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Write a 14 pages paper on the role of data mining and fusion in modern marketing management.
Write a 14 pages paper on the role of data mining and fusion in modern marketing management. The strategy is extremely important, looking to the long-term, to be proactive rather than constant work at the operational and tactical levels, constantly having to ‘fire-fight’ to survive in a harsh marketing environment. Hence, information is essential and needed so as to permit marketing management to carry out marketing analysis, planning, implementation, and control.
“…marketing managers need information. They need information about customers, competitors, and other forces in the marketplace. In recent years, many factors have increased the need for more detailed information. As firms have become national and international in scope, the need for information on larger and more distant markets has increased. As consumers have become more affluent and sophisticated, marketing managers need better information on how consumers will respond to products and other market offerings. As competition has become intense, managers need information about their marketing tools. Because the environment is changing rapidly, marketing managers need more timely information.” (Erdem & Swift: 1998)
Data mining/fusion with its ability to search for hidden relationships, patterns, correlations, and interdependencies is valuable to marketing managers in relation to marketing research (MR) and Marketing Information Systems (MIS). MR and MIS allow the marketing manager to set about achieving their key goal. to identify, anticipate, and meet (or exceed) at a profit, the desired requirements of the consumer.
To a great extent the benefits of data mining and the degree of its success will largely depend on how the information is used, the purpose of its need, and the skill of the marketer/marketing team using the information. The size and type of organization involved are also important regarding the relevance of data mining as also is the product offering. whether the company offers only one product or if it is a multi-faceted company.
