Flashcards
Mops 1
Cards in this deck (35)
- 1Why Market Operations? (4)- Increasing amounts of marketing data are available.
- Marketing Operations tools help to transform data into information (analysis).
- Information allows insights: causal structures, extent of influences, modeling under uncertainty
- Insights allow better decision making and better implementation:
=>Increasing return on marketing (ROM) - 2Growth-share matrix Boston Consulting Group
- 3Benefits of marketing planning: Marketing has to be made quantifiable (5)- Support & Coordination of of objective and future-oriented decisions and acting
-Necessary for controlling & performance assessment of organizational units
- Beneficial for communication and information of organization members
- Identification of opportunities and risks
-Motivation of members - 4Difficulties of marketing planningProblems: linking response to marketing actions
Cause: multiple stages, complexity, exogenous disturbances - 5What is a model?A model is a stylized representation (i.e., abstraction) of reality that is easier to deal with than reality itself. Has a specific purpose, too
- 6Modeling concepts What are models?relationship to reality
- 7Modeling concepts Why do we use models?explanation, prediction, optimization
- 8Modeling concepts How do we construct models?modeling issues
- 9Types of models (5)• Verbal
• Boxes & arrows
• Mathematical
• Graphical
• Individual vs. aggregate - 10Intended uses of a model ExplanationMaslow’s Hierarchy of Needs
- 11Intended uses of a model PredictionBass Diffusion Model, Time-Series Models
- 12Intended uses of a model Optimization (normative/prescriptive)ADBUDG, ADVISOR
- 13Detailed model of factors influencing consumers Marketing mix influences (4)• Product
• Price
• Promotion
• Place - 14Detailed model of factors influencing consumers Sociocultural influence (5)• Personal influence
• Reference groups
• Family
• Social class
• Culture/Subculture - 15Detailed model of factors influencing consumers Promotion influences (5)• Purchase task
• Social surroundings
• Physical surroundings
• Temporal effects
• Antecedent states - 16Detailed model of factors influencing consumers Psychological influences (5)• Motivation
• Personality/Lifestyle
• Perception
• Learning
• Beliefs/Values/Attitudes - 17Detailed model of factors influencing consumers Consumer decision process (5)1. Problem recognition
2. Information search
3. Alternative evaluation
4. Purchase decision
5. Post-purchase behavior - 18Bass Diffusion Model verbalSales of a new product often start slowly as “innovators” in the population adopt the product.
The innovators influence “imitators”, leading to accelerated sales growth. As more people in the population purchase the product, sales continue to increase but sales growth slows down. - 19Bass Diffusion Model boxes & arrows
- 20Bass Diffusion Model graphical
- 21Bass Diffusion Model mathematical
- 22Management vs. models Situation (3)1. Managers sometimes fear and distrust models but everybody (including managers) uses models.
2. Managers do not recognize their implicit or mental models.
3. Market response modeling is useful because it can improve the effectiveness of decisions and make hidden assumptions explicit. - 23Management vs. models Why don’t more managers use decision models? (6)• Mental models are often good enough.
• Models are incomplete.
• Usually managers cannot observe the opportunity costs of their decisions.
• Models require precision, mathematics and effort.
• Models emphasize analysis; managers prefer actions.
• Managers have not been exposed to Marketing Operations. - 24How do I find out if spending money for marketing is justified?Marketing models
- 25What specific models can I use to examine the effect of marketing expenditure on my business performanceMarket response functions
- 26How do I find my specific response function?Parameter estimation
- 27What is the amount that I should spend on marketing?Methods of optimization
- 28Broad Model of factors influencing consumers
- 29Detailed model of factors influencing consumersMarketing Mix influences
Sociocultural
Promotion
Psychological - 30Types of Information What does exist? (4)- Customor databases
-Sales statistics
- Potential
- Market - 31Types of Information What does exist? (4) -Customor databases- Address, contact person
- Results of sales calls
- Sales and profit statistics
- Preference - 32Types of Information What does exist? (4) -Sales Statistics- by products
- by regions
- by orders
- by customer groups - 33Types of Information What does exist? (4) -Potential- Supplier documentation
- Prospects /potential customers
- Industries
- Technologies - 34Types of Information What does exist? (3) -Market- Trade magazines
- Reports
- Market databases - 35Types of Information What will or can happen (2)- Statistical prediction
-> Extrapolating trends
-> Time series analysis
- Causal Predicitons
-> Elasticities
-> Market response functions
Information
- Description
- Mops Flashcards on Mops 1 , created by Martin Reichmuth on 09/07/2018.
- Created by
- Martin Reichmuth
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