A marketing decision support system
MARKPACK: A marketing decision support system. MARKPACK is an integrated decision support system that includes several modules.
Areas: Marketing Research and Decision Models
Authors: Professors Philippe Naert, David Gautschi and Marcel Corstjens, Guido Verswijvel and Edouard Demeire, formerly Research Associates of INSEAD, Bruno Nabonne and Jay Wortman, programmers of PRISM and INSEAD respectively.
Minimum time required: 2½ days
MARKPACK is an integrated decision support system that includes several modules.
The Company and Product Positioning module is based on a perceptual mapping algorithm for single and multiple respondent analysis, suited for pedagogical and market research uses respectively. Managers can analyse the perceptions that customers have of their product or company, compare it with their perception of competitors and define repositioning targets.
Trade-off Analysis is a technique which allows to find out what the customer needs by decomposing the offering into price, performance and service components. It is possible to find segments based on different needs. The technique is also useful to perform customer value analysis and even to make managers express their trade-offs between company strategies concerning future profits, future growth and future improvements in quality.
The Portfolio Analysis module generates BCG, McKinsey and other types of grids.
The Response Analysis module includes two econometric packages. There is a basic regression analysis estimator with pre-specified marketing response models such as linear, multiplicative and S-shaped sales response curves. The more advanced section allows many options and provides many validation and tracking statistics for which a thorough understanding of econometrics is required.
The Marketing Mix Allocator starts with subjective management views of the relative effectiveness of the various elements of the marketing mix and helps to optimise allocation, taking sales, profit maximisation or some other criterion as the objective.
MARKPACK also contains a small database to organise the data, present some graphs and transfer data from other packages.
Sections of MARKPACK can be used to complement lectures on product or company perceptions, customer needs, product portfolios and marketing mix allocations. Companies also use MARKPACK III as an operational decision support tool.
- Enhance executives' understanding of concepts such as positioning, portfolio analysis, marketing mix allocation and benefit segmentation by demonstrating examples generated in the classroom
- Demonstrate the advantages and disadvantages of these advanced marketing research techniques
- Have participants apply the tools to their particular business environment.