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Description
Flashcards by barbare.rukhadze, updated more than 1 year ago
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Created by barbare.rukhadze
about 9 years ago
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| Question | Answer |
| Information management | The application of management techniques to collect information, communicate it within and outside of the firm |
| Scientific decision making | A logical and research-based approach to decision making |
| Steps in the scientific decision making | - Set objectives - Gather data - Analyse data - Select a strategy - Implement and review a decision |
| Benefits of using a scientific approach | - Provides clear sense of direction - Decisions are based on business logic (pros and cons considered) - Ensures that decisions are monitored and reviewed continually - Overall success is more probable |
| Hunch | a gut feeling held my a manager that is based not on the scientific decision making but on the personal views of the manager |
| Benefits of using hunches | - Decisions are made much quicker - Less costly than scientific approach - Could lead to an innovation, whereas with a scientific approach the data is collected from the past and is less likely to lead to something new in the market |
| Choice between the scientific approach and hunches | - The speed of the decision -Information available -The size of the business -The predictability of the situation -The character of a person or the culture of the company |
| The marketing model | A decision making process that ensures that making decisions is based on a scientific basis. |
| Stages in the marketing model | 1) Setting marketing objectives 2)Gathering the data needed to decide on a strategy 3)Assessing alternative marketing strategies and making a choice 4) Planning and implementing the marketing mix in accordance with the MS 5)Controlling and reviewing the success |
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