Costs of getting information

Using the maximum or minimum payoff projections, management should decide how much it could spend on research. There also has to be an estimate of the time that can be spent on adequate research. Marketing management is always keen to move ahead since a new product or a new service is exciting, especially when the future of the product appears bright. New lines and new markets stimulate the imagination. Taking time for adequate marketing research is difficult in such circumstances, but it is necessary. Failure to provide adequate time can lead to inadequate research, poor decisions - and regret and recriminations.

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