. Ambiguity: the nature of the problem is unclear: vague objectives, decision alternatives hard to de ne, most dif cult decision making situation, most common.