Two More Characteristics of Good Market Research
Today’s FIRE! Point
Weighing the value and cost of information can help market researchers ensure their activities are as cost-effective as possible. How valuable research is depends on the reliability and validity of your findings, as well as your willingness to accept and act on these findings. Good market research also entails approaching existing assumptions about markets with skepticism and a healthy curiosity.
FIRE! in Action
United Airlines Uses Marketing Decision Support Systems (MDSS) to Grow Sales
Marketing decision support systems (MDSS) are a coordinated collection of data, systems, tools and techniques that help businesses gather and interpret data and make marketing decisions. United Airlines used a MDSS to help salespeople determine the optimum number of calls to make each period. Those in the group that used MDSS increased their sales by 8 percent, as compared to those who didn’t.
Next week: The FEI tribe discusses two potential barriers to the use of market research.