Which of the following would serve as a good decision rule for managers in establishing the need for marketing research?
A)ensuring that one's competitors are conducting market researches
B)determining the value that can be derived from marketing research conducted by competitors
C)determining the costs incurred by other companies in conducting marketing research
D)comparing the value of the marketing research to the cost
E)ensuring that the clients or customers are in favor of conducting the marketing research

Question

Quizplus · Accepted Answer

The most effective decision rule for managers in establishing the need for marketing research is to compare the value of the research to the cost. This allows managers to determine whether the potential benefits of conducting the research outweigh the costs incurred in conducting it. Other factors, such as competitor research or customer preferences, may be helpful in determining the value of the research, but ultimately the decision should be based on a cost-benefit analysis.

Which of the Following Would Serve as a Good Decision