ENTREPRENEURSHIP

Detailed explanation-1: -Discovery-oriented business problem: This type of decision problems are observed when an unplanned change occurs. In this type of decision problems researcher collects facts for formulating strategies. The key characteristic of these decision problems is that the focus is on finding what is going on.

Detailed explanation-2: -Marketing research serves marketing management by providing information which is relevant to decision making. Marketing research does not itself make the decisions, nor does it guarantee success. Rather, marketing research helps to reduce the uncertainty surrounding the decisions to be made.

Detailed explanation-3: -The management decision problem asks what the decision maker needs to do, whereas the marketing research problem asks what information is needed and how it can best be obtained (see Table 4.1). Research is directed at providing the information necessary to make a sound decision.