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

• Gain a better understanding of customers
• Technology can be used to gather a wide range of information
• Supported by statistical techniques to make forecasts
• Less likelihood of failure

Question 3

Disadvantages of marketing:

Answer 3

• Needs to be supported with qualitative judgements
• Expensive
• Time consuming

Question 4

When is it especially important for marketing data to be supported with qualitative judgements?

Answer 4

• The business is new and there is no previous information for them to use
• There is no clear statistical indication of future sales
• Trends have changed