Marketing - What are Decision Support Systems

The video discusses the challenges marketers face with the abundance of data and how decision support systems help in making informed decisions. These systems store and analyze data, creating models to predict outcomes like consumer behavior and pricing effects. Marketing dashboards provide a quick overview of metrics and trends, aiding in swift decision-making. Together, these tools form comprehensive decision support systems.

What is the primary challenge marketers face with data in today's technological world?

• Lack of data

• Understanding large amounts of data

• Too few decision-making opportunities

• Inability to access data

How do decision support systems assist in organizational decision-making?

• By reducing the amount of data available

• By making decisions automatically

• By eliminating the need for data

• By storing and analyzing relevant data

What can decision support systems create to help understand consumer behavior?

• Simple lists

• Sophisticated models

• Basic charts

• Random guesses

What is a marketing dashboard primarily used for?

• To provide a quick snapshot of metrics and trends

• To store data

• To replace decision support systems

• To generate random data

How do marketing dashboards aid marketers?

• By eliminating the need for data analysis

• By providing detailed reports

• By offering a quick overview for decision-making

• By predicting future trends automatically