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.

Business

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Insurance guaranty funds involve a permanent fund similar to the FDIC for the purpose of compensating the policyholders of failed insurers.

a. true b. false

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Which of the following is not a characteristic of services?

A) standardization B) perishability C) intangibility D) inseparability

Business