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decision analysis

by | Nov 30, 2023 | questions

Discussion Question-1 (answer in 3- paragraphs) APA style, and cite work, please, provide references

Discussion Question 1
As a marketing manager for a manufacturer of nonperishable products sold in grocery stores, you need to make various decisions. Identify three such decisions. Discuss how historical sales data, as well as promotional response data, can aid you in making these decisions.
Justify your answers with examples and reasoning.

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Discussion Question-1 (answer in 3- paragraphs) APA style, and cite work, please, provide references

Discussion Question 1
As a marketing manager for a manufacturer of nonperishable products sold in grocery stores, you need to make various decisions. Identify three such decisions. Discuss how historical sales data, as well as promotional response data, can aid you in making these decisions.
Justify your answers with examples and reasoning.

Discussion Question-2 (answer in 3- paragraphs) APA style, and cite work, please, provide references
As a marketing manager, you need to determine the best allocation of your promotional budget across the available marketing methods (advertising, online sales promotions, etc.). How can you use decision analysis to aid in this allocation? What is the benefit of using decision analysis?
Justify your answers with examples and reasoning.

Topic Notes
The focus of this week’s lecture is on decision support systems that use statistical analysis.
One of the challenges in statistics is that it tends to be viewed as an abstract, esoteric field, especially (and ironically) by those who could benefit the most (i.e., key decision makers). This has been, and, in many instances, continues to be, a challenge, though certainly not one that cannot be surmounted. One way to avoid such challenges is to develop decision support systems, which are driven by statistical analysis but convey decision-supporting results in an easy-to-understand (by a nontechnical audience) format. The rapid advances in computer-processing speed and software have led to higher-order statistical systems. These statistical systems are simple means to convey technical outcomes.
Among these statistical systems are decision trees, scorecards, and dashboards. Decision trees offer a good way of illustrating the totality of possibilities surrounding a particular decision problem and also offer a means to estimate the probabilities of…

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