MANAGEMENT

Detailed explanation-1: -Businesses must have a clear understanding of expanding consumer choices and purchasing decisions. Effective marketing information improves the decisions of businesses, and effective marketing information reduces the risk of decision making.

Detailed explanation-2: -Used to support business decisions, market research is used to identify the need for new products and services. It clarifies thinking during product development and is used to keep a company on the cutting edge. It can also help rejuvenate a product brand.

Detailed explanation-3: -Marketing information and research address the need for quicker, yet more accurate, decision making by the marketer. These tools put marketers close to their customers to help them understand who their customers are, what they want, and what competitors are doing.

Detailed explanation-4: -There are three primary types of marketing information marketers use to gain insights that will contribute to wise marketing choices: internal data, competitive intelligence, and marketing research.

Detailed explanation-5: -An effective marketing information system should have the ability to generate reports and insights that can be used by marketers to make data-driven decisions. Furthermore, these systems should also be able to integrate with existing systems to effectively track customer behavior, sales performance, and more.