Explain the importance of marketing research in decision making
What will be an ideal response?
ANSWER: Marketing research is the process of planning, collecting, and analyzing data relevant to a marketing decision. The results of this analysis are then communicated to management. Thus, marketing research is the function that links the consumer, customer, and public to the marketer through information. Marketing research plays a key role in the marketing system. It provides decision makers with data on the effectiveness of the current marketing mix and insights for necessary changes. Furthermore, marketing research is a main data source for management information systems. In other words, the findings of a marketing research project become data for management decision making.
You might also like to view...
Which of the following represents the types of data commonly found in the operations management department?
A. Production data B. Payroll data C. Monetary data D. Employee data
The four factors that form marketing mix are ________.
A. product, price, promotion, and place B. product, place, politics, and price C. product, packaging, promotion, and price D. product, price, promotion, and public opinion
Which of the following are keys to understanding opportunity and its development for entrepreneurs?
a. creativity and capital b. logical processes and creativity c. background and knowledge d. incubation and experience
Explain the differences between sequential and indexed file organizations
What will be an ideal response?