Page 234 - (DK) The Business Book

232

MARKETING IS FAR TOO

IMPORTANT TO LEAVE TO THE

MARKETING DEPARTMENT

THE MARKETING MODEL

IN CONTEXT
This data can then be
FOCUS Marketing is too processed by the
Marketing models
important to leave marketing department
KEY DATES to the marketing to calculate a model of
1961 The Marketing Science department. potential product
performance.
Institute is founded.
1969 US academic Frank Bass
publishes a seminal marketing
model that can be used to
predict demand.

1970s Complex measurement
models and decision-making
models are developed. It affects key It must be rational,
decisions about based on data gathered
1980 The launch of in-store products, planning, from all areas
scanners at checkouts gives and expenditure. of the business.
marketers new data and
prompts the development of
sophisticated new models.

1982 The journal Marketing
Science launches, focusing on
ompanies need to study buying patterns of consumers,
mathematical models for
their customers’ buying along with other variables relating
marketing purposes.
C habits carefully in order to to the product. These are entered
1990s Intelligent marketing- plan business marketing strategies. into a mathematical model or
information systems Using a mathematical model to equation programmed to make a
computerize many routine plan product strategies and aid customized calculation. The results
modeling functions, providing decision making is an integral part will help to quantify the potential
daily updates and projections. of any modern marketing practice. performance of products in different
Marketing computer programs use channels aimed at various market
sets of numerical data about the segments. By examining the data,