3.2k Collecting Data to Make Marketing Decisions

Question 1

Marketing definition

Answer 1

The process of identifying, anticipating and satisfying customer needs profitably.

Question 2

Advantages of marketing

Answer 2

• Enables business to gain a better understanding of customers
• Allows them to make sales forecasts

Question 3

Disadvantages of Marketing

Answer 3

Should be supported with qualitative judgements, especially when:

1. Business is new
2. No clear statistical indication of future sales
3. Trends have changed