MANAGEMENT

Detailed explanation-1: -Using research about your competitors’ features, benefits, prices, distribution channels, payment options, advertising, social media strategy and other promotional efforts is an integral part of marketing decision-making.

Detailed explanation-2: -Illuminating the Marketing Picture. 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-3: -What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix, ” or the combined tools and methodologies used by marketers to achieve their marketing objectives.

Detailed explanation-4: -The 5 areas you need to make decisions about are: PRODUCT, PRICE, PROMOTION, PLACE AND PEOPLE. Although the 5 Ps are somewhat controllable, they are always subject to your internal and external marketing environments.