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Marketing decision models

Marketing decision models are processes that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. These processes are effective for developing all types of business, and deliver business growth.

This said, many of the decisions related to Internet marketing strategy development involve reappraising a company's approach to strategy based on familiar elements of marketing strategy. We will review these decisions:
  1. Decision 1:

    Market and product development - Market and product development (or New product development, or in short - NPD) is the process of bringing a new product or service to market. Two parallel paths are involved here: one involves idea generation, product design, detail engineering; the other - market research and marketing analysis.
  2. Decision 2:

    Business and revenue model - Business and revenue model is where a organisation builds its business structure, future goals and its budget estimates - very important for having a successful online business.
  3. Decision 3:

    Target market strategy - A target market is the market segment which a particular product is marketed to. It is often defined by age, gender and/or socio-economic grouping.
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Marketing decision models
  1. Decision 4:

    Positioning and differentiation - Positioning and differentiation related marketing programs are responsible to pass unique selling proposition on to the customer, as they offer clarity to customer - what product is about.
  2. Decision 5:

    Multi channel distribution - Many companies use multiple channels and distribution systems to sell their products. 'With each new sales channel, a company expands its sales and market coverage'.
  3. Decision 6:

    Multi channel communication - The goal of writing multi channel communication plan is to get an audience to invest their time, money or efforts in a product or service. Therefore, communication plans should always consider the audience that will be receiving and responding to the communication messages.
  4. Decision 7:

    Marketing communication mix - The service elements of marketing communication mix are as important in the virtual world as in the physical world. The importance of online service for some organisations are indicated by bank Nationwide.
  5. Decision 8:

    Organisational capabilities - Every successful organisations is capable enough to fit into their competitive environment. In this section, we shift the emphasis from the external to the internal context of strategy: the resources that an organisation possesses, or needs to possess, as the basis for a robust strategy.
As a leader, you'll frequently be required to make decisions which can have significant impacts on your organisation and team. Therefore, you should have a good understanding of the different marketing decision models and what's involved in making a good decision.

The first thing you should be aware of is the importance of critical thinking and its direct impact on effective decision making. Critical thinking can be defined as raising what is subconscious in a person's reasoning to the level of conscious recognition. Good leaders are usually critical thinkers as they understand the mechanics of reasoning and are able to use this to manage the unconscious influences that contribute and affect their decision-making process.

Unfortunately, critical thinking does not come naturally to most people. Like everything else, it is a skill you must continually develop and refine. As a leader, critical thinking can prevent your subconscious emotions and reasoning from clouding your judgement and thus allow you to make better overall decisions.

The normative marketing decision models take into account the fact that leaders are bound by certain constraints when making decisions. These constraints include personal and environmental factors that reduce rationality, such as time, complexity, uncertainty and resources. The normative model suggests that decision making is characterised by:
  1. Limited information processing - there is a limit to how much information a person can manage.
  2. Judgemental heuristics - shortcuts are used to simplify decision making.
  3. Satisficing - choosing solutions that meet minimum requirements and are "good enough."

A leader will only be able to manage a certain amount of information at any one time, so they make judgements based on their previous experiences wherever possible to speed up the decision making process. Often choosing a solution that is "good enough", is considered effective when there are multiple solutions that will produce similar outcomes.

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