2 Information to solve marketing problems The marketing process see Figure 11

2 information to solve marketing problems the

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2. Information to solve marketing problems: The marketing process (see Figure 1.1 on page 7 of the textbook) starts with an understanding of the marketplace and customer needs and wants. This is possible only if marketers have relevant information that allows them to make knowledgeable judgments and decisions. Not every piece of information is useful to marketers. Therefore, when gathering information internally or externally, the marketer must first determine what information is needed and for what purpose. If the right questions are not asked in the beginning, it is very difficult to gather the type of information needed. Often, people rush to the information-gathering stage prematurely without a clear knowledge of the marketing problem they want to solve. This results in a waste of
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time, money, and other resources. 3. Information quality and costs: In a perfect world, marketers will have the best possible information to make knowledgeable decisions. Such information should be accurate, current, and objective. However, this is not always possible because of the costs of gathering information and processing it. Most of the time, marketers need to find the right balance between the quality of the information that may help them to make sound decisions and the money that they are able to spend to obtain that information. As a consequence, secondary data, which is generally less expensive but also less accurate and current, is advised at the start of any marketing research. Primary data collection, which is generally more accurate but also the most expensive, should be considered only when there is evidence that there is no secondary data that can help to solve the marketing problem under consideration. 1. Online marketing research: Although collecting marketing data online is gaining popularity, it is too soon to completely rely on this type of information gathering. Depending on the target group, the sample chosen—that group or segment that has access to the Internet—may not be representative of the entire population. Also, it is still difficult to verify who is providing information, and there is the possibility of bias in the data collected. Be cautious and use information from reliable and trustworthy sources. Turn to the Discussion Questions on pages 149 and 188 of the textbook and answer the questions found there. You should not proceed to the next lesson until you have completed these questions. These types of questions are similar to those that you will find on the Final Examination. Click to view suggested answers to the Discussion Questions Chapter 4 Question 1 The microenvironment consists of the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In designing marketing plans, marketing management takes other company groups into account—groups such as top management, finance, research and development (R&D), purchasing, operations, and accounting. All of these interrelated groups form the internal environment. Suppliers form an important link in the company’s overall
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