Marketing Essentials

Section 1: Marketing Information Systems

After You Read Online Action

Key Terms and Concepts

1. Marketing research is important because it lets producers know what product to produce, it identifies consumer wants, needs, and preferences, it helps solve marketing problems, and it enables businesses to keep track of competition. Marketing research is also necessary to evaluate the effectiveness of marketing plans.
2. Besides individual businesses, various manufacturers, wholesalers, retailers, department within local, state, and federal governments, and nonprofit organizations conduct marketing research.
3. A marketing information system is a set of procedures and methods that regularly generates, stores, analyzes, and distributes information for use in making marketing decisions.

Academic Skills

4. $10.5 billion ÷ $16 billion = 0.656 or about 66 percent
5. Papers should demonstrate an understanding of customer relationship management.