Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Marketing management is defined as the art and science of choosing target markets and building profitable relationships with them. Much of what you will leam
Marketing management is defined as "the art and science of choosing target markets and building profitable relationships with them." Much of what you will leam in this principles course is the art as opposed to the science. Now, this is in stark contrast to the quantitative focus of other business disciplines such as finance and accounting. Accounting is an exact science. Finance relies on well established formulas such as present valide, future value, and liquidity measurements when making decisions. Most marketers would love this certainty when making decisions, but simply don't have it most of the time. While you can use marketing research for some big decisions (which we will discuss later in this course), no equation will ever tell a marketer what brand name to use, what new products to make or what type of ad to create. In addition, for any given marketing problem that a marketing manager faces, there are likely dozens of "right answers" (as well as hundreds of wrong ones) instead of just a single correct one. Knowing this, do you believe that knowledge of marketing can be useful even though it cannot formulaically lead to you to the right decision like in accounting, finance or other disciplines? Why/why not? What would the point of learning about the discipline even if it won't always lead you to the exact right answer all the time
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started