A marketing decision support system uses resources such as IT and marketing data to evaluate possible strategies and predict outcomes. It helps companies save time and money by allowing them to qualify their advertising strategy in advance and make sound business decisions.
A marketing decision support system is a system or method that can be employed to aid in the evaluation of possible marketing strategies and ultimately arrive at the decision considered to be in the best interests of the business. Sometimes referred to as MKDSS, this strategy will draw on a number of resources in order to identify and project the outcome of different business scenarios. Resources such as the information technology available to the business, marketing data collected over a period of time, and even the modeling techniques used to come up with projects are all part of this type of system.
The type of data collected for use in a marketing decision support system will vary slightly, based on the type of goods and services the customer sells and the configuration of the markets in which those products are sold. In terms of the market data collected, almost any approach will include gathering data on the cost of advertising using different forms of media, the impact of different unit prices on the sale of the products themselves, and even ideas on how to structure the advertising copy that serves basis for the campaign. Various types of software are used to allow easy input of the collected data, then arrange that data into useful information packages that can be applied to a variety of different scenarios. Using this method, it is possible to predict with great reliability what would happen if a particular scenario were chosen and pursued.
One of the biggest benefits of a marketing decision support system is the ability to project the outcome of various scenarios before a large amount of money is invested in the marketing effort. For example, this strategy helps determine what might happen if products were sold at a specific unit price, marketed to specific consumers, and a certain combination of advertising mediums were used to reach those consumer markets. If the outcome of a scenario isn’t quite to the level you want, you can use a modifying factor such as something about advertising copy or changing the media used for advertising or even the price, going through each scenario until the outcome is identified. more attractive approach.
There is no doubt that a marketing decision support system can save a lot of time and money. By allowing a company to qualify its advertising strategy in advance, it is easier to make sound business decisions. In fact, the decision-making process itself is somewhat streamlined, as you don’t have to manually weed out a huge amount of data to create possible scenarios and run a simulation down to the most probable outcome. From this point of view, the marketing decision support system makes it easier to identify the advantageous ways to move forward with a campaign, in terms of time, market attention and costs.
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