Procedures that develop and analyze new information to help marketing managers make decisions are called:
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operational palnning, analytical research or strategy planninig
Procedures that develop and analyze new information to help marketing managers make decisions are called
To find the answer to this question, we can break it down into two parts: 1) procedures that develop information and 2) procedures that analyze information to help marketing managers make decisions.
1) Procedures that develop information: These are methods or activities that are used to gather data or generate new information. Some examples of procedures that develop information for marketing managers include:
- Market research: This involves conducting surveys, interviews, or observations to collect data on customer preferences, market trends, or competitor activities.
- Data collection: This can involve gathering information from internal sources (such as sales data or customer databases) or external sources (such as government reports or industry publications).
- Testing and experimentation: This involves conducting experiments or pilot studies to gather data and test hypotheses.
2) Procedures that analyze information: Once data is collected, it needs to be analyzed to make sense of it and draw useful insights. Some examples of procedures that analyze information for marketing managers include:
- Data analysis: This involves using statistical techniques or software tools to examine patterns, trends, or relationships within the data.
- Market segmentation: This is the process of dividing a market into distinct groups based on common characteristics or behaviors, to better understand and target specific customer segments.
- Competitive analysis: This involves examining and comparing the strategies, strengths, and weaknesses of competitors in the market.
Now, combining the two parts, procedures that develop and analyze new information to help marketing managers make decisions are typically referred to as marketing research procedures. Marketing research is used to gather, analyze, and interpret data that can inform marketing decisions and strategies.